The Daily Texarkanian., 1894-05-28
STATE BANK TAX.
The Bill for Its Repeal Up for Dis
eussion and Consideration
in the House.

cussion and Consideration
in the House.
Yesterdays advices from Wash
ington announce that among the
bills agreed to in the House on Sat
urday was one introduced by Mr..
Geary, of California, granting GER
tain rites over Lime Point Military
Reservation in California for the
purpose of constructing a highway;
also a bill granting to the village Of
Dearborn, Mich, certain lands
known as the Missouri River Power
Co., to construct a dam across the
Missouri river in Montana,
The Senate bank tax repeal bill
then came up and Mr. Springer, of
Illinois, addressed the House He
advocated the adoption of the bill.
Mr.. Springer spoke fully on the
evils resulting from the issue 'of
state bank notes to the people at
large and the trade and commerce
of the country. He gave a full his
tory Of the failures and losses aris-
ing from the wildcat banking circu-
lation which preceded the green
backs and then enlogized his own
bill for remedying all these evils,
now before the committee on bank
ing and currency. He described
the bill section by section, the gist
of the measure being that all ma
tional notes issued shall be protect
ed by deposits of gold to the ex-
tent of 20 per cent, and United
States, state, towns or county for
the other so per cent Banks to be
made the means af distribution, ev-
en- if it calls for the establishment
of a bank in every village. The
notes to be issued in three classes.
Series A corresponds with the
amount of gold deposited and pays
2-10 of l per cent per annum to the
Government to cover expenses Of
the issuing commission. Series B
to equal 60 per cent of all the cur
rency issued to the bank which
must pay per cent per annumj
and series G issues to the amount
of the remaining 20 per cent which
must pay to the Government 4 per
cent per annum. The object of the
series is to secure the necessary
elasticity Glass A and B would
furnish all the currency needed for
the ordinary business of the peo-
pie. Glass G would not be taken
out unless the emergency required
and was worth the interest charg-
ed When the stringency subsided
it would be returned and made ap-
plicable to any other section Of the
country wherever required. The
currency could therefore never be
deprecated, and as it would be
made legal tender and receivable
FOR all dues and could not 60 be-
yond the necessities Of the people it
would never cause panics, but
would release all financial stringen-
cy before banks could be affected
At2 o'clock Mr., Springer con-
cuded his speech amid Democratic
applause and Immediately became
the target of questions from a host
Of Southern Democrats whose views
are at variance with those which
he had just advanced, After one
or two speeches from the Republi-
can side, Mr.. Springer was followed
by Representative Lawson, of Ala
bama, Mr.. Lawsons speech was
in the nature Of a plea against fl
nancial monopoly and he asserted
that the monopoly enjoyed by the
Bank of England has very depress-
ing effect on English finances. At
4;05 p. m. Mr., Lawson concluded
his speech amid Democratic APP
plause, when on motion Of Mr..
Cox the committee rose and the
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