Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-06-05
| business, Mr. Springer moved that
L the Hnusn nrnceed In COmmttfce

uusHess, MT. oFfIHktT moNeu boe
the House proceed in Committee
ration Of the bill 10 repeal the 10
peAcent. State-bank tax. Mr.. Wilson tRe-
publican) asked how long the debate was
10 go on. IL was highly important that ]
the Indian appropriation bill should be
considered soon. The LIST OF July was
rapidly approaching. and the bill would
doubtless be discussed at length IN the
House before II was sent to the Senate.
and as a member OF the committee he
would be glad to see the bill under way.
Mr. Springer made no answer but MT.
Holman gave notice that tomorrow
CTuesday) he would ask the House to
take up the Indian appropriation bill.
The motion by Mr.. Springer was agreed
TO. and Mr.. Dalzell (Republican). or Penn
sylvania. made an argument In favor OF
the constitutionality OF the bill taxing
notes OF State banks 10 per cent His
broad contention, he said. was that the
right and power TO issue circulating notes
resided exclusively In the National Gov
ernment.
MIR Dalzell was followed by Mr.. Ray
ner Democrat), Of Maryland. who spoke
In the same line-that OF opposition TO
the repeal of the law. Mr.. Rayner COM
batted objections that were urged
against the national banks, and set forth
the advantages OF the system. Defects
were admitted and noted by him. To
remedy these he would. first, permit ma
tional banks to issue notes TO the ful
amount of bonds deposited; second. re-
peal the tax on their circulation; third.
modify the stringent provisions against
stockholders as to their personal respon~
sbility for debts; fourth, permit the
banks to increase their circulation, when
hA Hap,ap1 ROOd
curity other than government bonds;
fif:h, perpetuate the system. based upon
a deposit OF State and municipal securi-
ties.
In conclusion Mr.. Rayner referred TO
the plank I'm the Democratic platform
pledging repeal of the tax upon state
bank circulation. IL was explicit in char
acter. Mr. Rayner admitted, but how 1t
got there he did not know. But as far
as he was concerned, the platform might
as well have pledged a repeal of the Ten
Commandments. IL do not know how
Il may be with others, but with me the
time has not yet arrived when have sur
rendered my conscience and my convic-
tiOns to the keeping Of a political con-
vention. l deny that II lies within the
province or the jurisdiction OF the con-
vention to trammel me in the discharge
of my duties by any such declaration as
this. This bill to repeal the tax on State
bank circulation failed TO pass at the last
Congress In a Democratic House. and
now, | am told because some one slipped
these words in the platform, that | am
to be manacIed like a slave and robbed of
the greatest boon that freeman in these
halls can claim. and that Is the right to
vote upon questions Of public policy in
accordance with the dictates of duty,
that IL lies not within the power of any
man or set of men to shackle or trample
upon"
The diverging views of members of the
Democratic party upon financial matters,
said Mr.. Rayner, which he hoped soon TO
see taken out of politics, would necessi-
tate the inquiry when a man declared
himself to be a Democrat. what kind OF
Democrat are your" Uaughter)
COBB FOR REPEAL.
The next speaker was Mr.. Cobb. of Ala
bama. a member of the committee, who
spoke in favor of the repeal OF the law.
Mr.. Cobb said that the proper way to
test the value Of the State-bank system
was to consider the condition Of the
banks at the time the General Govern
ment saw fit TO impose the prohibltory
tax. II was not necessary to go. back
ten years before the flood.
What were the facts? When the banks
were forced 10 go into liquidation in 1868
every bank in the North redeemed its OBJ
legations without discount and without
loss TO a single bill-holder. The same was
true Of banks In the Southern States.
except in the cases OF those whose assets
had been destroyed by the exigencies Of
the war
The serious difficulty with the national
bank currency. said MIR. Cobb. was its
lapk n npxibilitV 4 currency nOgSQsS-
ing that quality was the urgent need Of
the business interests OF the country. In
his opinion IL would never be secured until
there VAS estabiisher a banking system
with a circulation under the control OF
those whose right II was TO Issue IL. Such
a system as this, he said, would provide
at the shortest notice the currency needed
to meet exigenoies in particular sections
Of the country. avoiding the periods Of
stringency inseparable from the present
system.
Mr. Oates, of Alabama, his party's can
ddate for Governor in that State, follow
ed his colleague Discussing the question
Of the constitutionalty Of the tax law.
Mr. Oates referred TO one of the decisions
Of the Supreme Court OF the United
States, announced by Chief-Justice Mar
SHALL in which IL was held that the tax
ing power of the government might be
exerted TO the point OF destruction. III
that be true doctrine, asked Mr. Oates, Is
IL not true that the Federal Government
Is absolute, that II is not government
Of enumerated and limited powers? lie
contended that the government could not
do indirectly, by the exercise of the tax
ing power, that which 1t could not do
directly.
At the conclusion of Mr.. Oates's re-
marks the committee rose, and, on motion
of Mr. Sayers, the Senate joint resolution
was passed appropriating $4,000 for the
payment OF expenditures caused by the
SugarTrust investigation ordered by the
Senate and now in progress.
At $50 p NJ. the House adjourned until
tomorrow at noon.