The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-03
STATE BANK QUESTION.
sPHEc8Es IN FAYoR or REMOVING
PEDERhL PROHIBITIyE TAX.
Messrs rziar of south Caro- ina, warner
OF New York, Lester of Georgia. ana
Meyer Of Louisiana. Favor Repeal.

WASHINGTON, june 2.-On motion OF
Mr Moses (Ga.) a bill was passed grant
INK a pension TO Mary Levins. widow OF
a soldier Of the Indian war of Isi7 now
nearly one hundred years of age and an
inmate Of the poorhouse in Carroll eoun-
ty. Ga.
The House. In the committee OF the
whole. proceeded 10 the further considera-
Ion OF the bin to repeal the State bank
tax. and an unusual honor was paid
Nv member when Mr.. Reed CMe) asked
unanimous consent for MIR. Izlar to con-
cudc his remarks begun yesterday, and
which he was unable to conclude because
the time allotted to him had expired. Ar.
Izlar said in concluding:
IR IzLAR's POSITION.
Il stand for unconditional repeal, mrs,
because the platform recommends ~ e'T
the people demand H. Second peV.usg
do not find the power anywhtIe Wn'0H Oh
would authorize Congress 10 reg la ",ia ~,
name the securities or the cohuiuSI'ss s,,n U,i
which State banks could or should issue
iIe then quoted the sections under
which the tax is laid. and continued;
1T had long before been settled that
the states possessed me Powet ,,, % at,nr st@hr
was incident 10 sovereignty, anu lhdt
there Was no limitation IN the federdl
Constitution 10 It's exercise Dy the States'
This being so. TO destroy the state banks,
which the States had the right 10 create,
and 10 encourage national banks was the
object and intent with which TINS Durden-
some and unjust tax was imposed. 10
use the language OF Mr.. Justice Nelson
in the case Of Neasie Bank VS.. Fenno,
II Is sufficient to add that the burden
OF the tax. while it has encouraged these
banks (nationaD, has proved fatal 10
those of the States; and If We are at
liberty 10 judge Of the purpose OF the
act from the consequences that have
followed II. il ia not, perhaps, gong 700
far to say that these consequences were
intended -
and Chief Justice Waite. in the later
case Of HOnister VS.. Mercantile lhsllNu-
lion. said: 1t was no doubt the IurPDse
Of Congress I'm imposing TINS TAX ~ ttap- ~
vide against competition with the estdp-
lshed National bank currency ior cHSu-
lating as money.
SOUTH cARoLINA's BANK LAWS.
"rbe mere fact that Congress saw ht
10 enact these stringent ana UNJUST laws,
laws Of doubtful cOnstitutionality, Is very
strong argument in favor OF the state
banking system, and or the Value oA
their currency as circulating hcIlu.It'
The laws which regulated banks IN Sout.
Carolina at the time when the banks oi
that state gave q safe and heXlole cur
rency--a currency which circulated liee
iv-nOt only within her own borders anu
among her own people. but IN otneT
States are. in their main ana essehtldl
features, still TO be found upon her
statute books. In some particulars lhey
are now more stringent than formerly
and consequently must afford more ample
and better security to depositors ana OIL
holders. III,
''The legislators of the several States Will
see 10 il that the people are protected
from wild cat, from over issues, ana
from unfaithful and dishonest officials, so
far as IA Sc evils can be PROVIDED against
by strict laws and careful supervision.
We should not hesitate by reason oI
Qhese Rpprohenaed dangers 70 the Ousl-
ness public to come 10 the full measure OF
our duty by biotting out from the statute
book this law which has borne so hardy
upon the South and West by destroying
our banking institutions and Gripping our
resources. The people have demanded H.
our duty is plan. WIN we do ltE
,iR. INLoR EXPLAINS HIS MOTION.
At the conclusion of Mir. Izlar's re-
marks Mr. EnlOe explained that the mo
ton ne made yesterday, To take mp biis
on the private calendar. was not made
in antagOnism TO the pending bill, FOR
he was in favor OF its passage. But he
madeit because II was a proper motion 10
be made on Friday. and because ne had
understood that the committee which had
reported private bills had instructed their
chairman 10 insist upon consideration
on the day put apart under the rules:
Seeing neither chairmen present, ne had
made the motion. but not I'm a spirit Of
antagonsm to the bankreDeal bill.
Mr.. Hall Dem, Minn) was the next
speaker on the hank tax bill. lie said
that the plank in he Democratic plat
form calling FOR the repeal Of the State
bank tax must have been eurreputiousiy
introduced while the convention sat in
the hall, the thunders Of heaven booming
and the rain pouring through the roof.
Declarations in party platforms. he said,
and especially in Democratic platforms,
ought to be received with respect and
their force recognized: but, as matter
OF fact, party platforms are elastic af-
fairs. He himself admitted. had not al
ways given the strictest &ned 10 them
and as TO the plank in question, with
others he had fatty repudiated il on the
stump. The repeal Of the State bank tax
played no part In the last campaign; the
parties were aligned upon the one promi-
nent, dominant issue which had divided
the great parties for years, and they
paid no attention 10 the side issues that
we're forced into platforms. The Demo
c-ats in Alabama had made PLATFORM
SIS broad and catholic that every Demo
c,at. every man who thinks he is
lemCcrat and every man who says ne IS
q Democrat. can stand on il with botn
feet.
Passing from the subject matter of the
bll Mr. Hall proceeded 10 discuss the
cause Of the general depression which
exists in financial and trade circles. This
erament expenditures under the Harri-
son administration. the era Of specula-
ton and boom prices. which had just !
collapsed. and the evil effects OF the |
Mckinley tariff law.
Mr.. wARNEB N FAVOR or REPEAL.
.lr. Hall was followed by Mr. Warner /
Dem. y. ~ a member Of the commit |
Zee. Mr.. Warner said he was in favor OF |
rmOvlng Federal prOhibitiCn against |
state bank currency. Simple repeal of |
ne law was inadquate TO meet the /
necessity Of the situation. 1t would offer /
"a privilege in any portion Of the State
% those institutions only which are In the |
main lacking in that standing and solid
iy which characterized the leading banks !
~ the old State systems. and In every |
case utterly lacking IN any experience |
calculated either 10 assist them In meet
ms the opportunity or in Inspiring any !
confidence even in the communities they /
serve. In conclusion, he said the peOp,e |
~ the North and East. especially OF |
Now York. were friends Of the South |
.na west and In this matter deserved |
20 be their allies.
Mr.. Warner concluded at 3:2J o'clock |
ana was followed by Mr. Lester lGa.). He |
argued that the laws imposing a 10 per |
cent tax on State banks were YioatiYe /
%. individual and State rights, and ought |
70 De repealed There was. he said, no |
practical objection 10 repeating them. be- |
cause the objects for which they were /
originally enacted had long ago been at /
tained. They had been framed TO meet |
AN emergency but being continued IN /
lyfce long after the emergency had pass |
,o they were now an incubus upon the |
NII ~.