Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-07-20
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ADOPTED, iss 70 lis.
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saved to the treasury When Dingley
referred to the elimination Of the stamp
tax. Torr, Dem, Mich, asked him If he
then confessed" that they had aban-
doned the idea Of taxing the ''stock
gamblers of Wall street.
Not at air replied Dingley. 1--WE
discovered that the sales on Wall street
could not be followed No record IL
kept. The machinery of collection
would be too complex"
AS to the question OF revenue to be
raised by the bill, Dingley pointed out
the difficulty resulting from the large
anticipatory imporations. The bill next
year, he calculated. would raise $685.
900, 900, or $75,000,000 more than the pre-
sent law. Over $f0000,000 had been
lost in this years revenue by the i'm
portations of wool and sugar and other
things. the duty on which was raised
in the bill, so that he calculated that
the bill this year would raise $685. 00,-
900.
Dingley declared that there was no
doubt that the revenue produced by the
bin would not only be ample to meet
the expenditures of the government but
allow a Republican administration to
begin to pay off the principal Of the
public debt, which had been increased
by the late administration. In conclu-
sion Dingley received round after
round of applause from his Republican
colleagues by predicting as a result of
the enactment of this bill a rise of
prices and a restoration OF prosperity.
Wheeler, DEM, Ala, opened the de-
bate for the Democrats, criticizing the
bill as the most vicious and burden
some ever imposed on the American
people. In particular he discussed the
serious effects of the measure on the
laboring and agricultural classes.
Wheeler referred to the advance on
Sugar stock in the New York market
today, and said this was the clearest
evidence of the benefits conferred on
the Sugar Trust.
Swanson, Dem, Va, a member Of the
ways and means committee, to whom
Wheeler yielded a portion of his time.
devoted his attention to assailing the
sugar schedule. agreed upon by the
conferees. Lacey, Rep. La. asked
Swanson whether the trust had not
made great profits in 1894 by anticipa-
tory importations just as the trust
probably would make great profits now.
Their profits were estimated at SIS. 000.-
600. Might not this account for the
increased value of the stock. he asked.
If the trust was to make SIS 900. 900 out
of anticipatory importations. replied
Swanson, 1t was not entitled to a diff
ferential.
mn Far.t tF,t,..
portations. said Lacey.
You could do what Secretary Gage
recommends. replied Swanson. You
could place an internal revenue tax on
,his sugar which has been imported If
You want to strike Il blow at the Trust,
why don't you follow the advice Of your
secretary of the treasury
Swanson and Northway, Rep. y. y.
then had brief controversy over the
sudden boom in the price of Sugar stock
III which the latter contended that Sugar
stock had gone up in sympathy with the
whole market
In concluding. Swanson declared that
when permanent prosperity at last came
back TO this country. il would not show
ttself first in the stock gambling ex-
changes Of Wall street
One of the greatest demonstrations OF
the debate occurred when Lanham. Dem,
Texas. who followed paid Il tribute 10
VIM. j. Bryan. The Democrats eheered
for several minutes and many of the
spectators joined in the demonstration
Al this point. ut the suggestion OF
Dlngley. it was arranged that a recess
should be taken from to O'Clock this
evening.
Ban, Dem, Tex, who secured a few
minutes time, declared that It was I'M
Democratic to advocate the raising of
revenue by duties on wool. sugar, lumber
etc, but he denounced Democrats who
sought protection for the industries of
their sections. In the protection game of
grab, he said, the South and West would
so To the wall The world sold the pro-
ducts Of the East. but must buy those
of the West and South.