The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-06-07
BANK TAX REPEAL BEATEN.
The House Votes Against Every Fea-
ture Of the Proposal.

lax COL4A8Ab NObO0 III EAI5G ana
Defeated by Vote of 1o2 to l7o.
Then the Committee Substitute for
the Brawley Bill Was Showed
Under-The House Then Begins Con-
eideration of the Indian Appropri-
alton Bill.
Washington, June 6.-After disrosing
favorably of the New York and New Jer-
sey bridge bill, and also bill for bridge
across the Monongahela river, the House
proceeded to the consideration of the bill
to repeal the state bank tax, under the
arrangement agreed to yesterday.
The only Georgian who spoke to-day on
the bill was Mr.. Turner. His time was
necessarily limited, as there was but
short time left before the hour at which
the previous question had been ordered.
AS soon as he began to speak the members
gathered around him. The best of order
prevailed and the closest attention was
given him. Mr.. Turner is one member
TO whom the others are always ready to
listen. He seldom speaks, but when he
does he commands the undivided atten-
ton of both sides of the House. 1t
W dS 81 III LLllo CGSDs tlAld ul1C bCllluB DOluUS
which he made in favor of the repeal of
the 10 per cent. tax on state banks were
frequently interrupted with applause.
MIR. Turner's arguments were necessarily
concise, but they covered, in brief, great
deal of the ground. Mr. Turner said it is
strange that the states should have the
power to create banks and yet have
no power to prevent their destruction
The government should add to the volume
of currency annually an amount commen-
surate with the ever-increasing needs
of the people and of business
The bonds on which national
banks are based will soon mature. and
the banks will have to go out of business.
The government should provide against
that time by enacting laws that will pro-
vide competitors and successors for those
banks, before their dissolution. The
period Of "wildcatism," he said, has been
succeeded byl another period in which the
experience Of the first period had enabled
the states to establish banks whose bills
furnished rs good, sound and stable a
currency as this country has ever had.
In some Of the states, in the south, the
ante-bellum currency of these state
banks, which were ruined by the war,
had been made good after the war closed.
This proved not only that the people have
made progress in financial matters since
the days of wildcat banks, but also that
the states are fully capable of organizing
banks whose currency will be equal to
all demands that may be made on it in
any respect
GHORGIA's BONDS.
MIR Turner spoke of the bonds which
Georgia has issued since the war, of the
eagerness with which they are sought
after by capitalists, and asked if the
state, which is able thus to re-establish
It's credit out of the relics and embers of
its political and financial ruin, is not COM
petent to charter and manage few bank
ing institutions? He repelled the insin-
uation that the states would authorize
the issue of anything but sound, safe and
stable currency. MIR Turner here made,
with great force, four points
l. Experience shows that under very
difficult circumstances the states had
formerly given the country a currency
that was entirely satisfactory-as good as
any it ever had.
2. That no other money than that which
is entirely sound will satisfy the demands
OF those who are calling for state bank
issues.
3. That the currency must Of necessity
be good, for it will have to compete with
gold and silver
j. That state banks would enable the
people to utilize their local credit This
would decentralize the power now lodged
III udLlOudl UduhS, anu IS6IOEG IL 10 tu6
people in all sections of the country.
In conclusion, Mr. Turner said he be-
heved in something else besides the resto-
ration of the banking power TO the people.
The country needs the opportunity to
prosper under laws now pending in con-
gress. He said, I'VE stand on the bound
aries between two eras. There is the past !;
let us forget its trials, its hardships and
It's bitterness. There is the future; let
us thank Cod and on fOpyvar know a
hand that is eager to touch the electric
button which shall put in motion all our
industries. God speed the day" This
clause was greeted with great applause
and the members crowded around Mr..
Turner to congratulate him. Short as it
was, this speech was splendid presenta-
ton OF argument both strong and novel
lie scored triumph for himself and his
state.
GEoRGIA's NEW LAW.
Mr. Meikeljohn, rep. of Nebraska,
speaking of the probable conditions under
which state bank issues would be made
IN case the system were rehabilitated,
called attention to a bank law passed by
the Georgia legislature last December in
expectation of the repeal of the state
bank tax. That law, he said, authorized
a bank with one-quarter Of its capital in
national bonds, one-quarter in state,
and One-half in currency to issue, upon
the deposit of the bonds with the state
treasury, notes to the amount of three
times the security.
The subject was further discussed by
Messrs. Bingham, rep, of Pennsylvania !;
Hall, dem, Of Missouri; Robinson, rep, Of
Pennsylvania, and Cochran, dem, of
Now York. The latter denounced the
national bank currency as the worst that
could be conceived, and said it ought not
TO be allowed to stand. But as long as it
dld exist Mr.. Cochran said he did not be-
heye In attempting to make a tributary
system. Believing in the platforms de-
mand for repeal of the state bank tax,
ne did not believe in doing so haphazard.
Present conditions would have to be
changed before it could be done safely.
CoX's AMENDMENT BEATEN.
The debate closed at $40 o'clock and a
vote was taken on the Cox amendment to
repeal the 10 per cent. tax outright. The
vote was announced as-yeas lO2, nays
lfO. The announcement was received
with slight applause
THE VOTE.
The following is the vote in detail on
Mr.. Cox's amendment TO repeal the ~ per
cent. bank tax law:
Neas:- Messrs. Abbott. Alexander. Arnold,
Bailey Banshend Bell OF Texas, Black Of
Georgia. Bland. BOatner, Bower, Branch,