The Van Buren press. [volume] (Van Buren, Ark.) 1859-1914, 1898-06-04

to maintain this Administration an
the cause of this Republic, althoug
they are in no good condition for thos
, taxes to be borne. l am unwilling t
mortgage pesterity and to hand down
great public debt which will be tn
fruitful souee of many burdens and
standing temptation to extravaganza.
Mr.. Daniel arraigned the advocate
of an interest bearing debt for war pur
poses for bringing in measure which
they called an internal revenue bill
but which was really borrowing bill
A seventh part of this bill is interna
revenue, an effort to raise 800, 900, 00
of taxes by jumping on the subjects
matter that are already taxed and in
creasing those taxes and by adding on,
or two sporadic subjects of taxation
which have been selected for som,
cause or other, not for any cause that
can discover known to the teachings o.
sound finance. One hundred millions
of internal revenue taxation and si1
hundred millions of debit That is wha
my honorable friend calls an internal
revenue bill, because. forsooth the
many prolix clauses which concern in.
ternal revenue cover fifty or sixty pages
and because the debt of six hundred
millions is disposed of in a few lines, tc
which should be prefaced the usual
words that come in on the heading of
postscript: IN. b. (nota bene)
hundred millions of debt.
These two excerpts from the speech
afford perfectly lucid idea of some OF
the objections which those senators
who, before the war, were subject to
classification as Democrats, Silver Re-
publicans and pDpulists. but who are
now regarded by us simply as patriotic
Americans, entertain against the
proposition which passed the House,
but does not promise to meet like fate
at the other end of the Capitol. They
do not like the bill for additional rea
sons, since its internal revenue features
seem to bear heavily upon things of
voluntary consumption by the poor
and middle class millions of the coun-
try, while touching lightly the ac-
cumulated wealth of the rich.
Senator Daniels and others who have
spoken on the subject insist that the
inequities of the measure are durable
by distributing its tax features SO that
they will not hit the luxuries of the
masses at the rate of quite fifty per
cent. and let corporate wealth assume
a share of the burden, in the way of
such things as a franchise and gross in
come taxes. 1t is assumed by the
Government that the extraordinary ex :
penses on oceount of the war may be
placed at twenty five million dollars a
month for the next fiscal year That
would require three hundred million
dollars to June 80. $780, 1t is believed
by those who'agree with the Virginia
statesman that this sum could be
easily and economically provided, with
out grievously harassing the people,
and without adding to the interest
bearing debt of the nation. A revenue
schedule which would produce some
thing over one hundred millions, but
not principally to be taken out of the
poor the issue of certificates against
the forty two million dollars of silver
seigniorage now in the treasury, and
the issue of one hundred and fifty mil
lion dollars of legal tender notes, would
accomplish the object. Surprising that
the exigencies of our foreign troubles
should necessitate larger rate of ex-
penditure, it is urged that congress
could appropriate any needed difference
at its meeting in December. For that
reason the immediate necessity for
authorizing the creation of new pub
lie debt of six hundred million dollars
is not apparent.
Without committing ourselves def
nitely at this time to a tax policy in
detail, we are satisfied that the sche-
dulles as they passed the House, or as
amended in some minor respects and re.
ported to the Senate, should be sub
jected to further revision. Just in what
degree we are not prepared to say.
Data upon which to base calculations
of revenue production seem almost to-
tally wanting. Whatever is done, con
gress should see that such provision as
is made will be adequate beyond any
reasonable question. And it goes with
out the saying that wealth and corpor
ate capital and business should bear
its fair, but not an inordinate proper
ton of taxation. Beyond this, there
ought to be no doubt of the ACCESSIBILITY
of utilizing the silver seigniorage. II
has been and is being used in small
way by the treasury to provide frac-
tional coinage. and to meet certain
current obligations. AS to the pro-
posed issue of legal tenders in place Of
interest bearing bonds, no proposition
could be more acceptable to the
American people. The moderate ex
pansion of currency which thus would
be created would have the speedy effect
of stimulating business. and hence
would tend to increase public ability to
contribute to the support of the
nation.
On the other hand a huge bond issue
would disturbe everything, produce a
painful contraction for some time at
least, and postpone. if not altogether
prevent, that industrial and mercantile
activity and prosperity which the con-
ditinns of the hnnr ntharwisa wnnId