The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1894-05-27

WASHINGTON, May 26.-Afser dispos-
ny OF q few unimporsant local bills In
the House to-day, House resolution
was passed requesting the Postmaster
General to inform the House of the
number Of clerks removed from the
railway mail service between March
and May 1, 1889, and also asking for
other information about removals. ap-
pointments, etc., In the service during
the period named.
Then, on motion Of Springer (Ills),
the House resolved itself into com N ittee
OF the whole on the State bank sax re-
peal bill. and Springer addressed the
House In prepared speech against
State banks, denying their right to issue
paper currency.
Regarding the question OF currency
as only second in importance to the
tariff at this time, he regretted that
there was no hxed and sound policy in
reference to 1t which would render
periods of financial depression remote,
if not impossible, and proceeded with
his subject by announcing that he
would renounce all party considerations
upon the question of the currency, but
would unto with any men OF any and
all parties in the preparation and
passage of measure which would pro-
vide currency that would be always
safe and stable and sufficient to meet
all requirements OF trade and com.
merco.
Under no circumstances should we
return to the system OF State bank cir
culation which prevailed before the
war" said Mr.. Springer.
1T there were no other reason for
opposing circulating medium issued
by State hanks, the argument of incon.
veniencs ought to be sufficient. There
are no" forty-four states in the United
States, ana four moro undou btedly will
be admitted in the near future. Each
OF these States will have different laws
regulating the organization Of banks
and providing security for the circulat-
ing notes. There are over 5000 banks
In the United Sta .es q. this time.
Assuming that all Of the States
would avail themselves ultimately Of
the right to incorporate State banks
having authority to issue circulating
notes, and that all existing banks would
avail themselves of such utborisy, the
different kinds Of notes which would be
put in circulation and their number
would be confusing and embarrassing
In the extreme to all those engaged in
active business"
After denying that a State bank has
any moro right to issue paper currency
than 1t has TO coin silve. and gold into
eagles and dollars, Springer said that he
favored that paternalism in all things
which the constitution Of the United
States has established and among these
was that OF providing for national cur.
rency.
Grow (Rep., Pa }, was also against any
State bank system. III we should 20
back to the old SYSTEM" he said, 1.-The
best Of US who handle money could not
tell good bank mole from a counter
felt. One State bank could not be COM
PEELED TO take the notes of another State
bank. The first crisis that came In the
State bank system would overwhelm
pro III; Why 60 back? Why attempt
Lawson (Dem., Ga spoke in favor of
unconditional repeal. Coin, he con-
tinued. was the only solid banking sys
tem In which the issue Of notes could
be founded, and he held that such power
as that of the national banks was too
great and 800 vast to be allowed, for the
power that controlled money also con.
trolled trade and commerce.
The State banking system would pro
vide national currency possessing the
confidence Of the people Of the entire
Uritod States. 1t had been found most
useful in the past. Daniel Webster
had approved 1t, and the speaker would
set his name against that OF the gsntle-
man from Illinois (Springer). ANY
business connection between banks and
the Government was always detrimental
to the latter. 1t WAS in the power of
IN n han 20
stability Of the Treasury, for the Treas
ury was no more than banking insti,u-
ton.
He could see but one way out OF the
difficulty-let the Government cut loose
from the banks and issue notes on the
basis OF cola only. Why should the
people not have the benefit of their
money? Why should they submit 20
the ms olent and intolerant dictatorship
OF organized capital? or course Ii
should be done without blood shed, but
1t should be done. The Government
should cut loose from the banks Let it
coin gold and silver. That was its duty
to the people.
Discussing the constitutional features
OF the question Lawson maintained that
the tax was in violation of the constitu.
ton and should be annulled. He also held
that all she contested capital should be
brought out, that was the purpose of the
legislation before the House, let loose
all this vast amount for the benefit of
the people.
He averred that the national banks
we're an offshoot of projection. They
we're protected on the plea that they
stcured the depositor from loss just as
manufacturers were protected on the
plea Of helping the country's prosperity.
They were OF the same class; they be-
longed to the same brood. The demand