Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-04-12
TEN PER CENT. TAX.
MI. SwanSon's Views With Respect
10 Repeal.
THE SUGGESTED COMPROMISE.
Terms Proposed by the DsnviIle-D District
ongrcssman-General Washington
City Gossip Of Interest.

WASHINGTON. April 11.-ISpecial.)-
Representative Swanson. Of Virginia
who has taken such an interest In the
movement looking to the repeal OF the
10 per cent. tax on State banks was
asked this morning what he thought or
the outlook since the Democratic caucus
has been held. He said he was convinced
II would be impossible TO bring ABOUT
unconditional repeal, and he thought II
likely compromise would have 10 dc
reached. II am willing" said Mr. swan
son, ito agree to a compromise, inasmuch
as 1t appears impossible to do anything
else at present. / would want. however,
the following provisions:
81. State banks should not issue cur
rency in excess of IS per cent. OF the
paid-up capital.
"2. That the currency issued should be
first preferred lien on the assets OF the
bank.
'3. Stockholders. as in the case OF ma
tional banks, should be liable to, In ad-
diton to the stock subscribed. an amount
equal to the stock owned by them.
'4. That the issue of the said banks
should be redeemable in the currency OF
the United States, which by law is made
a legal tender.
'I would also not object to pro-
vision requiring a deposit with the Audi-
tor and Treasurer of each State or
bonds Of State, county, or city, whlch
have been at par for two years, as COL
lateral security to insure the redemption
OF the issue. BY this method feiefai
supervision and control would be eiimi-
mated, and all that the Federal authorr
ties would have TO do would be to ex-
anime the charter and see that the pro-
visions are incorporated therein. 1helr
proper examination would be left TO the
State authorities.
'TJnder such n system all danger OF a
wildcat currency would be eliminated,
and the people would have an elastic anu
safe currency"
CLEAR CERTIFICATES.
During the last panic when clearing
house certificates were Issued everywhere
and circulated as money, the necessity
for such currency was SHOWN. as wen
as the advantages to be derived lrohi 'S
issuance. In Danville the tobacco SAFES
would have been suspended last year
tho hanks had not issued such certincates'
They circulated as money at par ne
people need an opportunity OF 'ahihS
care of themselves in such times anu
when they suffer from such ue"i''i "
currency. ,o,e .,,o o,,r-
rorcv issued bv the State banks under its
- did NOT undergo as much deprecia-
tion as did the greenbacks issued by the
federal Government. Statistics VIII sho"
that the issue Of money by the Federai
Government. unless redeemable In CON-
has always been subject to greater depre-
citation in the aggregate than iloney
issued by State banks. The reason lot
This is apparent. For the redemption vi
national currency we have only the p'euse
of the taxing power OF the government,
which can only be exercised by consent -
tho neople For the redemption of state
hant currency we have specific property
pledged. which can be appropriated ara
annlied under the direction OF the courts.
.'The greatest difficulty we have al
nresent in the Democratic party Is the IN
disnosition of the different factions 10
make concessions to accomplish leglsla-
tion. ,.1.,,,,,,
Mr.. Jerrold X. Letcher of Salt Lake.
was to-day nominated by the President
10 be a member of the Titan commission.
He is related to the Letcher family OF
Virginia. His father went to missouri,
where he was prominent The gentleman
honored to-day has lived in Salt Lake
for five years. He is said to be an able
and popular man. and lived in Colorado
before going to Utah. He is staunch
Democrat. and Mr.. Rawlings, the dele
gate I'm Congress from Utah. says he Is
one of the best campaigners In the Ierri-
tory.
Mr.. J. r. Kerr. the postmaster at Ashe-
% arnl xsigi.
tors at the Capitol to-day.
Mr.. Kerr formerly resided at Harri-
sonburg, Va.
AS MIR Maxwell is sick. no fourth-class
nostmasters were appointed to-day.
Congressman Marshall Is unwell, ana
has been. compelled TO be excused from
service at the House for several days.
Post-offices have been established as
follows:
Virginia-Durand, Greenesville county,
William l.. Davis postmaster.
North Carolna-Merritt, Pamlico coun-
ty. Charles T.. Paul, postmaster
PERSONAL MERELY.
Judge Hughes. of the United States
District Court arrived here to-day and
will leave tomorrow for Abingdon
United States Marshal Allison. of States
VILE y. c., arrived to-day.
Additional Virginia arrivals: Charles
Langford. S. X. Crowder. c. p. Dean.
NJ S. Sampson, G. Ii. Ryland, Richmond; ;
w. X. Chapman, Clifton Forge; W. I.
Mitchell. Lynchburg.
Additional North Carolina arrivals: l..
Il. Wheeler G. a. Hunt. Jr., Lexington.