The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1894-06-05
FIGHTING FOR REPEAL.
"A Strong Attack on the Obnoxious
Bank rax-COngressman McLaurin
Makes an Able Speech OH the Cur

"A Strong Attack on the Obnoxious
Bank rax-COngressman McLaurin
Makes an Able Speech OH The Our
rency.
In the House of Representatives last
week, the bill to repeal the ten per
cent. tax on State banks we've under
consideration, and the debate was very
interesting and satisfactory to the
friends of the measure.
Black (Dem.) of Georgia had the
floor, and presented his argument
against the constitutionality of the
law. He spoke an hour, attracting the
close attention of the members. His
peroration was an eloquent recital of
the leading part taken by the South in
the nation, and refutation of the as
| sertion that the repeal of the bill was
desired alone by the Representatives
| of the South. AT its close he was
warmly applauded and received the
congratulations of his associates on
| the floor.
Walker (Rep.j of Massachusetts,
| spoke two hours upon general tinan-
cial plan as embodied in bill intro
duced early in the session by himself.
He had no defence to make of the eX-
listing financial system OF the country.
What it needed was flexibi ,Iy. The
culation every dollar that could be ad-
vantageously used. The present sys-
tenn withheld from circulation 600 of
the $500 millions of currency. That,
he emphatically said, must stop.
MLAURIN SPEAKS.
McLalrin of South Carolina address
ed the House on the bill. He told of
the direful results to the cotton mar
ket during the financial stringency,
and how king Cotton" was saved
from dethronement only by the issue
OF clearing house confidence certificates,
which passed current in South Caro-
lima and enabled the people to tide over
the crop moving period. But the
act was repealed had failed to mate
rialize, he said, and the crop moving
period was again upon them. What
were they to do?
If South Carolina had to pay tax
upon her clearinghouse certificates,
he saw no reason to exempt the great
clearinghouse association of New
York, for while in the use made of the
South Carolina certificates there was
a wide difference, the legal principle
was the same. He did not believe as
some did, that State banks would
cure all our financial woes, but the
| tOpOoh vi oilO Uil5 UiS was d SUcp To-
ward radical change in our financial
system, q step toward decentralizing
the enormous and dangerous powers
now vested in the national banking
system.
There were, said Mr.. Mc1aurin, but
two avenues through which the cur
rency could now be increased, to wit
l. The coinage of gold. g. Additional
National bank notes. Every other
channel had been closed. He believed
we needed currency which had both
local and national characteristics
The old State banks were not in touch
with the spirit of the age. Every
section OF the Union was entitled tC
enough currency to raise and market
its crop, and it was the duty of the
government to provide the machinery
to do this. The United States might
issue enough treasury notes to be
divided among the various States in
proportion to population, tho States
dep0slting with the government their
bonds bearing q sufficient amount OF
interest to cover all expenses. Ii
would then bo left to each State tt
provide tho method of distributing its
quota of money and we would have q
currency to do local business which
would pass ut par everywhere.
Wheeler of Alabama followed Mr..
McLaurin in an argument favoring the
repeal of the law. 1t was, he declared
a war measure, pure and simple, and
had 40 foundation other than in the
necessity that was then supposed tC
exist for the national government tC
control the issue Of the circulating
medium. He hoped the House would
yield to the eloquent appeal of the
gentleman from Georgia and give the
country an adequate amount of money
When he spoke of money he meant
money with q purchasing power. He
characterized the national banks a.
a great trust. The presidents of these
institutions in New York city acted as
ono man.