The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-25
This Scheme of Raising Money De-
o. II. Plat as UNCONSTITUTIONAL.
GREENBACK ISSUE OPPOSED
BY THE KENTUCKIAN BECAUSE 1T
WOULD MENACE GOLD RESERVE.
Legal Tenders Called the dearest
"BeIOved Victoria" of Britain.


the war revenue measure placing a tax of
one-quarter of per centum upon the gross
receipts of corporations was under discus
sion in the Senate throughout to-day's ses-
sion. incidentally the proposed tax on
bank deposits was adverted to. The princi-
pal speeches were delivered by Mr.. Platt
(Rep., Comm and Mr.. Lindsay Oem., Ky),
both of whom vigorously attacked the cor
poration tax. The weight of the formers
argument was thrown against the tax on
the ground that 1t was unconstitutional be-
cause the tax was not levied alike upon all
persons engaged in a particular line of
business. He maintained that an occupa-
ton tax could be levied, provided that the
conditions were fair and equitable, but that
the business Of corporation could not be
taxed simply because it was conducted by
corporation. To be equitable the tax must
be laid upon the business whether it was
conducted by corporation, partnership,
q firm or an individual.
Mr.. Lindsay vigorously antagonized the
proposed issue of legal-tender notes. de-
claring that it accumulated the existing
menace to the gold reserve of the treasury
and was besides the dearest money ever de-
Vised. He held that such an issue would be
a blow to the Nations financial credit. He,
too, presented an argument against the pro-
posed corporation tax, maintaining that If
enacted into law it would breed a batch OF
lawsuits instead of providing what the gov
eminent needed-ready money with which
to conduct the war operations. Tomorrow
the Senate will resume the discussion of the
pending measure an hour earlier than usual,
the session beginning at IL o'clock.
The Senate chaplain's invocation at the
opening of the session to-day was a hymn
of thanksgiving for the seventy-ninth birth
day 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 thanks
giving as we celebrate the seventy-ninth
birthday of her gracious Majesty, the Queen
of Great Britain and Ireland, and Empress
of India whose conduct and character as
daughter, wife, mother friend, as well as
gracious sovereign has won and kept for
her the loyal devotion of her people and the
reverent regard and love of all true-hearted
people of whatsoever name or race around
the globe We pray Thee still to spare her
life grant her health, maintain the emf
nence of her sovereignty. And when the
time of departure hence shall come may
she go in peace, comfort and joy. Knit the
hearts of the two peoples who speak the
English tongue more strongly together that
we may work out the mighty problem of
the highest civilization for the whole earth. 3"
Mr. Lindsay, in the course of his extended
legal argument upon the corporation tax
feature of the revenue bill, said it was i'm
possible for the government to levy taxes
of this kind except on consumption and on
industry. No man pretended to insist that
corporate property ought not to be taxed,
If taxation were necessary, but the question
here presented was whether the tax pro
posed to be levied was fair and equitable.
He maintained that it was the part OF Wis
dom for Congress to enact only such leglS-
lation as would be beyond controversy IN
the courts In the time of great emergency
in the country's history, Congress ought 10
give to the government dollars and not laws
with which to conduct me eds war reeaIfed
a supposititious case of a syndicate present.
ing greenbackS at the treasury to the ruiz
amount of the gold reserve and drawing II
out, and then that of another syndicate
presenting another hundred millions of
greenbacks the next day. Where" he in
quired lis the gold to come from to meet
the second demand?'
This question precipitated a colloquy upon
the whole financial question, which was par
ticipated in by Mr.. Lindsay, Mr. Cockrell,
Mr. Teller and Mr.. Stewart. Mr.. Lindsay
maintained that the syndicates would raid
the gold reserve OF the government na ;ss ana
they would certainly be redeemed in gold
and If reissued would again be redeemed in
1--WE shall have an-epportunity then" said
Mr.. Cockrell, ito test the patriotism of
holders of greenbacks, and to see whether Ter
they will raid the treasury TO OBTAIN IT'S
gold. I'd like to know whether they are
such unadulterated patriots"
THE difference between me and the SEN
ator from Missouri" replied Mr.. Lindsay,
is that he still believes the. gold-raiding
syndicates are patriots and do not. They
in time Of war;
In conclusion and partly in answer to
questions put TO- oh him by Mr.. I1ii I'M Nj sd,.
Lindsay said: THE war will not go on for
two or three years unless we break down
our credit at the outstart. The issue of
legal-tender notes proposed here would have
well" interrupted Mr.. Tillman. Sin what
kind of money. will the bonds you propose to
issue be paid for?"
''The bonds issued" replied Mr.. Lindsay.
will be sold for money as good as gold, and
the funds so raised will be used to pay the
Spanish bullets and fellow fever. Our
credit will be as good gold, and at the
end of the war we will have c9ndHcted VT II
may become involved with continental pow
ers, and the time may come wnen we can,
not go further on a coin basis, either gold
or silver and when we will be compelled to
come to the issue of greenbackS: When that
time comes, whatever necessity demands
will be done. 1t will be done without COM
plant. Those who are alive at the end Of
the war will be charged up with the debt.
But we cannot promote that state of affairs.
We cannot discredit ourselves at the very
outset by resorting to a. currency which is
in the nature of a forced loan by issuing
notes payable on demand. and putting no
money in the treasury to pay them upon
demand"
At the conclusion of Mr.. Lndsay's speech
the revenue bill was laid aside. On motion
of Mr.. Allison the Senate agreed 10 meet at
II a. m. tomorrow. After the transaction
of some routine business the Senate then at
ABB p. m. went into executive session, after
which the Senate adjourned.