The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-06-03


latter case of Hollister vs. the Mercantile
Institution, said: 1t was no doubt the
purpose Of congress in imposing this tax
to provide against competition with the
established national bank currency for
circulation as money!
A STRONG ARGUMENT.
The mere fact that congress saw fit to
enact these stringent and unjust laws
laws of doubtful onstitutionality-is a
very strong argument in favor of the state
banking system and of the value of their
currency as a circulating medium The
laws which regulated banks in South
Carolina, at the time when the banks of
tnat state gave safe and flexible cur
rency, currency which circulated
freely not only within her own
borders and among her own peo-
pie, but in other states-are in
their main and essential features, still to
be found upon her statute books. In
some particulars they are now more
stringent than formerly, and conse-
quently must afford more ample and bet
ter security to depoSitors and billholders.
The legislatures OF the several states will
see to it that the people are protected from
wildcat banks from overissues and
from unfaithful and dishonest officials,
so far as these evils can be
provided against by strict laws and
tate by reason of these apprehended
dangers to the business public to come up
to the full measure of our duty by blot
ting out from the statute books this law
which has borne so hardly upon the south
and west by destroying our banking in
stitutions and gripping our resources.
The people have demanded it, our duty is
plain-will we do it?'
ENLoE EXPLAINS HIS MOTION.
At the conclusion of Mr.. liars re-
marks, Mr.. Enloe, dem. of Tennessee,
explained that the motion he made yes
terday TO take up bills on the private cal
endar was not made in antagonism to the
pending bill, for he was in favor of it's
passage. But he made it because he had
understood that the committee which re-
ported private bills had instructed their
Chairmen to insist upon the consideration
of those measures on the day set apart
for that purpose under the rules. Seeing
neither chairman present, he had made
the motion, but not in a spirit of antagon-
ism to the bank tax repeal bill.
PARTY PLATFORMS.
Mr.. Hall, dem, of Minnesota, was the
next speaker on the bank tax bill He
said that the plank in the democratic
platform calling for the repeal of the
state bank tax must have been surrepti-
tlOuslY introduced while the convention
sat in its hail, the thunders of heaven
booming and the rain pouring through
the roof Declarations in party plat
forms, he said, and especially in dem
ocratic platforms, ought to be re-
ceived with respect and their force
recognized but as matter of fact,
party platforms are elastic affairs.
He, himself, Mr.. Hall admitted, had
not always given the strictest heed to
them and as to the plan in question, with
others he had fatty repudiated it 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
forced into the platform. The
democrats in Alabama, he said,
had made a platform so broad and
catholic that every democrat, every
man who thinks he is a democrat, and
every man who says he is a democrat can
stand on it with both feet and heartily
support the nominee who now graces this
house with his presence, Representative
Oates. Passing from the subject matter
of the bill, Mr.. Hall proceeded to discuss
the cause of the general depression which
exists in financial and trade circles. This
was due, he said, to eXtravagant govern
ment expenditures under the Harrison
administration, the era of speculation
and boom prices which had just collapsed,
and the evil effects of the Mckinley tariff
law.
WARNER FAvORs REPEAL.
MIR. Hall was followed by Mr.. Warner,
dem, of New York, a member of the COM
mittee on banking. Mr.. Warner said he
was in favor of removing the federal pro-
hibition against state bank currency. He
was satisfied that the aggregate amount
of the temporary currency issued by
clearing house associations and others
during last years panic, which was in
volved by the bill, was far greater than
could be even approximately ascertained,
demonstrating the necessity for the pro-
posed legislation. Simple repeal of the
law was inadequate to meet the necessi-
ties of the situation. 1t would offer
a privilege, in any portion of the states,
to those institutions only which are in
the main lacking in that standing and
solidity which characterized the leading
banks Of the old state systems, and IN
every case utterly lacking in any eX-
perience calculated either to assist them
in meeting the opportunity or inspiring
any confidence even in the communities
they serve. In conclusion, he said, the
people of the north and east, especially in
New York, were friends of the south and
west in this matter and desired to be
their allies,
MR.. LESTER SPEAKS.
Mr.. Warner concluded at 1926 o'clock,
and was followed by Mr. Lester, dem,
of Georgia. He argued that the laws i'm
posing 10 per cent. tax on state banks
were violative of individual and state
rights, and ought to be repealed There
was, he said, no practical objection to re-
pealing them, because the objects for
which they were originally enacted had
long ago been attained. They had been
framed to meet an emergency, but, being
continued in force long after the
emergency had passed, they were now an
incubus upon the business of the country
At the conclusion Of Mr.. Lester's re-
marks, Mr. Meyer, dem, of Louisiana,
was recognized, and addressed the COM
mittee in favor of the repeal of the tax.
The committee then rose, and the House,
at 500 o'clock, adjourned until Monday
at noon.
AMERICANS IN DANGER.