The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-03-16
Lively Fight on the Anti-OptiOn
Bill Expected.
POPULIsT POSITION
They Want AN Local CURRENCY
Abolished.


the proposition for such repeal got into the
Democratic platform by a sort of accident
or was put 10 as q Enk to help make up
the general dragnet for votes, but q ma
jority Of the people in every section were
opposed to I'D even then and are still more
opposed to ST now
In the preliminary skirmish 10 the com
mittee on banking and currency the adyO-
Gates of repeal were badly beaten. OF the
half dozen or so bills. amendments and
other propositions providing for repeal,
the committee is not willing to report one,
and the friends of repeal concede that as
a measure standing alone repeal would
have no chance whatever to get out of the
committee on to be considered in the house
But at this point the national banks of
New York come in with little request
which gives the other side what they con
slider beautiful lighting chance.
Varying Views.
Tt will be remem bered that in the recent
stringency the city banks issued many mill
lions in clearing house certificates which
were by them held and credited as money.
Having SO held, they are now estOpped
from pleading chat said certificates are not
currency under the taxing clause and the
comptroller Of the currency has virtually
declared that they can be taxed 10 per cent
under the law of lsc3 Now, an act to re-
Ieve these banks has already been reported
from the banking and currency commit
tee, and an amendment To relieve state
banks from the same tax would be per
fectly germane to the subject and VIII be
pressed If one ma5 judge nom the ex-
pressions of mem bers Of all parties and
factions, the result OF pressing such am
amendment would be the overwhelming
defeat of the measure to relieve the city
banks without helping the state banks.
The division IS roughly outlined as fol-
lows. Eastern Democrats and Republicans
alike would rather see the measure as re
ported defeated than to have the repeal
tackled on to it and passed a clear major
itv of the mem bers from the northwest are
Rt heart opposed to any revival pa the state
bank currency, and even of those who
would favor It as an independent measure
a large majority would not consent TO it
in the shape proposed They say state
currency was killed unc0nsttutionally
but as it is dead let it stay dead And
even ia the south if one may accept the
statements IF chose who viii talk freely,
the state bank faction IS losing strength
The PopuIist Position.
As to the Populist and all western and
southern mem bers OF other parties who
come nearest TO them Im general opinions.
thier opposition to state banks Of issue is
very much greater than to national banks.
Tt might be more correct to say that they
are SO savagely opposed to both that it is
idle to measure the varying degrees of
their opposition. What they want is a ma
tiOnal currency exclusively and no tax on
plete abolition. Tia short, Say such men as
Iafe Pence. John Davis. AIR. Hudson. Mr..
Newlauds and others, the one thoroughly
good thing which the Republican party
has done for the finances was the abolition
of all local currency. All thar is needed.
they add. is to 90 farther IN the same dl-
rection and have no currency except that
resting upon the faith and credit Of the
United States
Tt is tolerably safe to say that with all
these clements of opposition the chances
are many to one THAT the repeal OF the
state bank tax viii be tackled on to the
bill to relieve the city national banks and
then that the whole thing viii be-wel,
one might say annihilated. Nevertheless,
as aforesaid, a score of mem beers are pre-
pairing to make desperate fight for the
repeal.
The Cooper Bn-
Another measure on which a very lively
fight Is promised 81 the Hatch andoption
BILL and there IS general consensus Of
opinion that the division VIII be on almost
exactly the same lines as 1T was on the
Bland seigniorage bill substantially the
same may be said of the Cooper bill author
izing states. territories and local powers
generally to tax everything which passes
as currency. regardless Of whether it IS
bank or government paper. gold or silver
currency or coin certificates
On this point there has already been
quite q sharp discussion in the banking
and currency committee. and from the tes-
timony given before that committee it
would appear that, taking in an the new
states and territories and the boom towns,
the average taxation Is The west, summing
up state, county and city is $3.50 on the
hundred. II goes without saying that
tax of 2 u per cent would sink any national
or state bond now outstanding. But
would IL sink the green backsf The oppo-
nents Of the BIN say certainly Its advo-
Gates say certainly nots for the tax does
not prevent the circulation of gold and sill
yer or silver certificates which last have
hitherto been considered liable TO taxation,
though some Of the best lawyers jig con-
gress think they would come under the
same general exemption as the nontaxable
currency
In short, say the advocates OF the Cooper
bill. uniform tax upon all forms Of cur
rency Is the best possib.c way to insure
that none shall be hcardes 1T ls easy to
see why the sections in which there IS com
paratively Ifrtle idle money to hoard aft
any season of the year or even in the dull
est times should incline to favor the tax,
while it would be quite otherwise IN the
so called money sections, and hence p hT
the division would be along nearly the
same lines as that On the silver bill.
The PopuIists take thasama 1ocular view
Of this as 81 other financial Issues-for
they are hum orous set-bub as many Of
them are regular Henry George single tax
ers they viii vote against any taxation Of
money Their argument IS that all taxa
ton of personal property, except certain
arr- aEaf