The times. [volume] (Richmond, Va.) 1890-1903, 1894-05-27
TAX ON STATE BANKS.
RILL FOR IT'S REPEAL UNDER Dis
CUssIoN IN THE house.
AIR. Springer Denies the Right oil s'n'e
Banks to Issue Paper Money-isnw-
son for Unconditional Repeal.

ing OF some unimportant local bills In the
House to-day. House resolution was
rassed requesting the stmaster-General
10 inform the House Of the number OF
clerks removed from the railway man
service between March 4th and May i,
lN9. ana also asking fer other informa-
tioA about removals, appointments, etc.,
ia the service during the period named.
Then. on motion cf Mr.. Springer ull).
the House resolved itself into committee
OF the whole on the State bank tax re-
peal BILL. and MIR Springer ADDRESSED
the House in u prepared speech agaanst
State banks, denyins their right 10 ISSUE
Regarding the question Of currency as
only second In Importance 10 the tarll AZ
tfis time ne regretted that there was no
fixed and sound policy In reference 10
H. which would render PERIODS OF ttttu
cial depression remote If not iinpossipie'
and proceeded with his subject, anhouHC-
Ing thai he would renounce all parry con-
siderations upon the question Of the cur
rency but would unite with any men
and all parties in the preparatiqnn anu
passage Of a measure when Wooiu piV-
vide currency that would be always saIe
and stable and sufficient 20 meet all re-
quirements OK trade and commerce.
OPPOSED 40 THE AMI -DKLLUM SYSTEM.
Under no circumstances should we re-
turn to the system Of state bank clrcuia,
tiOp which prevailed before the wal,
said Mr. Springer
If there were no other reason for op-
posing a circulating medium issued by
State banks, the argument of inconNe-
nience ought 10 be sufficient. There are
now forty-four States in the Union, and
four more Will undoubtedly be admitted
in the near future. Zach OF these STATS
have different laws regulating the Dr-
ganizatlon OF banks and privilege secur-
ity for the circulating notes There are
over nine thousand banks in the United
fns 81 mi
OF the States would avail themselves VI
timately Of the right TO incorporate Sta,e
banks having authority to issne clfSu-
lating notes. and that all existing banhs
would avail themselves Of such authority,
the different kinds of notes wlich Would
be put I'm circulation and their number
would be confusing and embarrassing IN
the extreme 10 all those engaged III actiVe
After denying that a state bank has
any more right TO issue paper currency
than IL has TO coin silver ana goia lnto
eagles and dollars Mr.. Springer sad mat
he favored that paternalism IN an tniHsss
which the Constitution OF the Cniteu
states has establshed-the paternallsm
which gives Congress the Iower 70 Idy
and collect taxes. dues ana lmpoSls ~
the common defence and general Wei-
sare of the United States; 20 regulate
commerce with foreign nations ana aniUhS
the several States; TO estaDIlsh a ,i,st Iei
form rule Of naturalization; 10 esIa!itT,a esIapitsn
tba nrograss of science and the usefui
ais h, Granting patents 10 inventors ana
copyrights 10 authors; 10 raise anu supror
armies. and provide and maintain navy
10 coin money and regulate the Ndiue
hereof and OF foreign coin, and - IN
the standard of weights and measures
rArYaNALIsM. hut ESSENTIAL
"Au these powers smack Of paternalism,
hut thov are essential 10 the maintenance
- tbc rirbts of the people and 70 the
preservation of our Government. 10 ~
vide a national currency IS no tIeaye axe.
exercise Of paternalism thah u Is 70 .s. 49,
cute any OF the powers whith nave
- would maintain Of all the states the
rights Of which are guaranteed TO them
bv the Constitution, which is reserved
to themselves when the Constitution Was
established, but / deny the rlght or any
State or Of the people Of any state, 70
furnish the people Of another state WIN
a circulating medium, or 20 issue notes OF
any kind Intended TO circulate as money
In any part OF the country
MIR Grow Rep.. Pa was also against
aDy State bank system. If we shoul1
80 back to the old system ne sala' tne
best of us who handle money coulu sl,, no
tell a good bank note from counterIeit.
one state bank could not be compelieu 70
take the notes OF another state bahN.
Inc first crisis that came III tne ro,f,s Stise
Why go back? Why attempt the old
81 Xras the policy Of the Democratic
party To undo ali that had been dOne
in the last third OF century. IL had
been well said that the Demccrauc pattg
was like the passengers on the rear euaId
OF a railroad train; they saw nothing un-
til they passed II.
Mr.. Grow brief remarks were followed
by applause.
PlEA EoR UNCONDITIONAL REPrAi'
Mr. Lawson Dem. Gao spoke in favor
of unconditional repeal. Coin, ne contend
cd. was the only solid banking system on
which the issue Of notes could be founded,
and he held that such power as that OF
the national banks was too great ana 100
vast TO be allowed, for the power thdt
controlled money also controlled trade
and commerce. The state banking sys-
tenn would provide a national currency
possessing the confidence OF the entlre
Union II had been found most SuccesSiul
in the past. Daniel Webster had approved
f. and the speaker would set ms name
AGAINST that Of the gentlemen from limos
tSprlDger ANY business connection be-
tween banks and the GOVernment was al
WAYS detrimental 10 the latter. 1t was IN
the power OF the national banks 10 0e-
stfOy the stability OF the treasury, lor
the Treasury was no more than bank
ing institution. He could see but one way
oui Of the difiiculty--let the Government
cut loose from the banks and issue notes
on the basis Of coin only why Shouiu
rot the people have the beneht Oh their
money? Way should they submit 10 me
ins0leut and intOlerant dictatorship OF Or
gauizcd capital? OF course, II should be
done without bloOdshed; but It should De
done
The Government should cut loose lIOH
the banks Let il coin gold ana silver
that was ifs duty 10 the people.
Mr. Lawson said that private banking
cr.uorati0rs were sOuuder to-day thdn
national banks State banks We're Demo-
cratic and CscCul. and this was shown
ly the declaration Of the Democratic
party In It's National platform. How
tmid a Democrat escape V0un3 for the
measure? he believed IN local set-eOvern-
m-nt, and for that reason he approved
State banks
Biacussing the constitutional lfeatures
OF me question, Mr.. Lawson md tlntained
that the tax was a clear Violation or the
Constitution. and should be annHhed. lie
also held that all the ccngestee capital
eholIld be brought Out-that was the pUr-
nose OF the legislation before the House. to
lef loose al this vast amunt Tor the
benefit Of the people. he ayerred that
me national banks were an omshoot OF
protection. They were protected on the
Plea that they secured the deposit0r from
loss iust as manufacturers were protected
oo the plea OF helping the cOuntrys s pros
rerity They were Of the same class; they
helonced 20 the same brood The demand
for National money In home ana foreign
commerce would prevent It's extinction
while the State banks would assist In us
diffusion. - ...o,
AT the conclusion of MIR. Lawson's
speech the committee rose, and the House
adjourned until Monday.
VIII COsT $eOO,OOO.