The Providence news. (Providence [R.I.]) 1891-1906, 1894-04-12
STATE BANK TAX
A Determined Effort Will Be
Made to Secure Repeal.
Bp The Associated Press.

WAsHINu1uS, Aprli l2. - The house
banking and currency committee having
failed to agree upon any of the various
schemes to extend the national banking
system TO the states or to agree upon any
bill giving the southern and southwest
ern states additional banking facilities.
the southern representatives have decided
to make determined effort To secure leg
islation to repeal the 10 per cent tax on
state bank circulation.
A majority of the mem bers of the
currency committee refused To allow a
bill to repeal the tax to be reported. The
only way, therefore, in which they can
get this proposition before the house Ia to
move an amendment to Representative
Brawley's bill, which was reported from
the currency committee.
The 100 mem bers from the south and
west who attended the caucus having
decided to push the repeal scheme, there
is likely to be hot contest when the
matter comes up for consideration.
Speaker Crisp and the committee on
rules favor the repeal Of the 10 per cent
tax, and he has promised the friends OF
this proposition to bring In rule limit
ing debate and fixing a time to vote.
The adoption Of such rule will, IL Is
believed, secure the passage OF the pet
scheme of the southern representatives.
They claim that IL will get a solid vote
from the south and southwestern states,
and that enough western and northern
Democratic representatives will support
the measure TO secure its adoption.
sperry's Plan.
Tn The ~, an tt,,a Raur..aptnt,vs
of Connecticut, mem Der of the banking
and currency committee, has prepared "a
new bill, extending the present system for
the esta blishment OF interstate banks. II
authorizes any banking corporation to
deposit with the treasurer of the United
States state, county or municipal bonds
whose validity is unquestionable or the
market value of which has not been be-
low par at any time during the period Of
two years just preceding the date upon
which such bonds are offered for deposit,
or upon which there has not been any
failure to pay interest regularly at any
time.
The bank making such deposit of bonds
shall receive from the comptroller of the
currency circulating notes equal in
amount TO and not exceeding the par
| Nhlue OF tne bOnus ueposlteu, out no DAnk
shall be permitted to receive or issue cir
culating notes upon the security of bonds
deposited in any amount greater than the
IS per centum of It's authorized capital
stock, actually paid In and unimpaired
through losses sustained or otherwise.
Representative Sperry brought this
matter before the banking committee,
and he got IL before the house yesterday.
The bill has been submitted 10 the comp
troller Of the currency, who is giving II
careful examination
In Congress.
WAsHINGToN, April 2--The senate had
somewhat long aud uninteresting dis
cussion on he tariff and deficiency bill.
Senator Hale made n sharp attack on
the Wilson bill. lie declared that 10 was
sectional measure and protected the
south and punished the north. Foreign
ers, he claimed, were benefited st the ex
pense Of American labor, and wound ur
with the statement that the passage oi
the bill meant disaster to the Democracy
Nothing vss done In the house for want
d . quorum