The record-union., 1898-05-28
deed, I have every reason to suppose


that it will"
Teller then began a discussion of the
proposition to coin the silver seignior-
age, which he said had aroused great
opposition He declared that the seign
forage could be coined without detri-
ment to the public service.
Briefly adverting TO the proposed cor
poration tax, Teller said that while he
hoped to have an opportunity to vote
for tax that would apply to indi-
viduals and firms as well as corpora
tions. he would be glad to support the
corporation tax proposed in the pend
ing bill.
Teller then entered upon an elaborate
argument for the issue of $150,O00,OOo
of legal tender notes, concerning which
he thought there was no possible doubt
of the right Of the Government.
Teller said he was considering the
pending measure without reference to
the silver question, merely with de-
sire that the country should adopt
sound system of finance. He was op-
posed to the issue of bonds as unnec-
essary and dangerous.
Nelson of Minnesota regarded the
proposition to issue greenbacks as one
Of the most important features of the
bill. He declared that of all the loans
made during the civil war the forced
lean covered by the greenback was the
most extensive. The proposed issue OF
legal tender notes was not calld for
by any lack of money in circulation, as
the per capita circulation was now
higher than at any time since 1892, and
only IL cents lower than it was then.
He felt that the notes, if issued, would
be an added menace TO the treasury,
and that it would enable these inclined
to deplete the gold reserve and render it
the more easily possible to force an is
sue of bonds. Closing Nelson declared
that in any way it might be taken, the
view of the majority of the Finance
Committee was wrong, and could not be
, safely followed.
Cockrell contended that the bill as re-
/ ported, including provisions for the
| coinage of the seigniorage and the is
suance of treasury notes and the elimi-
nation of the bonds, would provide suf-
/ ficient revenues for the conduct of the
war.
/ 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 bur
dens ought to be placed upon the large
interests able to pay the taxes instead
of upon the people regardless of their
, condition. The people, he maintained,
should be exempted from the offensive
and burdensome stamp tax.
Nov is the time he declared,
while we are engaged in war, to test
the Supreme Court on the corporation
tax A decision against it will not de-
stroy our financial structure, but it
would destroy the court. The Ameri-
can people would amend the Constitu-
ton so that in time of war taxes might
be levied upon all interests justly and
equitably."
German then formally presented his
amendment to the bill, providing for a
tax upon corporations, which was
brought out yesterday by White. He
made a strong defense of it's provisions
and appealed to the Senate to engraft
it upon the bill.
In the course of a discussion of the
proposed coinage of the silver seignior-
age. German held that it involved a
political contention of eight years
standing. In my judgment" said he,
1T 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
l cannot vote for it at this time, no
matter how just it may be in the alb
stract or as a proposition standing
alone"
German advocated an issue of bonds,
and declared his opposition to the is
sue of legal tender notes.
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.
Jones Cd of Arkansas 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 II o'clock tomorrow
At 5:15 p. m. the Senate went into
executive session, and soon afterward
adjourned.
HOUSE PROCEEDINGS.
WASHINGTON. May 27.-The House