tax of six per cent. on all abovethat amount,
and it can only get six per cent. on it,
And it is a matter of policy for the State
banks to bring in their circulation, or they
will sink money, and in that way, by Federal
action, and not by State action, will this re-
dundancy of circulation of State banks be
reached, I do not say that Congress has that
right, but I would be very glad to know that
it did have the right to tax these banks and
make them call in their circulation.
It can be reached in that way. but not in
the way proposed by this amendment, nor
should we attempt it here and prejudice our-
selves, when Virginia, Pennsylvania, and
other States will continue to charter these
banks. We can do nothing here which will
accomplish any practical result, and there-
fore I think we better strike out this amend-
ment and leave the section to stand as it stood
before.
Mr. ABBOTT. I wish, in answer to what
has been said by my friend from Carroll (Mr.
Smith,) to disclaim any intention by any
word or even thought of mine, to do any-
thing in favor of the banks of the city of
Baltimore, and against the banks of the
counties. For I declare here upon this floor
that I feel just as much interest in every
county bank as I do in any bank in the city
of Baltimore. My object in voting for this
amendment was to give an expression of the
opinion of this convention that the desire of
the people of this State was to have a uniform
currency.
So far as banks are now concerned, I will
state that I know of one bank in the city of
Baltimore, where the majority of the stock
was held by loyal people, that some time ago
bought government five-twenties until it had
some $300,000 out of a capital of $350,000,
invested in that kind of securities. And
they have now put the other $50,000 into
those securities, and gone into operation as
the Second National Bank of Baltimore.
Now, that can be done by any bank in the
State, whenever their stockholders will agree
to make the change, and they will then have
charters under the general government, and
not under the legislature of the State, and
charters with which the legislature of the
State cannot interfere. Whenever their
money is invested in the stocks of the gov-
ernment, they deposit those stocks with the
government in Washington, and receive
ninety per cent. of the amount in notes
printed by the government for their banks.
Now, I do not see how that can affect the
country banks, or work any more injury to
them than it does to banks in the city, nor
do I see how it can work any injury to any
of us.
I simply desired to disclaim any sectional
or local feeling in anything I have said or
done in reference to this matter.
The question being then taken upon the |
motion to reconsider, upon a division it was
agreed to—ayes 32, noes 14.
The question recurred upon agreeing to
the amendment of Mr. SCHLEY, to insert after
the words "liabilities upon bill, note, or
otherwise," the words;
"And on the further condition that said
charter, or renewal of such existing corpora-
tion, shall not authorize the issue of paper
money as a circulating medium so long as
the United States shall provide by law a na-
tional paper currency."
Mr. CUSHING. I see very clearly that this
amendment will now probably be rejected.
And I am sorry to learn that it will be lost
for reasons that have been assigned on the
floor of this house. I am sorry that it has
been asserted on the floor of this house that'
it is against the interest of Maryland to have
a national currency, because they do not have
it in Pennsylvania; that it is against the in-
terest of Maryland to have a national cur-
rency, because they do not have it in Dela-
ware. I am sorry to bear it asserted here
that at any time and under any circumstances
it is against the interest of this State to have
the best currency, because our neighbors
have a worse one.
And I am sorry to have heard it asserted
that this was an effort in favor of the Balti-
more banks, when all the banks of the State
are made to stand upon the same fooling;
when it was just as much our purpose to force
the banks of Baltimore to adopt the national
currency as to compel any other banks to do 30.
How can it make any difference to a country
bank whether the money it gives its cus-
tomers is Maryland money or United States
money? I confess that I, for one, cannot com-
prehend the difference.
I rather think this amendment was recon-
sidered becuase of the idea that it was an at-
tempt on the part of some overgrown corpo-
rations to override the smaller ones. But if
gentlemen will look at it, they will find that
the whole operation of the banking law of the
United States is for the interest of the small
banks and against the larger ones. It is for
the interest of this community that every
citizen throughout the country should be in-
terested in the finances of the United States.
And it is for the interest of the citizens that
their banks in all sections should be under
the control of loyal people. Yet for the first
time in any argument on banking that I have
ever heard of, an argument is made that a
good currency is not so desirable as a bad
one, because our neighbors have a bad one.
It is argued that a thing which is eminently
for the good of the small institutions, is done
in favor of the overgrown institutions, which
will eventually be destroyed by it.
And finally, the argument that it will affect
our Constitution adversely by introducing a
national currency into the State of Maryland ;
that an attempt to adopt a good sound cur- |
