The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-02
RANK TAX REPEAL BILL.
sT1oyG ARGUMENT By SOUTHERN
ERs IN ITS F<vOR.
y..sr.. Swanson and Tucker, Of VirGfnis'
Among the pebaters-A Vote shows
Majority for the Bill.


.s,or morning business. on motion OF Mr..
Gear R. IL. the Senate bill was passed
.o.ropriating a small sum to repay A.
y p. stewart for common tax wrong
t,1v assessed and collected. To this bin
rs offered no objection. saying for once
81 would not interpose any obstacle.
Vhercupon Mr.. Sayers chairman Of The
,ommittee) said he was willing to let the
ov vr straus Dem., n. W offered a joint
-.saution declaring the extradition treaty
he.aeen the United states ana hussta ga
10 be no longer desirable. and giving @ Lhe
s.oula;ed notice Of the suspension OF tne
same. II was referred TO the Committee
on Foreign Affairs.
THE BANK TAX BILL.
Mr.. Springer moved that the House
60 into committee Of the whole 70 iurrnoa rnloe
consider the bank tax bill. Mr.. hniOe
antagonized that with a motion 20 con-
slider bills on the private calshHHnr' ia, NJ ~
division OF the House was asKe1 DS ~ -
Reed on Mr.. EnlOe's motion. Whlcn re-, IT,
sulted-ayes 60: noes. 80. A quorum noi
voting. Mir. Reed demanded the yeas ai,c co
nays. This was announced as-yeas' o4'
This Killed MIR. Enloe's motion, and
MIR. Springers motion was a9reed 20.
Mr. Richardson took the chaii. ar Mr.
Wheeler (Ala.) was enttIeu 70 1o ono d. po
member OF the Committee on baiihln,ss
and Currency. announcing that ne Woulu
finish his own speech later. Mr. Brosius
opDosed the repeal OF the bank tax. Mr..
BrOsius spoke an hour ana nan anu
was followed at 2:3O o'clock by Mr.. Swan
son (Va), who spoke in favor ot repeal
Mr.. swANsoSs SPEECH.
Mr.. Swanson. of Virginia. in advocating
the repeal OF the law. among other things,
said
The true principle Of our Government
is. that the greatest progress and pros
perity of our people Will follow when
there is the least interference with the
business of the people and states. we
believe that the people and the states
are better prepared to- manage thelr
private affairs than Congress. we De
Neve that the greatest curse that can
befali a people is paternalism in govern,
ment. / detest paternalism when appheu
10 individuals. i detest and repudlale
il more when applied TO great ana soVer-
eign States. l say that do not peneVe
there Is one Of the States in this Union
where people are so deficient In inteill-
gence and patriotism that the strong
arm OF the Federal Government must
invade its reserved rights ana prevent
the people of that State from carrying
out their wishes in matters OF business
for fear that they will bring upon them-
selves disaster. / believe that tne People
OF any State are more competent 10 de,
termine that question than the teuerh
believe that their conclusion will be
necessarily create State banks OF issue
IL simply removes the destroying mana
Of the Federal Government and ieaVes
their creation with the States. Inc peo,
ple of any State who desire ana heeu
State banks can have them. Where tae
Deople of any State are opposed 10
them they will not exist.
Speaking for the people OF my otate, l
can say that | have full confidence that
they will decide this question as VIII
best subserve their interest. l shall con.
slider myself as unworthy 70 represent
them when by my vote | shall perpetuate
fbe prOhibitOry power OF the Federal
Government and say by IL the people OF
Virginia have not good sense, Intelligence,
and patriotism enough TO decide whether
they need State banks OF issue or not
THE ILLINOIS OPPOSITION.
The gentleman from Illinois occupies a
very unenviable position when he comes
In here and implores Congress 10 retain
this tax, for rear that the people OF
his State If permitted, would create
State banks 10 their injury and detrl-
ment. It other words, he beseeches Con-
gress 10 save the people Of his state
from the folly which they viii bring
upon themselves. What a reflection upon
the intelligence and patriotism OF ms
do not concur with him. | believe If
this tax was repealed, that the people OF
illinois. If they adopted State banks OF
ISSUE would not adopt the bad ana
vicious system which once prevailed
there. but would adopt a good sound sys-
tenn which would bring great prosperity
10 her people. / have this confidence IL
her people.
MIR Chairman. the necessity for such a
currency. the necessity Tor permitting peo-
ule TO take care Of themselves IN matters
of finance and not 10 depend entirely upon
the Government. was forcibly disclosed
during the pending OF the last panic Al
thai time when call currency had vanish
al. the banks in all sections of this coun-
try supplied its place by the issuance of
certificates. The vast amount OF reliei
furnished from this source can be esu-
mated when we reflect that the FIVE cities
New York Philadelphia, Boston. Balu-
more. and Pittsburg-alone issued 500, S,lo2,-
90. Nearly every city in the Union OBJ
taned relief through this means. Ihere
was issued in the city Of Danville, In my
district which is a large market for the
sale Of leaf tobacco, $4,000 OF these. But
for the issuance Of these the tobacco
sales and all manufacturing enterprises
there would have been suspended.
WHAT THE IFEc1 WOULD HAVE BEEN.
II the banks had not availed themselves
of this means Of relief no one can esti-
and severity of the panic. All business
would have been Frustrated, all banks
and financial institutions would have sus-
pended, and everybody been on the verge
of bankruptcy and despair. Everybody
c1ncedes that the action OF the banks In
issuing these saved the country from
countless disasters. when there was uni
versal mistrust these issues Of the banks
answered the purposes OF currency, set
lied balances and were accepted with
perfect faith and confidence Every one
o. them / dare say, has been redeemed
hey were received without discount, al
though uHder the disfavor Of law and pos
Aoy liable TO excessive taxation. They
ld incalculable good. though necessarily
limited In their use as currency.
suppose this law had been repealed and
clch state had by good and safe law au-
sa'rzed the issuance Of such currency
me relief would have come earlier and
would have been more complete. Favored
ty law free from all possibility OF taxa
lnn. currency would have been nro-
fi1ed adequate 10 all demands and slffi-
cent 10 have brought complete relteg
Communities and Institutions would have
ben able 10 utilize without the fear 30
eNorbitant taxation the wealth. can,tal
and credit preserved by them. Gentie
taxation, because they concede thar
great public good was subseryed
II Issues Of this kind being under the
o!sfavor Of law, can answer the purnoSee
of money can destroy the severity and
ansst panic, they can, if fully favored
and recognized by law, be potential In
I-eveniing the occurrence of panics and
result In great good.
PROVISIONS or THE BILL.
Continuing. Mr.. Swanson said:
Inc Dill provides that banks can issuo
notes or currency 10 the amount OF seven-
y-iye per cent. OF their paid up and
unimpaired capital From the last report
OF the Comptroller OF the Currency. the
capital and surplus OF State banks
amounted 20 $752 2l3,5Z7. They could nm
-.