The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-28

reported, including provisions for the
coinage of the seigniorage and the is
suance Of treasury notes. and the elm
ination of the bonds, would provide
sufficient revenue for the conduct o.
the war. Mr. Cockrell devoted his es-
! pecial attention to the coinage of the
seigniorage, going minutely into the
points involved.
Mr.. Cockrell made a long argument
in favor of the free coinage of silver
and the issue of legal tender notes. He
maintained that an issue of green
backs was infinitely preferable to ar
/ interest bearing, untaxabie obligation
which afforded hiding place for the
| money of capitalists, who through
bonds, could always be assured of gain
/ without chance of loss.
He said that the idea of sending the
proposed bonds to the postoffices in or
| der that they might appear to be a
popular loan was a fraud and a fake
on the face of it, The bonds, he main
tained. would be paid for in gold, and
the net amount of gold was not in the
hands of the people, but in those of
the capitalists, and capitalists would
control the issue.
GORMAN ON THE SUPREME
COURT.
Mr.. German of Maryland said he ap-
proved of some provisions of the house
bill and some of the amendments made
by the senate committee. The burdens
ought to be placed upon the large in
terests able to pay the taxes instead of
upon the people regardless of their con-
dition. The people he maintained.
should be exempted from the offensive
and burdensome stamp tax. He said ii
had been declared during the debe te
that the corporation tax, if enacted
into law, might be decided by the SUI
preme court TO be unconstitutional,
thus reiterating a decision as ''infa-
nous" as that on the income tax law
Now is the time" he declared, while
we are engaged in war, TO test the su-
preme court on the corporation tax. A
decision against it will not destroy our
financial structure, but it would destroy
the court. The American people would
amend the constitution so that in time
OF war taxes might be levied upon all
interests justly and equitably."
Mp. German then formally presented
his amendment to the bill, providing
was brought out yesterday by Mr..
White. He made strong defense of
its provisions and appealed to the SEN
ate to engraft it upon the bin.
In the course OF a discussion of the
proposed coinage of the silver seignior-
age, Mr.. German held that it involved
a political contention of eight years
standing. In my Judgment said he,
sit would be unwise-it would be fruit
less TO ATTEMPT to force that question
to the front while the country has the
Spanish army and navy to confront.
That IS a question we ought to fight
in time of peace. I have always been
a partisan l have voted for my party
even when some of its candidates did
Dat IN
a, crisis like this, I do not know my
party. I know only the highest inter
ests of my country. Knowing how
sharp is the political division upon this
proposition, I cannot vote at this time,
no matter how just it may be in the
abstract, or as a proposition standing
alone.
II. FAVORED BONDS.
Mr.. German advocated an issue of
bonds. He declared that if the bond
proposition proposed should not be
enacted into law, the crisis would
come, perhaps within a few days, and
the president would be forced to issue
bonds under the act of 1875 at prob
ably 1 or per cent interest. He
thought the president would be fully
justified il selling at least $500. 600, 900
bonds in protection of the dignity and
honor of the country and insure the
success or our arms MI German, IN
conclusion, declared his opposition to
the issue Of legal tender cotes.
Mr.. Allison, in charge of the bill, pro-
posed that a time be agreed upon to
vote upon the series of amendments
relating to corporation taxes.
Mr. Jones (Dem., Ark.) objected on
account of the numerous important
amendments offered to the bill. which
had materially altered the situation. 1t
was agreed that the senate should meet
at 1 O'Clock tomorrow. At 10 pm. the
senate went into executive session AID
soon afterwards adjourned.