The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-29

the debate thus far. Until the Hawai-
ian annexation amendment had been
added to the bill, not one feature had
| been suggested that was not perfectly
relevant to it. He rejoiced that the
amendment had not been offered by a
! western senator, who certainly would
have been charged with doing so with
an effort to obstruct the bonding meas
ure.
Whatever might be the individual
opinions of senators upon the Hawaiian
question, it was to him perfectly clear
that it ought not to have been taken
on as a rider to the revenue bill. Mr..
Wolcott, referring to the desirability of
placing the government in excellent
financial condition at this time. said
that he was satisfied that with the eX-
ception of Great Britain no European
country could conduct war with the
United States which would be so ex-
pensive as was the war with Spain. No
other foreign country, except Great
Britain, had colonies which, in time OF
war, it would be necessary for the
United States to occupy. No man could
say that the war would come to a
speedy conclusion, and it could not be
said that ii might not result in compli-
cations of the most serious nat.re. 1t
would require but a spark to set the
r.
might be struck from the claShing of
swords of the United States and Spain
at any moment. He did not believe that
any country in Europe would intervene
between the contending nations, except
on the grounds of pure humanity, for
not one cared to assume the risk of a
war confiagration that might sweep the
civilized world.
Referring TO the suggested enmity of
n -
colt declared the press of the country
did not reliably announce the position
of France. He was positively familiar
with the situation in France, and was
satisfied that, except that in the news
papers and among a few of their fol-
lowers, French sentiment toward the
United States was most friendly. He
paid a high tribute to the premier of
France. He said he was one of the
staunchest friends America had in
Europe, and was in perfect consonance
with our ideas and policies. No comph-
cations, he was certain, would arise
from that quarter. From whatever
source complications might spring, how
ever, the United States must be in
position to meet them with compoSure,
dignity and honor The attitude of
Great Britain during the present war
had been, he said, of incalculable bene-
fit to this country.
Mr.. Wolcott then entered upon a dis
cussion of the pending bill, strongly
advocating the issue of bonds as pro-
posed by the Republican minority of
the finance committee, and the pro-
posed stamp tax.
OPPOSED TAXES ON WEALTH.
Discussing the tax upon corporations,
as proposed by the majority of the
finance committee, he said taxes should
be levied with a view to the ability to
pay. Proceeding, he said all railroad
mileage was now paying 3.4S per cent
upon gross receipts, 1874 per cent upon
net receipts, or AS per cent upon net
receipts after fixed charges had been
paid. He said 1915 per cent of all the
railroads of the country were now in
the hands of receivers. He criticised
the tax upon bank investments as like
y to result in double, triple and prob !
ably quintuple taxation. by reason of |
the law requiring banks to keep a per /
cent of their deposits in repositories |
designated by the government. He said I
he favored in this respect the bill as /
by the Republican members /
of the committee.
Addressing himself to the coinage of |
the seigniorage, Mr.. WolcOtt advocated /
the plan as a general proposition, but |
offered an amendment, directing the |
to proceed at the rate of rot .
less than s4,000,000 per month, and au-
thorizing the secretary of the treasury