The record-union., 1898-05-29

expensive as would the war with
Spain. No other foreign country ex-
cept Great Britain had colonies which
in time of war it would be necessary
for the United States TO occupy. No
man could say that the war would come
to speedy conclusion, and ii could not
be said that might not result in
complications of the most serious ma
ture. 1t would require but a spark to
set the whole of Europe afiame. and
that spark might be struck from the
clashing swords of the United States
and Spain at any moment He did not
believe that any country in Europe
would intervene between the contend
ing nations except on grounds of pure
humanity, for not one cared to assume
the, risk of a war cOnfiagration that
might sweep the civilized world
Referring TO the suggested enmity
of France to the United States, VOL
colt declared that the people of the
country did not reliably announce the
position of France. He was positively
familiar With the situation in France,
and was satisfied that with the ex-
ceptiOn of the newspapers and
among. few of their followers,
French feeling toward the United
States was most friendly. He paid
a high tribute to the Premier of
France. He said he was one of the
stanchest friends America had in Eu-
rope. and was in perfect consonance
with our ideas and policies. No COM
pications, he was certain, would arise
from that quarter. From whatever
source complications might spring,
IOT ba hp n
position to meet them with compos
ure, dignity and honor. The attitude
of Great Britain during the present
war had been. he said, of incalculable
benefit to this country.
Wolcott then entered upon a dis
cussion of the pending bill, strongly
advocating the issue of bonds as pro-
posed by the Republican minority of
the Finance Committee, and the pro-
posed stamp tax.
Discussing the tax upon corporations
as proposed by the mapOrity of the
Finance Committee, he said taxes
should be levied with a view to the
ability to pay Proceeding. he said
all railroad mileage was now paying
34S per cent upon gross receipts, 16.4
upon net receipts, or 44.0 per cent.
upon net receipts after fixed charges
had been paid He said 1915 per cent.
Of all the railroads of the country were
now in the hands of receivers.
He criticised the tax upon bank in
vestments as likely to result in double,
triple and probably quintuple taxation,
by reason of the law requiring banks
to keep an account of their deposits
in repositories designated by the Gov
ernment. He said he favored, in this
respect, the bill as reported by the Re
publican members of the committee
Addressing himself to the coinage of
seigniorage, WolcOtt advocated the
plan as a general proposition, but Of
fered an amendment directing the COIN
age to proceed at the rate of not less
than S14000,000 per month, and au-
thorizing the Secretary af the Treas
ury to issue silver certificates as the
silver is coined.
He attacked the proposition to issue
$3.50, 100000 in greenbacks, and said:
Mr.. President: L am shocked and sur
prised now at men who | know are
not of that Populstic element that
simply want the coinage of silver, tin
or anything else for the sake of having
more money; men of the rock-ribbed
Democratic party, a party that has
been always a hard-money party. and
continuously declared itself desirous of
only gold and silver as the money of
the Constitution, voting now to put
out $150,OOOO00 of greenbacks without
dollar of gold or silver to back it up.
Concluding his speech. Wolcott sup
ported the minority bond proposition,
providing for a bond issue in the ma
ture of a popular loan which could be
taken by the people generally. He
contended that such loan would be
readily taken by popular subscription.
In this connection he criticised Secre-
tary Gage, who. he said, recently ex-
pressed before the Committee on FL
nance his belief that the people would
not absorb such a loan as was pro-
posed. His wish" I am inclined to
believe" said the Senator, was father
to the thought, and l trust he is the
only man in the country who cherishes
the belief"
At the conclusion of Wolcotts speech
a proposition was made to vote upon
the amendment offered by German of
Maryland, limiting the excise tax upon
railroad, steamboat, electric light. tele-
corporations to those whose gross re-
ceipts exceed $2J0,O00 annually, and
making the tax one-half of l per cent
Aldrich moved to lay upon the table
the amendment offered by the COM
mittee, for which Germans amend
ment was intended as substitute.
The motion to table was made with
the understanding that Gorman's
amendment should be placed upon its
adoption, should the motion to table
prevail.
This brought on the most important
vote yet taken in the Senate upon the
revenue bill. The vote resulted in yeas
II and nays ~, as follows:
Yeas-Aldrich, Allison. Bacon, Caff-
cry. Carter, Cullom. Davis, Deboe, Ell
kins, Fairbanks, Foraker, Frye, CALM
ger, Gear, German, Hale, Hanna, Hans
brough, Kyle. Lindsay, Mcbride, Nc
Emery. McMillin, Mason, Mitchell Nor
rill, Murphy, Nelson, Penrose, Perkins.
Platt (Connecticut), Pritchard, Proctor.
Quay, Sewell Shoup, Spooner, Warren,
wellington Wetmore and Wolcott-4l
Nays-Allen, Bate, Berry, Butler,
Cannon, Chiffon. Clay, COckref, Daniel,
Faulkner, Harris, Heitfeld, Jones CAR
kansas), Jones (Nevada), McLaurin,
Mallory. Mantle, Money. Morgan, Pas
co, Pettigrew, Rawlins. Stewart, Till
man, Turley, Turpie and White-21.
Upon the announcement of the vote
German. under the arrangement that
vote should be taken on his amendment
again offered 1t, somewhat modified as
to the tax, applying it only to gross