The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-13
INCOME TAX
AND SILVER.
Eeaator Teller Makes a Strong
and Eloquent Flea Tor
Free Coinage.
IF Is AN EQUITABLE TAX.
FRANCES B5sTETALAxe SYSTEM
EXAMINED IN DETAIL.
Low Prices OF Agricultural Products
Dsre te Decentralization OF silver
Cold Basis Too Narroyv-Last Adj
InfliEtrntfon Deserved Defeat
The House Passes the Bill to Codf-
~ the Pension Laws.

fy the Pension Laws.
Washington Jan. 12.-Senatpr Teller
addressed the Senate toiay in a speech
marked by force and eloquence OF ear
nessness. The large crowd had been
drpwD 10 the galleries by the an
nonncement that MT. German, would
urge a Senate resolution for The cur
rency problem. and although Mr. Cor
man did not speak. The spectators were
not disappointed. Mr.. Teller took the
Income lax as a teat, but branched
into a comprehensive review of the
present vcnddtions OF the treasury and
the remedies demanded. He severely
arraigTed the adnllnistraticn for alarm
eng the country by agitation over The
currency bill The senator urged that
khe restoration Of silver was the only
effective solution. but said me did not
expect this solution at the present time
from esther of the great parties or
FROM the Populasts.
Senator Lodge also spoke, urging il
the Democratic majority would present
b currency bin that could mot pass,
the minority would assist in enaotdng
It.
Quay spread before hirn on the desk
IA roda Of manuscript which loolszg like
the formidable and carefully prepared
speeches for which ne is noted
gocazI'el Called up the urgency de-
ficIer3y bill.
Presiding Oflcer Harris explained
over from yesterday.
Hh> offered an amendment to the
Stem appropTialt9ng funds for the coli
lecTion % the income tax, so the legal
tty Of the law could De referred to the
courts. The chair had ruled out the
amendment on a point of order. Hill
appealed from the decision of the
chair ard Morgan moved TO lay the
appeal ON the table.
After further discussion OF the in
come tax, Morgan Withdrew his mo-
fioQr on the proposed vote on Hills
hpVesi.
supports the Income Tax.
Teller then addressed the Senate in
support of the continuance Of the in
come tax. He pointed to ths large
treasury deficits which had been tenn
pogaIlly met by the bond issues. The
gold supply was down to- S77,0c0, 600
and was rapidly disappearing. Any
proposition TO do away with the in
come tax. therefore, should be accom-
panded by a Plan TO raise the revenues
OF the government required. Teller
gave as his opinion that the income
tax TcaIbd become permanent, even
though iI was linnihed to five years by
the present law. He believed st was
such am equitable TAX thar Ghe people
77cnIad insist upon its cont5nuance.
Import Duties could not be put so
alieh as 10 entirely keep ulll goods, and
without these high duties dheTs was
certain 70 be deficit in tie revenue.
1t was essential, therefore, THAT some
middle course should be adopted, and
the income tax was a most just means
OF taking this course. Teller spoke Of
thu vain and fruftless efforts Of the
executive branch of the government
10 DO something to relieve the present
distress OF the government and peo-
pie" A..
the executive branch is in wrong
hands Teller spoke caustcaty OF
'tbse scheme of banking coming from
Hhe FrelalsIlry Department. He re-
fer7-sd to the current reports that the
4,ig had been jotted off in 80 minutes to
a s+erlographer L wish TO show all
due respect to this BILL said Teller,
Coming as 1T does from such high
sources, but if such measure came
from any senator or member; II 1t
came from any Populist, 1T would be
branded as the height OF 1unacy.
Teller declared the currency bill pro
v,osed Il, inaugurate the old era OF
1,Fldg9H paper. II violated every pT'in-
ciDle Of dnance in this country or any
,ttI,t47-. Teller ridiculed the talk about
',e0nstic' and flexible currency, when
the banking corporations had charge
of the elasticity
'sTzhere is about six weeks remaining
sn this Congress" said IeEer- Now 9,
does any person seriously peneFe tne
REMISSION of the vast currency system
can ba acconplishe in that tine?"
The senator urged it was time the
rxecrtiVe authorities stopped what he
,.baoraraerized as frantic demonStra-
Sion'S fright.
Frances BimetaIIic System.
Mr.. Teller examined in detail the BIZ
metallic system of France. under which
that country now enjoyed absolute
Sranouility Senator Hawley (Rep.), OF
Connecticut, at this point interjected
a narrative Of his personal experience
in Paris on the night before France
raised the vast sum TO pay its war In
demnity to Germany.
Mr.. Teller argued at length to prove
the low prices Of agricultural products
today were the direct result of the
demonetization of silver, first by Ger
many, then by the United States, and
lastly by the Latin Union. In every
country which had kept its minis open
10 silver prices Of staple products had
remained absolutely stable during the
last twenty-five years. He cited as IL
Illustrations Of the fact India, Mexico,
China, and Japan. 1t has been charged
me said, that those who were in favor
Of bimetailism were not in favor OF
sound money. But if sound money
was to be preserved he warned the
Senate that it would be preserved
through the efforts of The so-called
silver men.
If the gold basis was insisted upon
it would be found too marrow and the
time would come when all overissue
Of paper rnoney could not be resisted
He described the growth of socialism
and anarchy in this country since the
decentralization of silver, the bitterness
thar had grown up between classes
This condition had been produced by
legislation. Are we now" he asked
.sto admit that we have neither the
wit nor wisdom. to undo what we have
Ilone?"
Waiting For Europe.
Although his side was not charged
with the responsibility for the present
situation, he for one would Join with
his political adversaries in any scheme
of relief that appealed to his Judgment
But he had little hope when he saw
the Senate of the United States con,
fronted with such d situation supreme.
" waiting to see what Europe Wou16