New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-28
PROCEEDINGS OF CONGRESS-.
THE REGULAR REPORT.
SENATE.
SENATE.
DEBATE ON THE WAR REVENUE BILL
CONsrTNITFD

nj Il o'clock this morning Mr.. CARTER rep
MONTY reported from the Military Anairs ON
rn,.toe bill providing for Second Assistant SEQ
retorv ~ War 10 be named by the President anc
10 receive a salary OF 1900 The bill was passed
MR.. TELLER FINISHES HIS SPEECH.
Mr. TELLER ISL Req COLI then took the floor
10 continue his speech. begun yesterday. In con-
Guiding his argument in favor OF an income TAX
Mr. Teller said that II the proposition were SUD-
rn!tted TO the Senate he would feel bound 10 vote
for It, despite the decision Of the Supreme Court
agains: the Jaw OF 1891 such tax he said was
supported by five decisions Of the Supreme Court
prior 20 that on tho law OF 1894 Il have no reason
to suppose" he said. that the Court may not yet
return to its former decision; indeed have every
reason to suppose that II Will"
He then discussed the proposition to coin the
si,ver setRniorage which. he said had aroused
erea. opposition He declared that the se!gniorage
could 10 coined without detr.ment TO the pubic
eervice It amounted TO $42 10000 and the people
needed the money. 1t had been paid for. ana inc
people had right TO use II. II could be ISSUED as
safely az could s42oOOo Of gold and by the
coinage Of the seigniorage the Government would
save the interest on the full amount coined
In regard TO the proposed corporation tax. MI
Teller said that while he hoped TO have an op-
portunity 10 for tax that would apply 10
individuals and firms well az to corporations ne
would glad TO support the corporation tax propo
sition in the pending bill. He then made an
-
900 of legal-tender notes. He was opposed to the
issue of bonds as unnecessary and dangerous
He thought the bill did not raise revenue enough
AT least 500 900 900 more ought to be raised from
internal taxation.
THINKS 1T WILL BE A SHORT WAR
Those who ought 10 know. Mr.. Teller sa'd'
'estimate that the present war will cost S5W"U""
II It be prosecuted for one year. 1t ought not 10
last a YEAR It Will not last year. 1t rs not war
-ttx AuUa
since we have taken the Philippines VIC ought 10
hold them until some decision can be reached as
TO their disposition. We ought TO take every loot
OF Spanish soil outside Of Spain itself. whether 1t
be In this hemisphere or in the other We ought
believe to drive the Spanish flag from the waters
of both the Atlantic and Pacific oceans
Mr. NELSON Rep.. Mimi regarded tho pro-
resed ,ssue OF ereenbacks as one Of the most I'M
portant features Of the bill. He declared that OF
all tho loans made In the Civil War the 1orceu
loan covered by the greenbacks was the most eA-
pensve The proposed Issue OF legal-tender notes
was not called for by any lack OF money In cir
culation as the per capita circulation was now
higher than at any time since 1882 and only Il
cents lower than II was then The notes. II issued.
would be an added manacle to the Treasury. ana
would enable those so inclined TO depete the go!d
reserve and render 1t easily possible to force
an issue Of bonds In any way It might be taken.
the view of the majority Of the Finance Commit
tee was wrong and could not be safely followed
Mr.. COCKRELL Dem. MOI declared his inten-
ton to support the Government In the prosecution
Of the war TO q successful issue Yet he must De
his own Judge OF what was necessary. ard there
must be no dictaton on this point He contended
that the bill az reported. including provisions for
the coinage OF the seignorage the issue OF Treas
ury notes and the elimination Of the bond feature:
would provide sufficient revenue for the conduct OF
The Ta hs mace OF ve Sng ana the ISSUE Of legal
tender notes. In conclusion Mr CockreH SAG ina.
so s S sSus SILVER na
egatender notes The golden opPoTtunisy DG Of tine
they rush In for bonds in order that they may
more securely the s Wa o sGd o or %
believe IT is TO be humane and Just war; we ieei
But wy Es are pat We are not
manding the substitution OF the blmetalhc system,
So a any fhd that
interest bearing bonds"
MIR. GORMAN ADVOCATES BOND ISSUE
Mr.. GORMAN Dem Md said he approved some
provisions Of the House bill and some OF the amend
ments made by tho Senate committee His EFFORTS
would however be directed toward making the bill
more nearly Just and equitable than IT now is The
hill ought 10 be framed on lines OF simplicity and
fairness The burdens ought to be placed on the
large interests able 10 pay the taxes. Instead OF on
the people regardless OF their condition. The people
he maint tanned. should be exempted from the often
sive and burdensorne stamp tax, the levying ana
collection
difiiculties He said that 1t mad been declared IN
the debate that the corporation tax II enacted INTO
unconsitutional. thus rei,erating decision as in
famous as that on the lnSSme Tax a aw enxSeS n
war to test the Supreme Court upon the corpora
destroy our financial structure but 1t would destroy
the court. The American people would amend the
e%d on all f De sas justly and eautab
Mr.. German then formally presented hi. amend
~en' sIpa noyn Out i0 yesterday BY Mr. White He
made strong defence of ts Rro on ;Ss hi ana ap
segnorage Mr. German held that II inySlved
R my judgment" he said at would be unwise.t
he be 'front.' sSs to h ss
army and navy to confront. That is question
S"sst to a Sai In @s for party
when Of its candidates did not quite met my
sDprG Da4v Put know Sny Rs
my Country Knowing how sharp Is the political
f fhis tme en- n so'i mateT how Just
abstract a proposition standing aiSne ,.w,,.
war he asked was ever conducted Without the
sS S Of sSs Of Sas wsE S
was nred on Fort Sumter One OF the first acts OF
MA; tie h Issue Bona o.
S Ssne should not be law the crisis
President Would be forced 10 issue bonds under the
act OF 1876, at probably or per cent interest ne
ssi,in9 at least Of bonds to protect the
dignity and honor of the country and to insure the
success OF American arms
Discussing the appropriations made necessary by
the war, Mr.. German said that Congress hs 6
Already appropriated for all purposes S9n,c00oo.
No man could estimate how much the war would
cost That its cost for one year would be AZ
iessf sloo go 600 he mad no doubt. II peace should
Come even within six months the expenditures
would go on TO an extent which no man could
measure The complications arising from the war
would certainly result in the expenditure OF tens Of
yni,iions Enormous would be expended on
the Navy for that branch Of the Government would
DO extended until the country had force Sufficient
for defence against any foreign aggression. He
REGARDED the bond provision OF the minority Of the
Finance Committee as wise and properly orawn.
Mr. German, In conclusion. declared his opposition
10 the issue OF, legal-tender notes
Mr. ALLISON CRcp. Iowa., IN charge OF the bll.
PROPOSED that a time be fixed for the vote on the
series OF amendments relating 20 corporation taxes
Mr. JONES Dem. Ark objected on account a.
the numerous important amendments offered 10 the
BIZ which had materially altered The situation.
II was agreed that the Senate should meet at Il