The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-04-28

six-months affair, and the more prepare
tons we made, both for defence and Of
tense, the shorter it would be.
THE BOND QUESTION.
When he reached the question of the
bond issue he was besieged with ques-
tons by Mr.. McMillin, Mr.. Sayres and
other Democrats, and there was some
discussion of the probable cost of the
war. Mr.. Sayres ventured an estimate Of
$500 900, coo per annum which Mr.. Dingley
rejected, calling attention to the fact
that the civil war cost $1,1O0,O 900, 900 per
annum. Mr.. Sayers while avowing his
willingness to vote every dollar neces-
sary to prosecute the war, contended
that there was no necessity for authoriz-
ing in this bill the reaising of 500, coo
when congress would meet again in De-
cember A plethoric treasury in time of
war he argued, would invite endless
schemes of spectators until it was gone.
Mr.. Dingley pointed out that the au-
thorization for $500, 900 Of bonds was
simply an authorization. If not needed
all the bonds would not be issued.
INCOME lax SUBSTITUTE.
Mr.. Dingley briefly discussed the propo-
sition which the minority would advance
for an income tax as a substitute for the
bond proposition. The supreme court had
decided the tax unconstitutional. and
yet it was proposed, in place of an au-
thorization to borrow money, to remand
the government to what would come out
of lawsuit which had already been de-
cided against the government.
TT seems so preposterous in such an
emergency said Mr.. Dingley, that 1
can hardly believe such a proposition is
to be seriously presented"
SEIGNIORAGE COINAGE.
The proposition to coin the silver seign-
forage he characterized as one of the alb
surdities # finance which was never
heardof beyond the borders of the United
States. Seigniorage was the profit from
coinage. We are not now coming silver.
Mr. Dingley was given a hearty round
of applause when he concluded.
MR.. BAILEY REPLIES.
Mr. Bailey. the leader of the minority,
followed Mr. Dingey with the opening
argument on his side.
/ He said that his side realized as much
as the other the necessity of raising rev.
/ enue to carry on the war, and they stood
willing to cooperate in placing a the
/ disposal Of the government every mater
ial aid for the prosecution of the war to
J a successful and speedy termination
! There would be no difference of opinion
! that the government should be abund-
antly supplied with revenue. But. said
! he. the minority would not be either led
or driven into the support of measures
which commended themselves neither to
they conscience nor judgment
They reserved the right to oppose the
measures by which the majority propos-
ed to provide the war fund.
Mr.. Bailey spoke with a trace OF bitter
ness of the treatment the minority had
received at the hands of the majority.
| The chairman OF the ways and means had
said that the pending bill followed closely
the system of war taxation which OBJ
tanned at the close of the civil war That
system. Mr.. Bailey said, had been follow
/ ed in respect to those taxes which fell
most heavily upon the producing and con-
suming classes.
WANTS a BAN h TAN
Beer. tobacco and other articles were
taxed. but in one respect. in his opinion
utterly indefensble. the system In vogue
at the close Of the civil war had been dis
! carde6 The FAX on bank capital and ba nj
deposits was omitted. And one-half of
per cent. such a tax would produce SO.
o00.o)0 II there was ons species Of prop
erty above all others that ought to b.
subject TO extraordinary taxation it wa
bank deposits, the only form OF property
owned by one class which was used b!
another.
There were N the banks Of the United
States SI.70o.o00o00 of deposits. Proceed
ing with bis criticism Of this and SOM
other features Of the bill, Mr., Bailey de
clared that. imperfect as Il vas. his sid
of the house would take il If the oths
side would accept their proposition for a.
income tax. which would provide an add
uonaI increase of $looo1oolO. Democrat
applause) He thought the estimate Q
M D.nsley Is25.o00Ooo month for wa
expenses a reasonable one.
Mr.. Bailey also contended for the prop
osition 10 coin S4S o)1 )ol Of the silver seig
n!orage and 10 that he thought an issu
OF SIS. 0o9 o00 Of legal tender could be adde
with propriety. The greeHback circuIado
could be extended that far without dan
ser.
The gentleman from Maine ar. Dins
leyl advocated the placing Of honde
debt upon this country Of $4,000 ~
Whenever the Couutry's credit ought Z
be pledged. he would be willing 70 90 thi.
but there was not. in his opinion. any nee
sssity for mortgagins more credit at thi
time.
We propose sad NIr. Bailey. Ito "a
the rich men now. rather than % NOR
. gage the energies OF the poor men 10
coming generations" applause or II
Democratic sidel
BAILEY OK INCOME TAX
; Discussing the question OF the supreu