The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1898-05-25
No man pretended to insist that corpo-

w man pretended to insist that corpo-
raoe properly ought not to be taxed. if tax
aoioh "ere necessary, but the question
nere presented was whether the tax pro.
RHseu 70 pc Ievlsd was fair and equitable.
he maintained that it was the mart of
wisdom for Congress TO enact on,v sT1ch
leeislagion as would be beyond oontro-
versy In tbs courts In this time of grea +
emergency In the country's history Con
gress ought to give to the goyernment
dollars and not lawsuits with which to
conduct the war. Mr.. Lindsay held that If
the corporation tax provision Of the bill n
should become a law it would seriously
cripple the State of Kentucky as we'll as
other states of the country. 1t would be
unnecessary and offlcious interfere nee
with state taxation in the federal govern
ment.
In the course of the discussion of a
question of issuing bonds and legal ten
der notes. Mr.. Lindsay noted the fact that
when the proposition to issue greenbacks
during the civil war was made to Con-
gress by Secretary Chase, every Democrat
in the House had voted against it as well
as every Democrat in the Senate. He
intimated that it was strange there
should have been so great change in
the opinions in the Democrats In the
House and Senate in view of the TACT
| that Democrats are now urging the issue
| Of legal tender notes.
In an argument in favor of the issue OF
bonds as provided for by the amendment
| offered by the minority of the finance
| committee, Mr.. Lindsay said the payment
| of the bonds could not be demanded until
after 90 years, their payment being option.
al with the government after years.
Within that time, the people of the Unit
ed States might, if it were so decided, go
to silver basis. He maintained that the
paper money issued during the civil war
was the dearest kind Of money. The
largest part sof it bore interest at 6 or
7.SO per cent, while the bonds proposed
In the pending bill called for only per
cent interest. If this bill should become
law as 1t stood, Mr.. Lindsay urged, the
Republican administration would redeem
the greenb backs Issued under it in gold
ana would, II necessary, sell bonds under
the act OF 1875 in order to get gold. He
further maintained that by the proposed
issue of legal tender notes the Democrats
IN favor of such issue were simply placing
more power in the hands of spectators
to raid the gold reserve of the govern
ment.
"This bill,'' said Mr.. Lindsay, ICON
templates that we will use all the money
IN the: treasury except the hundred mil
lion OF gold held as redemption fund
and that we will issue greenbaoks SO that
at the end of.the year, all the money In
the treasury will be the hundred millions
Of gold.
Mr.. Lindsay then presented the suppo-
sltlon case of syndicate presenting
greenbacks at the treasury to the full
amount Of the gold reserve and drawing
1t out, and then that of another syndicate
presenting another hundred millions of
greenbacks, the next day.
WHERE he inquired, ''is the gold to
come from to meet the second demand9"
This question precipitated oolloquay
upon the whole financial question, which
was participated in by Mr.. Lindsay, Mr..
RADIO and Mr.. Stewart of Nevada.
MIR. Lindsay maintained that the syn
dictate would raid the gold reserve of the
government and that If the legal tender
notes were issued they would certainly
be redeemed in gold and if re-issued
would again be redeemed in gold.
said 1--WE M shall a have an sRpoEt s lily then
tism of holders of greenbacks and to see
obtain its gold. I'd like to know whether
they are such unadulterated patriots"
1.-The difference between me and the
senator from Missouri, replied Mr.. Lind
say, ''is that he still believes the gold
raiding syndicates are patriots and do
not. They will take every advantage
offered them, even in time of war"
In conclusion and partly in answer to
questions put to him by Mr.. Tillman of
South Carolina, MIR. Lindsay said:
"The war will not go on for two or
three years unless we break down our
credit at the 4 outstart. The issue of
legal tenders proposed hers would have
that effect"
"Well," interrupted Mr.. Tillman, Sin
what kind of money will the bonds
you propose to. issue be paid for?''
"The bonds issued. replied Mr.. Lind
say, twill be sold for money as good as
gold land the funds so raised will be used
Cuba to face Spanish bullets and yellow
fever.
Our credit will be as good as gold and
at the end of the war we will have con-
Quoted it on the very cheapest possible
basis. We may become involved with
continental 1 powers and the time may
come when we cannot go father on a
coin basis, neither gold or silver and when
he will be compelled to come to the issue
of greenbacks. When that time comes,
whatever necessity demands, will be done.
1t will be done without complaint. Those
who are alive at the end of the war will
be charged up with the debt: But we
cannot promote that state OF affairs. We
cannot discredit ourselves at the very
outset.by resorting to currency which is
In the nature of a forced loan by Issuing
notes payable on demand and putting
no money in the treasury tc pay them on
demand
At the conclusion of Mr.. Lindsay's
speech the revenue bill was laid aside.
On motion of Mr.. Allison the Senate
agreed to meet st II q. m. tomorrow.
After the transaction of routine business
the Senate then at 4.33 p. NJ, went into
executive session after which the Senate
adjourned.
HOUSE SESSION BRIEF. LEA
A Few War Measures of Minor Import
ance Passed.
Washington, May 24.-The session of
the House today was brief. Several bills
were passed, notably those for the re-
organization of the naval hospital corps;
to facilitate military trials for small
offenses and to authorize the appointment
of committee to allot certain lands to
and secure the cession of others from
the Utah Indians, in the reservation in
Utah.
Washington, May 24.-Mr. King of Utah.