Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1895-01-19
CHAMPIONS, OF BINETAtLIsN.
Senator Teller Has the Only Remedy for
EEnri 'EifnnS

Washington, Jan. 12-The senate gal
leries were fairly Well filled today in
anticipation Of a speech by. Senator
Gornlan on the currency question, in
which it WAS thought he would propose
soEe solution Of the problem from q
senate standpoint Senator Quay spread
before him on his desk roll Of manu-
script which looked like the formidable
and carefully prepared speeches for
which he is noted.
Senator Coclzrell called up the urgent
deficiency bill. Presiding Officer Harris
explained the parliamentary situation
coming over from yesterday Senator
Hill offered an amendment to the item
appropriating funds for collection Of
the income tax 50 the legality Of the tax
could be referred to the courts. The
chairman had ruled out the amend
ment on a point OF order. Senator Hill
appealed from the decision of the chair
and Senator Morgan moved to lay the
appeal on the table in order to permit
the senators TO- further discuss the in-
come tax.
Senator Morgan agreed TO withdraw
his motion and the proposed vote on
Senator Hilfs appeal,
Senator Teller then addressed the SEN
ate in support Of continuance Of the
income tax. He pointed to the large
treasury deficits, which had been tenn
pOrarily met by bond issues The gold
supply was down to ST, 600, 000, and was
rapidly disappearing. Any proposition
to do away with the income tax, there
,.i.,1I
to raise the revenues the government
required. Senator Teller gave an opin-
ion that the income tax would become
permanent, even though it was limited
to five years by the present law. lie be
lieved it was such an equitable tax
that the people would insist on its con-
tinuance. Important duties could not
be put so high as to entirely keep out
goods, and without these high duties
there was certain to be a deficit in the
revenue. 1t was essential, therefore,
that some middle course should be
adopted and the income tax was the
most just means Senator Teller spoke
of the vain and frutess efforts of the
executive branch Of the governments.
''to do something to relieve the present
TT shows" said the sena tor, that the
executive branch is in the wrong
hands" Senator Teller spoke sarcas-
tically Of "the scheme Of banking COM
ing from the treasury department" I"
He referred to current reports that the
bill had been jotted off in 80 minutes to
a stenographer. II wish to show all
due respect to this BILL he said, com
ing, as it does, from such high sources,
but if such q measure came from any
senator or member, if ii came from any
populist. it would be branded as the
height Of lunacy." He declared the cur
rency bill proposed to inaugurate the
old era Of wildcat paper. 1t violated
, every principle Of finance in use in this
country or any other. He ridiculed the
talk about elastic and E1exible" cur
rency. when banking corporations had
F.! charge Of the elasticity. There is
about six weeks remaining in this cQ6a-
eress," said Senator Teller. Now does
any person seriously believe a revision
| Of the vast currency system can be ac-
| complished in that time ?" The senator
argued it was time the executive au-
! thority stopped what he characterized
as frantic demonstrations Of fright
ON BIMETALLISM.
Senator Teller expounded in detail the
| bimetallic system Of France under
which that country now enjoyed abso-
lutte tranquility. He argued at length
to prove that the low prices Of asTi-
cultural products today We're the direct
result of the demontization of silver
! first by Germany, then by the United
| States and lastly by the Latin union
| In every country which had kept its
| mints open to silver, the prices of staple
products had remained absolutely able
during the last . years. He cited as
| illustrations of that fact India, Mexico
and Japan. 1t has been charged, he
! said that those who were in favor Of
bimetallism were not in favor Of SOUND
money, but if sound money was to be
! preserved. he warned the senate thai
| it would be preserved through the eff
| forts of so-called silver men. If the golG
| basis was insisted upon, it would iot
| found too narrow and the time Wou1C
/, come when an oyer-issue of paper
! money could not be resisted. He de
| scribed the growth Of socialism and an
archy in this country since the demone
| tia ton of silver, the bitterness tina
had grown up between the classes
This condition had been produced b
legislation. "Are we now he asked
ITO admit that we have neither the wi
nor wisdom to undo what we have
done?" Although his side was no
charged with responsibility for tn
present situation, he would join witt
his political adversaries in any schem'
Of relief that appealed TO his judgment
But he had little hope when he saw th'