The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-28
CALIFORNIA FIG SYRUP co.
SAN FRANCISCO, Cal
LOUISVILLE, KY. NEW YORK. N. r.

SAN FRANCISCO, Cal
LOUISVILLE, KY. NEW YORK. NJ.
OF finance. He was opposed to the issue
Of bonds as unnecessary and dangerous.
PENSIONS AND INTEREST.
Referring to the immense amounts the
government has now and will have in the
future to pay for pensions, he said'
1--WE shall pay the pensions of both the
last and the existing war in accordance
with the letter of the law, notwithstand
ing the complaints made Of the large
pension expenditures. These pension
charges are large, yet the government
has paid since 1855 1912 100000 more for in
terest upon the public debt than it has
paid for pensions"
CLEAN SWEEP WITH SPAIN.
"Those who ought to know" said Mr..
Teller, estimate that the present war
will cost $780, 00O. 900 If it be prosecuted for
one year 1t is not a war of conquest,
but a war of humanity. However, since
we have taken the Philippines, We ought
TO hold them until some decision can be-
reached as to their disposition. We ought
" TAKE every lou O1 0DduISH sui OUT
side of Spain itself, whether it be in this
hemisphere or in the other. We ought, I
believe, to drive the Spanish flag from
the waters of both the Atlantic and Pa
cifio oceans"
MR.. NELSON OPPOSES NOTES.
Mr.. Nelson of Minnesota regarded the
proposed issue Of greenbacks as one Of
fha ny of Ia
He declared that Of all the loans made
during the civil war the forced loan COW
cred by the greenbacks was the most ex-
pensive. The proposed issue of legal ten
der notes was not called for by any lack
of money in circulation, as the per cap
tia circulation was higher now than at
any time since 1899, and only II cents low
er than 1t was then. He felt that the
notes IL issued would be an added man
acle to the treasury and that 1t would
enable those so inclined to deplete the
gold reserve and render 1t the more cas-
lily possible to force an issue of bonds
Closing, Mr.. Nelson declared that in any
way it might be taken, the views OF the
majority of the finance committee were
wrong and could not be safely followed.
Mr.. Cokerell followed Mr.. Nelson. He
avowed huis intention to support the gov
eminent in the prosecution Of the war TO
a successful end. Yet he must be his own
Judge of what was necessary and there
must be no dictatfon on this point, he cons
tended that the mill, as reported In
Guiding provisions for the coinage of the
siegneiorage and the Issuance % treasury
notes and the elimination OF the bonds,
would prove sur1cienr revenue for the con-
duct Of the war.
MR.. COCKRELL ON sEIGNIORAGH.
Mr.. Cockrell devoted his special atten-
ton to the coinage Of the seigniorage.
going miuntely into the points involved.
Mr.. Cockreu made a long argument in
favor of the free coinage of silver and
of the issue OF legal tender notes He
maintained that an issuance Of green
backs was infinitely preferable to an In
terest-bearing untaxable obligation which
afforded hiding place for the money Of
capitalists. who through bonds could al
ways be assured Of gain without chance
Of lass.
He said that the idea Of sending The
proposed bonds TO the postoffices in or
der that they might appear 10 be a pop
ular loan was fraud and fake on
the very face OF IT,"
The bonds, he maintained. would be paid
| for in gold. and the necessary amount Of
gold was not in the hands Of me people
but in those of capitalists. and capitalists
would control the issue.
GORMAN ON INCOME TAX.
Mr.. German of Maryland said be ap-
proved OF some provisions OF the house
bill and some OF the amendments made
by the senats committee. The burdens
ought 10 be placed on the large interests
able to pay the taxes. instead Of upon the
! people regardless Of their condition. The
/ people, he maintained. should be eTempF-
ed from the offensive and burcsnsome
stamp tax He said i had been declared
during the debate that the corporation
tax II enacted into law might be decided
by the supreme court constitutional
/ thus rei;erating decision as 'safa-nous"
as that on the income tax.
Now is the time" he declared. while
we are engaged in war. 10 teri the su-
/ prene court Uponu the corporation tax.
/ A decision against Il viii not destroy our
/ financial structure. but Il would Destroy
/ The court The American people would
amend the constitution 50 that r. time %
( war taxes might be levied upon az in
! te-eS-s Justly and Scu1tao.y
: Mr German then formally presented bis
amendment 20 the ossI. providing Tor a
+ tax upon corporations. which was eroug-l:
T out yes srday by NJ T1ite- He made
/ & strong defense * rs provisions ard
appealed 70 the senate % ezgraft = upon
the biL
I II the course OF DISCUSSION % he pro
2 posed c0inaE. Of Ike silver seigu'orags,
T NJ. German held thar g, involved q poaii-
( cal contention - eight years sta5S.ng
I In nv judgment sad y. - would -
+ vfrvsse-s. would hs f-1ftiess % Ettsrzp; 70
Z force tnze question 70 he srEs-t willie ere
{ country has tas Spanish aTrrT and Ray
{ Ia confront That - question ne czgst
I 70 aSht or IN ;szae q ps&-s- ] havs
Z aIurax-s been = partisan ! have voted 1or
ny party even when sozs q rs cAaisa2ts