The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-05-28

II. despite the decision OF the supreme
court axains. the Eaw Of 1884 Such tax
he said. was supported by Ave decisions
OF the supreme court prior 20 that upon
the .aw ~ 1884.
Il have no reason 10 suppose" ne said
iFlst The court mas n0t Yet return 10 It's
former decisions. indeed | have every
reason 10 suppose that Il will"
Teller then began a discussion OF the
proposition 10 coin the sesgniorsge. which.
he said. rad aroused great opposition He
declared the s@igniorag- could be coined
without Getriment TO the public service.
Briefly adverting 20 the proposed corpora
sson tax Teller said that while he hoped
To have an opportunity TO vote for tax
that would apply 10 individuals and firms
as well as corporations. he would be glad
TO support the corporation tax proposed
fn the pending bill. Teller then entered
upon an elaborate argument for the issue
Of flJ9.eoeso OF legal tender notes con-
corning which he thought there vas no
possible doubt OF the right of the govern
msnt Teller said he was considering the
pending measure without reference To he
silver question. merely with a desire that
the country should adopt a sound money
system OF finance. He was opposed 10 the
issue Of bonds as unnecessary and dan
gerons
Referring TO the immense amounts the
government has now and wifi have In the
future 10 pay for pensions. he said:
We shall pay the pensions Of both the
last and the existing war In accordance
with the letter OF the law, not withst ard-
ING the complaints made of the large PEN
sion expenditures. These pensions charges
are are iafses yet Ct, re government has paid
upon the public debt than It has paid for
pensions.
Those who ought to know" said Teller
estimate that the present war will cos.
sis*sl.e1@ II IL be prosecuted for one year
II IS not war OF conquest. but war Of
humanity. However, since we have taken
the philippines. We ought TO hold them
their disposition. We ought4p take every
foot Of Spanish soil outside OF Spain Itself
whether Il be In this hemisphere or in me
other. We ought. | believe, TO try 10 drive
the Spanish flag from the waters OF both
the Atlantic and Pacific oceans"
Nelson OF Minnesota regarded the nro-
posed issue OF greenbacks as one Of the
most important features Of the bill. He
declared that Of all the loans made dur M
the civil war. the forced loan covered nv
the greenhacks was the most expensive.
The proposed Issue Of legal tender notes
was not called for by any lack OF money
In circulation. as the per capita circ,ila-
ton was now higher than at any time
since 1852, and only II cents lower than il
was then. He felt thar the notes, IL Is
sued. would be an added menace to the
country. and that IL would enable those
inclined to depiete the gold reserve and
render II more easily possible to force an
issue or bonds. Closing. Nelson declared
tina, In any way II might be taken. the
view of the majority az the finance conn
mittee was wrong. and could not be safe
~ followed.
Cockreil followed Nelson. He avowed
his Intention TO support the government
in the prosecution OF tho war to a sue
cessful issue. Yet he must be his Judge OF
what was necessary. and there must he
no dictation on this point. He contended
that the bill as reported. including pro-
visions for the coinage Of the seigniorage
and the issuance OF treasury notes and
the elimination OF the bonds. would pro-
vide sufficient revenue for the conduct
of the war. Cockreli devoted his espe-
ciai attention to the coinage OF the seign-
forage. going infinitely into the points in-
VOWED.
coekreli made long argument In favor
Of the free coinage OF silver and the issue
of legal tender notes. He maintained that
an issue of gFeenbacks was infinitely REF
erable 10 an interest-bearing untaxaS'e
obligation. which afforded a hiding place
for the money OF capitalists. who. through
bonds, could always be assured of gain
without chance of loss.
He said that the idea OF sending the pro-
posed bonds TO the postoffices, In order