The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-05-29

The communication was referred to the
committee on privileges.
Mr.. Daniels presented an argument
| in favor of an income tax. Mr.. VOL
| colt of Colorado. member OF the finance
committee. spoke in advocacy OF the
position taken by the republican mi
nority of the committee. He said IL
was a source OF great gratihcation TO
| him N no political turn had been
| given either to the bill itself or to the
| debate thus far. Until the Hawaiian
| annexation amendment had been added
to the bill not one feature had been
| suggested that was not perfectly rele-
want to Il. He rejoiced that the
amendment had not been offered by a
Western senator. who certainly would
have been charged I'm doing so with an
effort TO obstruct the bonding measure.
Whatever might be the Individual
| opinions of senators upon the Hawaiian
| question, IL was to him perfectly clear
| that II ought not to have been taken on
! as a rider TO the revenue bill. Mr.. VOL
colt, referring to the ~desirabihty OF
placing the government in excellent
| financial condition at this time, said that
he was satisfied that. with the excep-
| ton of Great Britain, no European
ountry could conduct war with the
United States which would be so ex-
penslve as would the war with spain.
No other foreign ountry except Great
Britain had colonies which in time or
war 1t would be necessary for the
United States to occupy. No man could
say that the war would come to a speedy
conclusion. and 1t could not be said
tina 1t might not result I'm complications
of the most serious nature.
1t would require but a spark TO set
the whole of Europe afiame and that
spark might be struck from the clash
ing swords OF the United States and
Spain at any moment. He did not be-
lieye that any country in Europe would
intervene between the ~contending ma
tons, except on grouds of pure human
lty, for not one cared to assume the
risk of a war conflagration that might
sweep the civilized world.
Referring to the suggested enmity OF
France to the United States, Mr.. VOL
colt declared the ~ysspap OF the
country did not reliably announce the
position of France. He was positive
ly familiar with the situation in France
and was satisfied that except In the
~wspap and among a few OF their
followers French sentiment toward the
United States was most friendly. He
paid a high tribute to the premier OF
France. He said he was one of the
staunchest friends America had in
Europe and was in perfect c~onsonance
with our ideas and policies. No COM
plications, he was certain. would arise
from that quarter. From whatever
source complications might spring, how
ever, the United States must be in a po-
sition to meet them with composure,
dignity and honor. The attitude of
Great Britain during the present wal
had been, he said, Of incalculable bene-
fit to his ountr
Mr.. Wolcott then entered upon a dis
cussion of the pending bill. strongly ad-
vocating the issue of bonds as proposed
by the republican minority of the finance
committee and the proposed stamp tax.
Discussing the tax upon corporations.
as proposed by the majority Of the
finance committee, he said taxes should
be levied with a view TO the ability TO
pay. Proceeding, he said that all rail-
road mileage was now paying 3.4S per
cent. upon gross receipts, 1874 per cent.
upon net receipts, or 44.5 per cent. upon
net receipts after fixed charges had been
paid. He aid 16.7 rs per cent. of all the
railroads Of the country were now in the
hands OF receivers. He criticised the tax
upon bank investments as likely to re-
suit in double. triple and probably quin-
tuple taxation by reason of the law re-
curing banks TO keep a per cent. of
their deposits i'm repositories designated
by the government. He said he favored
In this respect the bill as reported by
the republican members Of the commit
tee. Addressing himself TO the coinage
OF the seigniorage, Mr.. Wolcott advo-
Gated the plan as a general proposition,
but offered an amendment directing the
coinage to proceed at the rate of not less
than $4,000 5000 per month and author
izing the secretary of the treasury to
issue silver certificates as the silver is
coined. He attacked the proposition to
issue $3.50, 000, 900 in greenbacks, and
said;
Mr.. President: am shocked and
surprised now at men who. i know, are
not of the populistic 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 con-
tinually declared itself DESTROYS OF only
gold and silver as the money OF the
constitution. now voting to put out
$50. 900. 900 of greenbacks without a dol
lar of gold or silver to back IL up"
Concluding his speech. Mr.. wolcott
supported the minority bond provision
providing for a bond issue in the ma
ture of a popular loan. which could be
taken by the people generally. He con-
tended such a loan would be readily
taken by popular subscription In this
connection he criticised Secretary Gage,
who. he said. recently expressed before
the committee on finance his belief that
the people would not absorb such a loan
as was proposed.
His wish, / am inclined to believe"
said the senator, was father to the
thought, and I trust he is the only
man in the country who cherishes the
belief"
At the conclusion OF Mr.. wolcott's
speech a proposition was made to vote
upon the amendment offered by Mr..
1 Gnrynon ~ Narxlapd limiting the ey-
else tax upon railroad. steamboat. cleo
trio light, telegraph. telephone, express
and other corporations to those whose
gross receipts exceed s250.0oo annually,
and making the tax one-half of one per
cent.
Mr.. Aldrich moved to lay upon the
table the amendment offered by the
rommitfee- for which Mr.. m