Mexico weekly ledger., 1898-05-26

for 10 minutes. I think the house will
recognize that l am justified in this re-
quest.
"Mr. Chairman, want to call the
attention of the house to the fact that
we have bonds coming due in 1904 to
| the amount of 500, 900, 900 and in
| 1907 to the amount of 1853, $40, $50. 1t
| is now proposed to issue bonds to the
| amount of $500, 900, 900 more to be-
come due In 1908. 1t is thus proposed
to crowd the payment Of all these $1,-
100, 900, 900 bonds into two years.
SIT is proposed, furthermore, that we
| raise 800, 900, 900 of revenue not needed
to carry ON this government in ordinary
times. 1t is hoped that this war will
| not continue more than a few months.
Certainly there is no probability that 1t
| will last more than two or three years.
| What are you going to do with your
| 800, ,000,0 900 of increased revenue? Un-
less this 800, 900, 900, mounting up
possibly to $400, 600, 900, $500, 600, 600
Or 5000, 600, 900, is deposited by the
/ oCA1Clu4y Va tIC tlStiSuL1 Al liiC Va
this country where it can be used by the
| people 1t will wreck the financial sys-
tenn, and by the committee ON ways and
means, Laughter and applause, And
the chairman of that committee knows
1t, If he will consider this proposition.
What Of Surplus RevenueP
| "What are you going to do with this
surplus revenue after the war closes? I
ask the second member on the commit
tee [Mr. Paynel, or the gentleman from
Pennsylvania MIR. Dalzelll, VIII you
| meet this question or will you not? Has
| it come to this--that when the commit
| tee on ways and means presents a prop
| osition to this house, we must follow
| that committee like sheep and vote for
| the proposition, right or wrong? Zap
plause. am speaking 10 the bill. 1t is
| too great and serious a matter to be
trifled with, even by applause
"Have we ceased to be led? 1t has
been proclaimed by a very able and
| honest and impartial and distinguished
| gentleman admire above any man In
the country that this house has ceased
to be deliberative body. Is it true that
we have also ceased to be legislative
| body? Shall we cease to be led and be
commanded Are we to be punched up
In line by saber from behind and slapped
| on tho stomach in front and wheeled
| into any line that may suit the powers
that he? Laughter. ask whether the
members of this house are to be warped
| and swayed from their Judgment in
| their action in great legislative enact
| ments by anything of that kind? 1t is a
| shame that on this great measure we
| cannot have even a reasonable time for
| debate. y -
| "I want to say to the ch airman of the
| committee on appropriations that the
| people of the United States will never
consent to repeal a solitary one of these
taxes until we have paid the last dollar
| Of the honest private claims due the cit
liens Of this country and until we have
| paid every dollar of the bonds which
have been issued and are due by the
| government of the United States because
| Of this war.
| "I am in favor of such legislation as
will pay the last dollar that the war
| costs before 1t is repealed. do not mean
| to refuse to the government anything
that is necessary in that regard-for the
| purpose of fighting the war, system of
taxation-and when peace is declared,
instead Of repeating that law, it is our
purpose to allow it to remain perma-
nently upon the statute books until the
last collar Of war debt is paid.
| "1 want to say TO the chairman of the
committee on appropriations as well
/ as to the chairman of the committee on
ways and means that the government
and the finances of the government and
the principles of taxation vary absolute
ly and differ absolutely from those pro-
vided for the conduct of private citizens
in income and expenditure.
The Matter of Interest.
| EVERY dollar of interest that we con-
tinue is tax on the people to pay, and
unavoidably so, as there is no possible
| way for the government to recoup 1t,
but O private citizen can invest his sur-
plus funds and use them in his business
or lend them. You will find when you
get on the stump after this war closes
that you have got to meet this PROPOSE
tion Of selling long time high interest
4
debt to stand for q single moment, it be-
comes an additional burden of taxation
on the people, as will show you, but
which the secretary of the treasury that
we low have does not seem to realize.
He fixes his eyes upon selling given
amount Of bonds. y =
"That is precisely what the chairman
Of the committee ON ways and means
and the chairman of the committee on
appropriations are inducing this house
to do again. Rates Of interest paid do
not always indicate wisdom. A govern
ment had better pay @ per cent for two
years and then pay its debt than per
cent for five years and then pay. sub
NIT that as o proposition to be acted up
on and to be approved by this house.
This bond feature is not justified at all.
In 1889 our bonds sold TO pay an income
Of only 2.09 per cent; in the three
years 1887, 1888 and 1889, of 2.29 per
cent; in the eight years from 1888 to
1899, Of 2.46 per cent. Within year
after the war closes we can refund our
debts at az per cent interest or up.
Mr.. Chairman, / want to say word
with reference TO the secretary of the
treasury. II is assumed that after hay
| ing secured the approval of the secre-
tary of the treasury wemust obey and
Fote these bonds. Why. saw letter
Of the secretary of the treasury the 9TH
Ier day approving a financial scheme
drawn by an eminent citizen which I
know II it were enacted into law would
make crisis in this country compared
to which the crisis of 1898 was as a
morning zephyr to western cyclone.
Laughter.
"r want to say, furthermore, that the
secretary Of tho treasury came before
the committee ON banking and currency
and made statement with reference to
the exchanging of certain bonds. To
read the whole thing would be quite
amusing to this house-the questions I
asked him and the answers he gave.
| Whooping Cough.
had little boy who was yearly