The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-05-03
-a7~7-7717-777777
MIR. uENRX's SPEECH.



for nm Income Tax.
Washington. April 2S.-Following is the
speech of Hon. r. l.. Henry of Texas IN
tho house CT representatives today against
the issuance Of United States bonds aud in
favor Of an income tax:
The house being in the committee OF the
whole on the state Of the Union. and hav-
ing under consideration the bill III. X.
l0100l TO provide ways and means to meet
war expenditures, Mr.. Henry of Texas
said:
intend to offer an amendment TO this Bill
providing for taxing banking capital and
bank deposits. ! shall not undertake to
discuss the features of the bill in detail,
My amendment proposes to levy tax upon
1.-THE money centers of this country where
the wealth Is accumulated. 1t Is well UNI
derstood that the money of the country is
piled up in the Eastern and Northern CEN
| tiers. one bank alone reported the other
| day in the papers that it had on deposit In
| the City of New York 500 900, 900. There
are numerous banks in New York ana
| ether largo money ccntcrs that have large
| deposits These deposits should be taxed
| | do not believe in any unequal or unjust
taxation. But this amendment Is but
! renewal of the law which existed from
| 1864 until March g. 1883 II was upon
| the statute books as "A part OF our internal
revenue system for nineteen years II my
| amendment liz adopted IT VIII be means
OF raising over $40, 600 900 annually as past
| experience shows.
But the ways aud means committee has
| To-. gNtntN ft4l M
of consideration In the preparation of this
bill and to allow the banks. with their
vast capital and great deposits. to 80 I'M
| taxed, | say, Mr. Chairman, that TINS
amendment should be adopted. II Is 1uat
| that tho wealth OF the country should bear
| its due proportion of taxation.
do not desire 10 make this n sectional
auestion. but in order that we may more
| thoroughly understand whore the money is
| located | desire to cite some figures from
a report issued by the treasury depart
ment:
New England with only SEQ 900 popu-
| latlon has n greater bank power IMAM ing
Central States. which contain 2i,72ooOo
people Each inhabitant of New England
has a per capita u $2s75S in bank power TO
depend upon for loans. The people of central
| States have a per capita OF only SbG.3
available for loans The 2o.l72oOO people
| OF the South fare worst OF all. The aver
age PR capita Of loanahle capitol there IL
only $40 05.
The ways and means committee proposes
ia INK the South and West on bank cheeks
and drafts We all know that the western
and Southern banks draw on and through
| the banks in New York and the other
money centers. and they are Wiling to pay
| this tax. But tho ways ana means com
mittee desires TO let the very men VINO
own and hold the money OF tho country
escape TAXATION.
MIR. Chairman, have letters from bank
ors IL my district saying that ihey are
| patriotic and would not object TO ms
tax | have letters from National bankers
saying that they would no object 10 a
TAX upon banking capital and deposits.
Ranks in the South and West viii pay
The bulk OF this stamp tax. The great
depoyiiorles In the East VIII largely es-
cape it, MY amendment PROPOSES to M
clude The colossal NE insurance companies
also
mon their capital and deposits ana these
rrea. life Insurance COMPANIES should bear
mart Of the burdens OF the government
In peace end In var
l,olIevc thai the wealth Of this couatry
should bear Its Just proportion OF taxa
tion Fifteen thousand individuals In
America own sal $50 uia no0 nearly one
hnlf OF the wealth Of this country yet
under our unjust systems Of taxation they
escape taxes almost entirely Therefor,
heIieye In an income tax. ] believe tha'
the decision of the supreme court oyer,
turning the law rs it had been recognizes
for hundred years was wroas hut We
rust bow TO their will until the oppor-
iunlty arises when we CAP change ms
perlnnnel OF that tribunal aud wipe on
This Gggracefu aud outrageous decision
or until their conseiences compel them tC
| render a lust decision. Therefore, sinai
support the income tax amendment pro
uosed Is the distinguished gentleman IRON
Tennessee tMr McMlllan,. Lee us hur
back Mt the supreme court lust income
| tax law and compel them to render
righteous decision end rotraee tue step
/, | that our great Judges Travelled FOR nearli
hundred years--all the way from Thu
. Hyltou case In 1895 until The Springer cas-
IN 1866, Such a ak will raise over $780,
600. GOA ner annum. Let US throw the hur
dens also upon the grca. and rich corpora
tons Of the country, thai constitute TN
: powerful and Infamous trusts o! tllis conn
Try. Make them respect he lass OF thi
lend and contribute their just quota o
taxes This republican bill leaves then
: untouched and unscathed as the especia
y pets Of the republican PARTY. Let us a
A PATRIOTS take these monsters by the tiroa
!, md demand that thew contribute their jus
!, share OF taxes. You tax the poor man I
= the limit Now tax these greedy cormor
: ants 10 the nttermost. II you want 70 b
patriotic ana honest make The Standar
! oil company contribute; make the grea
sugar companies pay: make The imnens
, life insurance companies contributed; max
II the great banking Institutions Put uo
part Of their gigantic capital and profits