The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1898-05-24
IN ehe treasury (blank) silver dollars pay
able to the bearer on demand,

.@SAAj VI oL o Will uOU Dc one single SlIV0r
dollar deposited in the treasury. There
mas been none deposited and there can be
none IN the nature of things. Why should
we not Issue fiat money and call it such?'
Mr.. A ldrich said that in accordance
with the express terms of the law, the
cover nment stood pledged to hold this So
called seigniorage in the treasury as
security for the outstanding certificates
and it can not properly ee touched until
those certificates had been taken care of.
There Is all a gratuity," replied Mr.
Chiffon. The Senator must know there
is nothing of the sort he suggests in the
law. We know precisely how much silver
1t Will require to coin a specified sum in
dollars. There is no reason in law, in
reason, in Justice or in good faith why
certificates should not be issued against
this silver bullion already paid for and on
hand.' ssaIl
Mr.. Chiffon declared that the very
prospect OF the issue of bonds at an early
date had caused the Withholding of spare
capital from the industries of thecountry.
capitalists preferring to place their money
in q long time loan to the government.
Mr.. Chiffon said the people, the lain
people, would rebel against bonds unless
the issue was absolutely necessary.
Mr.. Lodge spoke next. He held that
the TACT that many states now levied
tax upon corporations was an argument
against the proposed tax to be levied by
the national government rather than in
favor OF 1t. He said that the taxation of
corporations by states was eminently
proper, as the corporations received from
the states the franchises they held. He
Ielt uhat II the corporations were taxed by
both the states and the national govern
ment, 1t would result in shutting many
OF them out of business. Ultimately the
states would be forced In levying stare
and municipal taxes to place additional
burCens upon real estate thus further
depressing the very people whom it was
the professed desire of the corporation
tax advocates to relieve. For the United
States to tax the corporations would re-
suit In the destruction of a great source
OF revenue to the states. Mr.. Lodge oh
jected to the corporation tax because it
was unfair and negotiable. All partn err
ships are exempted while all corporations
were taxed.
The idea of the tax, as Mr.. Chiffon had
explained MIR. Lodge said, was to place a
burden upon privilege the United States
government did not confer.
Mr.. Allen Of Nebraska inquired
whether the tax would not eventually
come out of the con sumner OF the product
instead of the corporations.
Mr.. Lodge replied that If the corpora.
lions added to the price Of their products,
the tax, the firms and partnerships doing
one SaIuo puslHosS Woulu nave QlSClnCG
advantage. Mr.. Lodge also opposed the
tax on bank deposits, particularly those
in savings banks, In Massachusetts,, he
said, the savings banks contained deposits
exceeding $500, 000. COO. The average
amount deposited was 1864. This money
belonged to the poor people, the wage
earners of the state and II the tax were
levied upon these deposits blow would
be struck at class who ought not to be
stricken, and among whom thrift ought
to be encouraged.
Mr.. Turley of Tennessee, presented an
argument in support of the corporate IN
tax. He said the tax would fall chiefly
upon railroads engaged in Interstate COM
nerce. He was interrupted by Mr..
Spooner, who said that in Wisconsin the
gross earnings of railroads were taxed
four per cent which almost supported the
state government.
II challenge the wisdom" said Mr..
Spooner, "of the United States attempt
ing to impose tax of one cent as tend
ing to force the states to restore to other
sources of taxation"
Continuing his argument, Mr.. Turley
maintained that the railroads and banks
and other corporations ought to be com.
PEELED to pay their share of the war bur-
dens.
MIR. Turley concluded with an argu-
ment in favor of the issue of legal tender
notes as provided for in the bill reported
by the majority Of the finance committee.
A desire was expressed by Mr.. German,
and others that the Senate be placed in
possession OF the changes in the bill that
were agreed upon by the committee since
the adjournment on Friday. Mr.. Allison
made statement outlining the changes
to be proposed by the finance COMMITTEES.
All of these changes have been covered by
the Associated Press dispatches. 1t was
than aOraad that the hill W0uld not 1,o
pressed further today, and it was laid
aside.
Mr. Frye of Maine, who was In the
chair, called Mr.. Carter of Montana to
the chair in order that he might report
bill from the committee on commerce. He
said that he regretted exceedingly to ad-
init to American register foreign built
ships, but in the case in hand. it seemed
necessary, although it did appear to be
sort of blackmail that the war depart
ment was levying upon Congress in
making the request. The bill provided
for the admission to American register Of
the steamer Zelandia. Mr.a Frye said he
had Just received telegram from the war
department, urging that the bill be
pushed as the ship had been been
chartered to convey troops.
Mr.. Pettigrew inquired where the ship
was built. 49,
Mr. Perkins replied that the steamer
belonged to the Oceanic steamship COM
pany, and was under the Hawaiian flag,
although she was British built.
Mr.. Pettigrew objected to the consider
alton of the bill. A chorus of protests
arose from all parts of the chamber.
Mr.. Teller went to Mr.. Pettigrew and
appealed to him personally to Withdraw
his objection.
Mr.. Frye expressed the hope that the
objection would be withdrawn as Mr..
Pettigrew could have no greater objection
to comforting an American register apon
foreign ship than he had. but in this
instance it seemed absolutely necessary,
as the war department had completed the
charter of the vessel and Its services were
seriously needed.
Finally Mr.. Pettigrew said, that at the
earnest solicitation of friends on both
sides of the chamber he would withdraw
his objection particularly as the war de-
partment's desire for the vessel was the
only manifestation he bad noticed since
the war began.
The bill was then passed. 81
The Senate at 8. ID went into executive
session and ut $50 the Senate adjourned.
SHORT SESSION OF HOUSE.
Washington, May ~. The House passed
Il a.