for consultation with our people at home. I
never heard of the change itself until it was
sprung upon us here yesterday. It was en-
tirely new to us; and I think I asked that the
consideration be postponed until we had had
time to think over it.
And having thought of it to my satisfac-
tion, and seeing no good to come of it for the
people of Maryland, and much harm, I moved
to reconsider the vote by which the amend-
ment of the gentleman from Frederick (Mr.
Schley) was adopted. And now all I have
to say on this question is, that I hope that in
the opinion of this Convention, from its Pres-
ident down to its humblest member, my
soundness upon all great questions will not
be doubted, simply because I happen to differ
in opinion with some of my brother members
upon the expediency of our action here to-day.
Mr. NEGLEY. I am utterly surprised and
amazed that any member should infer, because
in the judgment of another member it is not
proper to pass such a provision as this amend-
ment would make section forty-two; there-
fore that other member is no union man, and
he is therefore opposed to the national cur-
rency. With all due respect, it seems to me
that all such talk is mere balderdash.
I do believe that the Federal Government
is under obligations, that we cannot properly
estimate, to the State banks of this country
for the means which it has hitherto had for
carrying on this war for the suppression of the
rebellion. I know that the bank with which
I have the honor to be connected has its cap-
ital and one-third more invested in United
States securities. It has therefore aided the
Government thus far towards obtaining the
necessary means fur the suppression of the
rebellion; and I know farther that a banking
institution that is controlled by secessionists
in our town hag absolutely contributed very
largely in this way by taking five-twenties.
It was for the interest of the bank to do so,
and they have done so, and will continue to
do so.
One mode of getting out from the opera-
tion of the tax of six per cent. will be in this
way: the banks which have a circulation
out which they cannot get in, will be induced
to invest as much as they possibly can in five-
twenties. They will make twelve per cent.
on them, and can afford to pay the six per
cent. on their circulation. That will aid the
government in two ways; by paying six per
cent. on the circulation, and by taking gov-
ernment securities. It is utterly impossible
for the banks of Maryland to get their circu-
lation in. It will not come in; where it is
we cannot determine. But the prices of things
have so enormousley increased that there is
now required a circulating medium two
and a half' times greater than that which was
necessary before the commencement of this
war. And really, with the present prices of
things, there is no redundancy of circulation.
8 |
These things will regulate themselves as
circumstances require. After all it is for the
federal government to check and bring down
these State institutions. We cannot do it,
unless there be a combined action of all the
States. Unless there be a mutual understand-
ing of all the States that they will not re-char-
ter their banking institutions, it is utterly
useless and detrimental to its interests for
any particular State to do so, while those
around it do not do so. It is for the fed-
eral government to do this thing, and they
are doing it now by the imposition of this six
per cent. tax upon all the circulation above
ninety per cent. of its capital, and one per
cent. on all under that. The State banks
have done more for this government than any
other species of property in the country.
Their circulation is taxed; their deposits are
taxed; their dividends are taxed; they are
taxed on all hands, and they pay it cheerfully.
I do not think the government has any right
to complain of the State banks, and I do not
think it does complain of them at all.
These things will be secured by the opera-
tion of the taxing powers of the federal gov-
ernment, If there is any excess of circula-
tion the exercise of that power will bring it
down. If a tax of six per cent. will not do it,
then put on eight or ten per cent. and it will
come down. Let us not attempt in a misera-
ble bungling way to interfere with this matter
of currency in the organic law of the State.
It is a very delicate question always; and
we better, infinitely better, not touch it at all
than touch it in a wrong way. Let this
matter be open to regulate itself as circum-
stances may occur There may be as much
wisdom and patriotism in future legislatures
of this State as we possess; and they will be
fully competent to the issues of their day,
more so than we are now. This is the worst
time of any other to touch this question of
the currency, I hope this amendment will
be voted down, and the section left to stand
as it was reported by the committee.
The question recurred upon the amend-
ment of Mr. SCHLEY, to insert after the words
"bill, note, or otherwise," the words—
"And on the further condition that said
charter, or renewal of such existing cor-.
poration 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."
On ibis question Mr. SMITH, of Carroll,
called for the yeas and nays, which were
ordered.
The question was then taken by yeas and
nays, and resulted—yeas 18, nays 39—as
follows;
Yeas—Messrs. Goldsborough, President;
Abbott, Barron, Brooks, Cushing, Harwood,
Hatch, Hopper, Kennard, Larsh, McComas,
Mullikin, Murray, Parker, Schley, Stirling,
Stockbridge, Wickard—18. |
