Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1898-10-27


having declared it, we viii fight it and
pay the cost Of it in our own genera
tion.
If, however, gentlemen insist that
they must have 800, 600, 900 before the
tax can be made available. we will pro-
vide that also We have an asset in the
treasury of more than $40, 600, 600,
which we will place at your disposal.
We will not only direct the secretary
of the treasury to coin the seigniorage
into silver dollars, but we will author
ize him to anticipate that coinage by
issuing silver certificates to defray the
expenses as they are incurred. If that
ia not sufficient-and, according to your
estimate, it will not be-we will go
further, and we will authorize the sec
rotary of the treasury to provide the
balance Of the 500, 900, 600 which you
say is Immediately necessary by issu
ing $58, 900, 900 of United States legal
tender notes. There is no man who
doubts that this government can with
perfect safety extend its circulation
sos. 100000. am as far from beliey
ing in fiatism as anybody in this house.
I have never subscribed to the doctrine
that congress can make something out
of nothing, but I know that this gov
ernment in time like this can easily
and safely increase its demand notes
$58, 900, 900, and there is not a gentle
man on the other side who would be
willing 10 assert to the contrary.
"With this SAP, 600, 900 of seigniorage
and the $58, 900, 900 of legal tender
notes we will not only meet the ex-
penses of the war, but we will relieve
the business of the country from strain
which it must otherwise suffer on ao-
count Of the withdrawal of gold from
circulation. 1t must be remembered
that when our ships go abroad they can
not carry our notes. If notes are carried
at all, they will be used merely as bank
paper and sent back for collection. Our
officers must take coin, and the drainage
from the channels of trade within the
next four months must inevitably be
above the $500, 600, 900 which we pro-
pose to supply. Our proposition. there
fore, not only meets the question from
the standpoint of economy, but it meets
it from the other and more important
standpoint of preserving the business
interests of the country from dearth
of circulation.
No Necessity For 5000. 100000 Debt.
.Mr. Chairman, the gentleman from
Maine Mr.. Dingleyl, after stating that
this war will cost at the rate of $685.
900, 600 month, attempts, at the con-
clusion of his speech, to defend prop
osition to authorize debt Of 5000,
600, 900. The first proposition that came
to this house at the extra session Of con-
gress in 1861 did not propose to create
half the debt the majority propose to-
day. The bill reported by Mr.. Stevens,
and passed with but five dissenting
votes, asked for loan of only $3.50,
900. 900 at the beginning of the civil
war.
"Why do these gentlemen ask us to
pledge the credit of this government to
an extent equal to the estimated cost of
the present war for two years? What
good reason can they offer for such
proposition? Do they doubt that we are
ready to vote whatever is necessary and
whenever it is necessary? Does anybody
doubt that the party in power-I will not
say the party in power, because there
ought to be no party in a matter of this
kind-does anybody doubt that those in
power. whenever they need it, can lay
plain statement Of their necessities
before this house and get whatever may
be needed? Nobody questions that.
Then why ask us to mortgage our coun-
try for 5000, 900, 900, when you tell us
that $500, 900, 900 will be sufficient to
defray the expenses of the war for an
entire year. 1t proceeds either from
desire to provoke opposition or from
failure to properly appreciate the deli
cacy of dealing with great trust fund
like the credit of this nation.
In tAe Peoples Interest.
81 believe that whenever the needs
Of the country require its credit to be
used it ought to be used, and believe
it ought to be used in the form that
best serves the interest of the people. /
am frank to say, however, that L be-
lieve the first credit to be used ought to
Ne a noninterest bearing credit. When
We have reached the safety limit there.
tnen IL we are compelled, in order 60
meet a necessity, to use its interest
bearing credit, will vote to use it, but
not until them. That is our position,
and we should not be asked upon the
threshold OF struggle which may be
short and comparatively Inexpensive
the length of it and the cost of it the
gentleman from Maine Mr.. Dingley]
himself says no human intelligence can
forecast-to provide for two years in
advance, when congress will be in ses-
sion, to make appropriations as the need
for them may arise.
'sThe gentleman from Maine says
that instead of providing for the ex-
penses Of this war by loan we propose
to provide for it by lawsuit. He shall
not escape us in that way. We intend
stitute for section 81. which will be
asking you to tax the rich men of the
present rather than the poor men of the
next generation. We shall propose to
collect the money rather than to borrow
it, but if you defeat that motion and
persist in borrowing when it is unnec-
essary.. we shall attempt at the end Of
this bill to ingraft upon 1t an income
tax that shall raise the money to pay
the bonds which you intend to sell.
Tax the wealthy.
"This will give you the money now
and at the same time provide fund
FOR its repayment hereafter. The bill
with this amendment will not postpone
the expenses of the war for the decision
of court. 1t simply presents-and the
people of this country are intelligent
enough to understand 1.-THE question
of whether, having determined to bor-
row money, you are willing to lay taxes
upon the weather. and more prosperous
classes in order to provide for its pay
ment. If the majority vote down
our motion to substitute an income tax
for the loan provisions of their bill,
they will still be compelled to face our
other proposition, to provide for the
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