The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-05-25
e0LD,S|LvER,GR EENDACKS
A Free-for-An Discussion as to
the Sinews of War.
LINDSAY OF KENTUCKY
He Makes the Principal Senate Speech
md Takes the Republican Side of
the Aryument-Other sena-
tori Chip In.

washington. May 24.-Ihe senate
chaplain's Invocation at the opening Of
the session was a hymn of thanksgiving
for the 18th birthday of the beloved
Victoria. queen OF Great Britain" The
prayer follows: 20. Thou. Prince of all
Kings, we come into Thy presence with
a hymn Of thanksgiving as we celebrate
the 18th birthday of her gracious mai
esty. the queen of Great Britain and ire
land and empress OF India. whose con-
duc and character as daughter. wife.
mother, friend. as we'll as gracious SOW
ereign. has won and kept for her the
loyal devotion Of her own people and
the reverent regard of all true people
Of whatsoever name n race around
the globe. We pray Thee to spare her
life. Grant her health. maintain the
eminence OF her sovereignty. And when
h time of departure hence shall come,
may she go In peace. comfort and JOY.
Knit the hearts of the people who speak
h English tongue more n more
strongly together hat we may work out
the mighty problem Of the highest civil
ization of the whole earth"
After the transaction of some routine
business the war revenue measure was
laid before the senate. BY agreement
the paragraphs relating to corporation
taxes were under consideration, the
pending question being the amendment
exempting from the corporation tax of
limited liability commercial partner
ships or corporations and companies, or
corporations of limited liability. con-
Quoting planting or farming business or
preparing for market products OF the
soil"
Mr.. Allen OF Nebraska thought IL the
amendment included the big sugar cor
porations IL ought not to be adopted.
Mr.. Daniel Of Virginia expressed his OPP
position to the amendment. saying that
he thought the farming and planting
interests were sufficiently protected i'm
the pending bill.
Mr.. Frye of Maine declared that the
proposed tax on corporations was a good
scheme to encourage enlistment in the
United States army. Il firmly believe
said he. that IL this feature of the bill
will be out of work" He maintained
that the burden OF the law would fall
upon the men and women who worked
In the mills, for II Is perfectly evident
that in the event the tax Is levied the
mills must either close entirely or re-
duce wages. In either event strikes and
misery would result in industrial cen
tiers. Mr.. Frye objected, too, 10 the tax
on bank deposits, because of the burden
placed upon the deposits in savings
banks. He did not believe, he said, that
enators from the South have any proper
conception of the savings bank as IL
was known In New England. 1t was
really a philanthropic institution.
Mr.. Plat Of Connecticut, a member of
the finance committee. declared that the
corporation tax was unnecessary and he
believed II unconstitutional. He argued
that the bill raised enough revenue
without the corporation tax; that the
tax was unjust and unequal in Its bur-
dens upon business. that the measure
would realize more revenue than the
people could AFFORD TO pay i'm one year
and II surely would make the govern
ment defendant in a series of lawsuits.
Mr.. Lindsay OF Kentucky. In the
course of an extended legal address up
on the corporation tax feature or the
bill, said II was impossible for the gov
TO lew taxes of this KIND eN-
cept on consumption on industry.
He maintained that IL was the part OF
wisdom for congress to enact only such
legislation as would be beyond contro-
versy in the courts. In his time OF
great in the country's his
tory congress ought to give the govern
ment dollars and not lawsuits with
which to conduct the war.
Mr.. Lindsay held that II the corpora
ton tax provision of the pending Dill
should become a law, 1T would seriously
cripple the state OF Kentucky as well as
other states Of the country. II would
be an unnecessary and oficious inter
ference with state taxation by the fed
eral government.
In the course OF a discussion Of the
question OF issuing bonds and the legal
tender notes. Mr.. Lindsay noted the
facts that when the proposition to issue
greenbacks during the civil war was
made to congress by Secretary Chase.
every democrat in the house had voted
against IL. as well as every democrat In
the senate. He said IL was strange
there had been such a great change In
the opinions of the senators of the
house and senate in view OF h fact
that the democrats are now favoring
the issue OF legal tender notes. He ar
gued in favor of the issue of bonds as
provided for by the amendment Of
fered by the minority OF the finance
committee.
Mr.. Lindsay maintained tina the pa
per money issued during the civil war
was the dearest kind Of money. The
largest part of IL bore interest at the
rate of s or Z per cent. while the bonds
proposed in the pending bill called for
only 3 per cent interest. III his bill
should become a law as IL stands. Mr..
Lindsay argued. the republican admin
~istration would redeem the ~greenbacks
issued under IL in gold, and would. IL
necessary, sell bonds under the act of
1875 I'm order TO get gold. He further
maintained that by the proposed issue
of legal ender notes the democrats in
favor Of such issue We're simply placing
that power in the hands OF spectators
TO raid the gold reserve Of the govern
ment. This bill" said MIR. Lindsay,
"contemplates that we will use all the
money In the treasury except the $780,
0oo. 900 of gold held as a redemption
fund, and that We will issue green
hacks, 80 that at the end of the year all
the money in the treasury will be $780,
O00. 900 OF gold"
Mr.. Lindsay then presented the sup
positions case of a syndicate presenting
~greenbacks at the treasury TO the full
amount Of the gold reserve and draw
ing IL out. and then that of another
syndicate presenting another 800. o0O, 900
Of greenbacks the next day.
Where" he inquired. lis the gold TO
~,ne from IN meet fheee dpmanls1H