The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-05-20
LIKES BILL AS REPORTED
BUT OPPOSES BITTERLY PRO.
POSED BOND ISSUE,
THE OCTOPUS OF THE MONEY POWER
This is DeadIier Menace to U.s." the
Senator Declared, THAN the War
With Spain. Arbitration
Bill Passes Housa.
Bill Passes House.


Washington. y. c.. May 19.-While
several important paragraphs in the war
revenue measure We're passed over to-day
for future consideration, excellent prog
ress was made by the Senate in the CON
sideration of the bill. Two-thirds of the
measure have been read. the committee
amendments generally having been
agreed to. Mr.. McLaurin, democrat,
South Carolina), opened the discussion
of the bill to-day with q carefully pre-
pared speech touching all of its features.
He was ready, he said, to vote for any
measure that would tend to bring the
war to a successful conclusion. People
on the Island of Cuba are dying every
hour. Their condition is beyond the
power of description. Every day now
means the loss of hundreds, perhaps
thousands of lives in Cuba, Mr.. Me
Laurin declared. Liberty on the island
is at stake, and the war has placed our
own national prestige at stake.
Concerning the proposed issue Of bonds,
he said that there was an influence at
work in this country more powerful than
the President, more potent than Con
gress. 1t was the silent secret influence
of the money power, which was endeav-
Oring to force an issue of bonds Once
the Senate, the forum of the people
yields to this clamor. Mr.. McLaurin.
declared, and becomes entangled IN fhe
meshcs OF the money octopus, the pa0ple
viii suffer indeed.
There is an army in this country"
SAID he, lust as anxious to raid the
United States treasury as our volunteers
are to raid the Island of Cuba. To the
army refer to, no volunteers are need
ed. These jobbers and spectators form
a greater menace TO us than the war with
Spain" Mr.. McLaurin defended the bill
as reported by the majority of the finance
committee, and hoped that with the pos
sible exception of the stamp tax, which
he deemed, unnecessary, the bill would
pass as reported
lie strongly urged the adoption of the
proposition to issue legal tender notes.
1t is the dealers in futures" declared
Mr.. McLaurin, ''the financial specula-
tors and cOrmOrants. the transportation
companies, the manufacturers of ammu-
milton who make money out of the war
Upon these the financial burdens Of the
war ought to fall. aud not upon the
families of men who go to the front 10
fight for their country" At the conclu-
sion of Mr.. McLaurin's speech the clerk
proceeded with the reading of the bill
when the paragraph providing for stamp
taxes upon all transfers of stocks was
considered.
Mr.. Bacon (Georgia). said the commit
tee had not yet fully covered agree
ments to sell stock and that if it should
be established that agreement TO SELF
should not bear stamps unless an actual
transfer of stock took place agreements
might be made. and then Il settlement ef
fected between the parties without an
actual transfer of stock The par9grapb
was amended 50 as to clearly cover mn
agreements to sell stock. whether tbe
stock actually was transferred or not.
Mr.. Daniel (Virginia). speaking on the
tobacco schedule, expressed his gratifi
cation that the Senate committee had
stricken out the House provision sub
jecting stocks on hand to the additional
tax proposed. He objected seriously to
the retroactive feature of the House bill
as applied to the tobacco schedule. 1t
had aroused a storm of protests iIrsavery
commercial center of the country. He
declared the adoption of the retroactive
feature would result i'm the ruin of all
small dealers. and leave the tobacco
trade in the hands of monopolies.
The proposition to place stamp fax
upon proprietary articles and perfun,R>ies |
now in stock aroused lively discussion
1t was regarded as retroactive legislation. |
and as such was opposed bv MANY Sena-
tors. The paragraph has not r.aep dis |
posed of finally. At 400 n. m. the
Senate went into executive session. and
at o:30 p. m. adjourned.
HOUSE PROCEEDINGS
Washington, d. c., May 19.-Tbe ad- |
J0urnment of the House until Monday
postpones until next week anv considera- |
ton Of the Hawaiian resolutions The
impression that the committee an ruIes
will provide for bringing nm tbe rasolu-
tions next week is strong. II is said that
Speaker Reed is ready To vield ~ tho
demands for consideration, and it is be-
ileVed the revenue bill by the middle
OF the coming week will be so well on its
way toward passage in the Senate. that
4ctloh upon the Hawaiian matter in the
house VIII promise no delay in disposing
OF the revenue BILL This win remove
tne ground Tor what has been weightv
oDJectioh 10 acting upon the resolutions
upon the part of Mr.. Dinglev. and y CON
siderable element in the honse ana thot
out OIL the way it is believed considera-
llol for the Hawaiian question will fol
low speedily An agreement n most
pone consideration Of the Brown swan
soA election case from the Fifth Virginia
distrlct until the next session of Con
SFess was reached. Notice tha+ tha case