The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-03

quired to keep on hand, at all times, in
lawful money of the United States a sum
equal to 25 per cent of the aggregate of
deposits, by section 81 of the bill. The
United States is not liable for any debt or
obligation of the corporation. This is by
a careful provision of section % of the bill !;
and by section "a and other sections the
corporation is put under the inspection of
the comptroller of the currency, and heavy
penalties are prescribed for any neglect of
duty, or default or malfeasarce of its Of
dcers. 1t is subject to the power of the
government, like the national banks, but
Its capital stock is held by private per-
sons, as is also the case in the national
banks.
Indeed, the utmost care is taken in the
bill to restrain and limit the powers of the
corporation, the officers, and stockholders,
so as to protect depositors and to confine
its action to the legitimate purposes of its
creation.
1t is made liable to taxation by the states
On which 1T or its branches are located, or
where it does business.
In section 81 1t is provided that the rights
conferred by the act shall not be exclusive,
but a bank may be established under it's
provisions. by any citizens of the United
States.
cannot review an act of 80 sections in
the proper limits of letter, but can only
call attention to some of its leading pro-
visions that, I believe, fully justify my
vote for the bill.
Our cotton planters, above all, need the
assistance such a bank would give them in
putting a fair price on their crops.
Under the national banking laws, they
cannot obtain a dollar of money, by way
OF loan, on their lands, no matter Aow
valuable they are. They could do this in
our state banks, and can do 1t in this bank
If 1t is ever chartered, and thereby escape
the terrible tax they must pay their mer-
chants for handling their crops, or for
some assistance in raising them.
To my understanding this is cruel dis
crimina ton against all producers, in the
national banking laws, and this Is the first
effort of congress to relieve them. 1t is
perfectly safe to all the world. and | glad
ly give my support to the principle, that the
real estate of the producer, miner and man.
ufacturer, according to its value, is a bet
ter security for the loan of money by
bank, chartered by the government and
resting on the credit OF the people, than
the personal obligation of the merchant
who handled what the former has pro-
duced. This discrimination is a public
wrong, intended to benefit the national
banks and their customers, the trading
classes who handle money at the expense
of the producers who, through great labor,
furnish the entire body of the material that
constitutes commerce. These advantages
of the national banks should, in some way,
be controlled and as the state banks seem
to be abandoned by our party, 1 can see
no better way to hold the national banks
in check than to create another form of
banking institution, under the control of
the government, in which producers can get
assistance, on safe security, to raise their
crops and send them to market.
The governor says he will bitterly oppose
the measure when he gets to the senate.
expect that from those who are deeply In
terested In the national banks, and / nope
some safe measure will become law be-
fore he takes a seat in that body. Very re-
spectfuly,
JOHN T. MORGAN.