The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1894-06-03
WARNER is FOR 1T.
Continuation OF the Debate for the Re
neal of The state Bank Tax

peal Of the state Bank Tax
WASHINGTON, June 2.-The resolution
introduced by Goldzicr, calling on the
commissioners OF the District OF Columbia
for an explanation Of their recent action
in reducing the wages Of unskilled labor
ers, occupied some time In tho house to-
day after the opening. A filibuster WAS
started, not out OF an opposition 10 the
resolution, but because it did not go
far enough and include in Its inquiry
other places than Washington, and The
resolution was finally sent to tho commit
tee on District of Columbia. Two private
bills were passed, ono to pension Mary
Leavens and the other for the relief Of
Thomas B. Reed.
The house went into committee OF the
whole and Islar OF South Carolina
resumed his speech in favor of
the Brawley state bank tax bill.
Al tho conclusion Of lslar'o speech,
Warner of New York spoke. He said he
believed the condition Of our financial
affairs last summer had demonstrated the
worthlessness OF our bank note currency
system. The increase Of our currency by
the addition to the national bank circula-
tion during the late panic was only about
one-half per cent, and was less
than half the amount by which
the banks of a single city vir-
tually increased IL by clearing house
certificates alone; less than half the
amount by which individual bankers in
creased II during the month of August
alone by actually buying gold in Europe.
The almost frenzied efforts OF the national
banks were utterly futile In bringing ma
terial assistance until after the crisis had
passed; and the result VI their attempt TO
aid Us has been to keep the volume Of
national bank currency outstanding
during the past Ave months with
the amount of unemployed currency
greater than il had ever been before, at
the highest It had reached in five years.
And this is not all. Tho law permits but
100000 contraction monthly in any
event. II will not be possible, therefore, to
get back TO a normal basis before the an
nual stringency. due next September, and
probably not before the year thereafter.
In any particular, therefore. ex-
cept security. our national bank
currency system has proved . most
btTlkiug eNample oi Wutk stSh euffiSuSs
ought not TO be. IL was TO such dead
fetch that our stricken business appealed
when caught in the panic Of August last.
II was stalled and helpless and they were
forced 10 help themselves, albeit the law
forbade IL; and never was there offered q
more conclusive proof of the seli-reliance
OF our citizens and the superiority Of the
business expedients over vernment
direction. He pointed out tha, Il
was delegate from the northeast to the
Chicago convention who argued tho in
clusion Of the state tax repeal plank in
the platform. He cited a number Of con.
seryative and well-kuown tnanciers who
favored state bank currency. including
ex-Secre,ary of the Treasury Fsirchild.
Proceeding, he added:
II hold in my hand a communication
received but few days since. signed by
representatives OF banks involving three
fourths of the clearing house capital and
larger percentage Of the deposits and
discount business of New York city, and
including representatives of nearly every
leading national bank in that city, the