The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-06-05
STILL ON THE REPEAL BILL
The House DGVOtGS Another Day to The
Measure.


Argument in Support of the Consti-
tutionality of the Taxing Provision.
Rayner Suggests Amendments to
the National Bank Law to Meet the
Defects Now Complained of-He De-
clares Himself Not Shaekled by
Planks in Party Platforms.
Washington, June 4.-After some unim-
portant morning business, MIR Springer
moved that the House proceed in commit
tee Of the whole to the consideration of
the bill to repeal the 10 per cent. state
bank tax.
Mr.. Wilson, rep, of Washington, asked
how long the debate was to 60 ou2 1t
was highly important that the Indian ap-
priation bill should be considered soon.
July l was rapidly approaching, and the
bill would doubtless be discussed at
length in the House before it was sent to
the Senate, and, as q member of the COM
mittee, he would be glad to see the bill
under way.
Mr.. Springer made no answer, but Mr..
Holman gave notice that tomorrow he
would ask the House to take up the
Indian appropriation bill.
The motion made by Mr.. Springer was
agreed to, and Mr.. Dalzell, rep, of Penn
sylyania, made an argument in favor OF
the constituti0nality of the bill taxing
notes Of state banks 10 per cent. His
contention, hes said was that the right and
power to issue circulating notes eXclu-
sively resided in the national govern
ment.
Mr.. Dalzell was followed by Mr. Ray
ner, dem, of Maryland, who spoke on tho
same line-that OF opposition to the repeal
of the law. Mr.. Rayner combatted the
objections that were urged against tho
fs..a l. a.
tageS OF the system. Defects were ad-
mitted and noted by him. To remedy
these he would
l. Permit national banks to issue notes
to the full amount of the bonds deposited.
2. Repeal the tax upon their circula-
tlon.
B. Modify the stringent provisions
against stockholders as TO their personal
responsibility for debts.
A. Permit the banks TO increase their
circulation, whenever the demand exists,
upon good security, other than govern
ment bonds.
o. Perpetuate the system based upon a
deposit of state and municipal securities.
THE PLANK IN THE PLATFORM.
In conclusion Mr. Rayner referred to
the plank in the democratic platform
pledging the repeal of the tax upon state
bank circulation. Its explicit character
Mr.. Rayner admitted, how 1t got there no
did not know But as far as he was con-
cerned, the platform might as well have
pledged a repeal of the ten command
| ments 81 do not know how it may be
with others, but with me the time has
not yet arrived when l have surrendered
my conscience and my convictions to the
keeping of a political convention.
utterly deny that it lies within
the province or the Jurisdiction of
convention to trammel me in the
Iatser fNFgv a
laration as this. This bill to repeal the
tax upon state bank circulation failed TO
pass az the last congress in q democratic
House and now because some one slipped
these words into the platform am to be
manacled like slave and robbed of the
greatest boon that free man in these
halls can claim, and that is, the right TO
vote upon questions of public policy in
accordance with the dictates of duty,
that lies not within the power Of any man
or set Of men TO shackle or trample upon"
The diverging views of members OF the
democratic party upon financial mat
ters, said Mr.. Rayner, which he hoped,
soon TO see taken out of politics, would
necessitate the inquiry when a man de-
clared himself to be democrat, "What
kind OF democrat are you" Laughter.
TEST OF THE SYSTEM.
The next speaker was Mr.. Cobb, or
Alabama, a member of the committee.
who spoke in favor of the repeal Of the
law. He said that the proper way to
test the value Of the state bank system
was TO consider the condition OF
the banks at the time the generaB
government saw fit to impose the prohibi-
tory tax. it was not necessary to go back
to the years before the flood. What were
the factslpWhen these banks we're
forced to go into liquidation, in 1865,
every bank in the north redeemed its OBJ
tierufi iTnu mi nd rrrffk
loss to single bill holder. The same
was true of banks in the southern states,
except in the cases Of those whose assets
had been destroyed by the exigencies Of
the war.
The serious difficulty with the national
bank currency, said Mr.. Cobb, was its
lack of iexibilitY. A currency possessing
that quality was the urgent need of the
business interests Of the country. In his
opinion, it would never be secured until
there was established banking system
with a circulation under the control OF
those whose right it was to issue it. Such
a system as this, he said, would provide,
at the shortest notice, the currency
needed TO meet an exigency in some par
ticular section of the country, avoiding
the period of stringency inseparable from
the present system.
OATES ON THE LAW.
Mr.. Oates, of Alabama, his party's
canQluaLG IOf governor OF LnaD SJhL6, IOl~
lowed his colleague. Discussing the Ques-
tion Of the constItutionality of the tax
law, Mr.. Oates Preferred to one of the de-
cisions of the supreme court of the United
States, announced by Chief Justice Mar
shall, in which IL was held that the tax
ing power Of the government might be
exerted TO the point of destruction. If
that be true doctrine, asked Mr.. Oates,
is it not true that the federal government
is absolute2 That ii Is not government
of enumerated and limited powers2 He
contended the government could not do
indirectly, by an exercise OF the taxing
power that which il could not do directly.
At the conclusion Of Mr.. Oates re-
marks, the committee rose.
On motion Of Mr.. Sayers, a joint reso-
luton was passed appropriatinR $4,000
for the payment Of the expenditures
caused by the sugar trust investigation
ordered by the Senate and now in pro-
gress.
At 4:5O o'clock the House adjourned