The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-05-19
necessary to the proper discharge Of the
public business. "
WAR REVENUE BILL.
Senate Makes Stamp Tax
Apply to All Wall
Street Transactions.

WASHINGTON, May 10, 1ssS.-At the
conclusion of the morning business ir
the Senate, consideration Of the War
Revenue bill was resumed. Mr.. McLaur-
in (S. C9 delivered a set speech upon the
features of the pending bill. Speaking of
the bringing on of the war in which we
are now engaged, he said Spain had sup
posed that commercial greed had stif1ed
patriotism. This, to her sorrow, she had
learned at Manila was not the fact. She
had realized there that Dewey was a
worthy successor to Decatur and Perry.
He was ready. he said, to vote for any
measure that would tend to bring the
war to successful conclusion. People on
the island OF Cuba are dying every hour.
description. Every day now means the
loss of hundreds perhaps thousands, of
lives in Cuba. Mr.. McLaurin declared.
Liberty on the island is at stake and the
war has placed our own national prestige
at stake.
Concerning the proposed issue of lnnds
he said that there was an influence at
work in this country more powerful than
the President, more potent than Congress.
1t was the silent, secret influence uf the
money power which was endeavoring 10
force an issue of bonds Once the Sen
ate. the forum of the people. yields 10 this
ciar.or, Mr.. McLaurin declared, and he
comes entangled in the meshes OF The
money octopus, the people will suffer in
There is an army in this country. =
said he. just as anxious to raid the
are to raid the Island of Cuba. To the
army | refer to, no volunteers are need
ed. These jobbers and spectators form
a greater menace to US than the war
with Spain
Mr.. McLaurin defended the bill as re-
ported by the majority OF the Finance
Committee and hoped that with the pos
sible exception OF the stamp tax when
he deemed unnecessary, the bill would
pass as reported
He strongly urged the adoption of the
proposition to issue legal tender notes;
1T is the dealers in futures declared
Mr.. McLaurin. the financial spectators
and cormorants, the transportation COM
panies,. the manufacturers of ammuni-
Upon these the financial burdens of the
war ought to fall, and not upon the famil-
les of the men who go to the front to
fight for their country.
At the conclusion of Mr.. McLaurin's s
speech the clerk proceeded with the read
ing of the BILL When the paragraph pro-
viding for stamp taxes upon all transfers
of stock was considered Mr.. Bacon (Ga)
said the committee had not carefully
covered agreements to sell stock and that
If it should be established that agree
ment to SELF should not bear
stamps unless an actual transfer CT st ock
tok place agreements might be made and
then settlement effected between the
parties without an actual transfer OF
as to clearly cover all agreements to sell
stock whether the stock actually was
transferred or not
Mr.. German thought that checks for
small amounts ought not be required to
bear stamps.
Mr.. AIdrich in reply said that the elm
ination of checks for small. amounts
would reduce the revenue from this
source about So 000. 600. The tax. he said
did not bear upon small depositors heav-
lily and upon savings bank depositUrs vino
drew money on I heir books 1t bore not at
all.