The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-03
DEMOCRATS WILL FIGHT.
THEY HATEsoMEP POLITICAL TARIFF
sPEECHEs TO MAKE.

TO MAKE.
Mean to Introduce some Anti-Tr1st Provisions
and y Free-slvor Amendment and. Per-
hnps. the OLD Income Tax schome-LodEe's
Plan 10 TAX Stock and bond transactions.
WASHINGTON. July 2.-Tho action of the Re-
publican caucus last night in deciding to
abandon the proposed tax on tea and the
proposed increased tax on beer, substituting
therefor o tax on transactions in bonds and
stocks, has given an entirely new turn to the
controversy over the tariff question. The
abandonment Of the proposed antitrust legis-
lation especially displeased the Democrats,
and they are not to be placated with the retcn-
ton Of tho antitrust provisions of tho present
Tariff act. They declare that they will intro
duco tho antitrust propositions that were
drafted by tho Republicans with the approval
of the Finance Committee and the ommitt
on the Judiciary, and on these propositions
mako their political speeches.
It's said to DO the intention OF the Democratic
leaders also to offer q free-silver amendment
and perhaps the old income tax provision Of tho
Wilson bill, and thus open up a general financial
discussion. Senator Mills OF Texas Is said to be
tho man selected to present the froo.silver
amendment, and some Of his colleagues arc SO
enthusiastic rs to believe that it may be
adopted. 1t Is stated. however, with great en-
phasis on tho Republican side of the cham
Der that the forty-thrce Republican votes and
the three gold Democratic votes of Caffery.
Gray. and Lindsay will be cast solidly against
any free-silver amendment that may be offered.
Nothing would BIO accomplished. of course. by
its adoption. as 1t would be promptly rejected
by the conference committee, but the Democrats
profess to believe that the silver discussion in
tho Senate in connection with tho passage of
| tho Tariff hill would ha nf grant nnlitical houaAt
TO the Democratic party.
Senator Lodge of Massachusetts IL tho author
and sponsor of the plan to tax transactions in
bonds and stocks. 1t was adopted by the caucus
last night after q statement from Senator ALI
son that the Tariff bill as at present framed
would fall at least $40, 900, 900 short Of pro-
ducing the necessary amount of revenue. This
statement was based on estimates submitted TO
the Finance Committee by w. G. Ford. chief Of
the Bureau Of Statistics. and which were pre-
pared with great care. Mr.. Allison stated that
the retention OF the tax on cigarettes; the only
would produce 81. 500. 200, and tho eliminattion,
Of the pr9yision with regard to the drawback on
beer ; srS TGnld save y, e; o S@S 200 600 more oGscr thus nus leaving .a Rs
Ford estimate.
Several Senators had moro or less fanciful
propositions for supplying this required amount,
but none Of them seemed to I'LL the want until
Mr.; Lodge proposed the plan that he has long
would I'LL the gap. and tho caucus. without re-
curing evidence Of this point, accepted 1t. The
they have provided for a sufficient, amount Of
revenue. but some Of them. notably Mr.. AL
Committee, says, that his colleagues are
working absolutely in the dark and that
the Dingley bill would create a large deficiency
will be perfectly applicable to the Senate bin
MT. Aidrioh is evidently not at ali pleased with
the Lodge amendment as a revenue producer,
but his views have not been forced upon the
h f.Sa%' and Accepted p Taatf ,hSs all i It's sehe d. iao
The proposed amendpent for a tax on trans.
acting Chairman OF the Finance Committee. Il
worth Of bonds or stocks issued, and 2 cents on
s sSia, o sh9 msr sGla Fl Tho t 1msnsmsnit mil tn;fll Id 5s.& sll
any l%oophole for fraud. This is very difficult to
paid through the medium OF stamps is the hard
numerous : 9 70 i instances IS wRere losses SaH ipHolvlR% S'H large e
amounts of money have. followed the failure to
afiiN stamps. or their accidental detachment.
Senator Lodge is confident from a careful
study OF the question that his proposed tax will
enue, and claims that at least SIS. 600, 900 will
10 collected from the transactions OF the Stock
Exchange OF New York alone.
WALL STREET OBJECTS AND ASKS TO BE HEARD.
The New York Stock Exchange telegraphod
yesterday to the Chairman OF the Finance Com.
NV vi Nf' AAAtf NhNN a'AAhN " NM
that a hearing be given 10 the Exchange If the
report was correct that a proposition was before
the committee to tax transactions in stocks and
bonds.
The matter was one that aroused great inter-
nounced as only another evidence OF legislative
hostility to the moneyed interest, which, il
enacted into law. would be likely TO have IA very
bad effect upon business AZ we'll as to produce
much confusion. Wall streets recollection of
the similar tax levied in wnr times Is not OF a
satisfactory sort
1t was pointed out that 1t WAS not wise lcRis-
latiOn TO make such an invidious distinction in
levying a tax upon one class OF business to the
exclusion of all others, and that. there was no
more reason why salos OF stocks and bonds
gists. hardware merchants, and dry goods
dealers.
"a stamp tax said one member OF the Tx.
change, LEVIED on checks, notes, bills of eN.
change, deeds. and nil other legal documents
, would be infinitely preferable. When stocks and
and. n stamp tax WINS also general Mt that time
!, and'tho loyalty OF the people was 30 intense
a that any tax WIS chcerfully paid. whether large
or small. II being considered n contribution tc
I save the nation and perpetuatc tho Govern
!. ment; but there is no scnse-in n time Of peace
{ like the prcsent-in singing ont one limo Of
business for taxation and letting all others &c
D free, ms is now proposed. 1t Is simply n Populis
: tic attack on Wall street and out-and-out donna
!. Rogism.'
5 The statement contained in some dispatches
. received In Wall street that tho proposal wal
! TO put u tax at the ratio of 2 cents a share upoI
2 all transactions In stocks. resulted In tho sug
1 Restion, which might provo OF interest to thu
. Senators from the Western mining States. tina
. a tax upon such terms would be likely to clos,
up tho mining exchanges. the bulk OF who's
dealings are In shares whose market value
huf A few cents.