Omaha daily bee., 1899-10-29

required to report to this bureau at Wash !
lngton and submit to inspection OF its books
and supervision OF all its financial trans
actions and suppose these corporations were
prohibited from Issuing a dollars worth of
bonds or stocks unless they represented ac-
tual value then there could be no such thing
as fraudulent stocks issued and stocks pre-
vlousy issued would be unstable unless
they stood the test Just the same as securi-
ties in this state that are not registered in
the auditors office are not marketable. You
know very we'll that today nobody ever
touches Nebraska securities, whether state
bonds or bonds of any county, school dis
trict or town, unless they are registered in
the auditors office and they are not regis
tered until they have the approval of the
law officers OF this state. The same thing
would follow with regard to interstate com
merce securities II the corporations were
required to submit to supervision they could
not sell their securities in the market unless
! they would stand the ordeal OF inspection
| and publication. But, as | said before, the
| broadest and most comprehensive remedy
| lies in a national constitutional convention
| that will deal with this question on broader
| lines than we could possibly deal with it
! in single amendments. With a national con-
! vention to revise the constitution you would
1
great stress upon--the election of the United
States senators by the people, the income tax
and the trusts You never can elect senators
| by the people 50 long as the United States
senate can prevent the adoption OF a consti-
tutional amendment No rational man would
expect three-fourths of the United States
senate to vote for constitutional amend
ment that would destroy the possibility OF
two thirds of Its members being reelected.
(Laughter)
| The Income Tax.
Mr. Bryan says he wants an income tax.
Most Of the people of the United States
would favor one, but the supreme court OF
the United States has said that you cannot
impose an income tax under the present
constitution Whether that decision Is right
or wrong 1t stands the law of the land
The only way to get valid law is to amend
the constitution and the only way thai
you can get constitutional amendment pro-
viding for an income tax is by a national
convention called by the states and entirely
independent of congress l always have sale
that a man must be judged not by what he
says but by what he does. 1t is not by theil
; professions but by their acts that men are
judged. Mr.. Bryan was four years mem
Der OF congress as a representative of the
people Of Nebraska. Trusts were in exist
, ence In America twenty years before he eve
entered congress- True they might not havt
9 been as numerous as they are today, bu
p. they were just as vicious and just as dan
: gerous and / challenge anybody to find on
4 syllable in the record OF William Jenning
Il Bryan in congress that would show that h
d ever opposed a trust or ever introduced
!, bill to abolish trusts or regulate them. H
e did not think Of the trust when he was il
t the house OF congress, but he thinks o
n them now because he is going before tn
o nation as a candidate for chief executive
n CA voice. There were no trusts then.
: Well. you know good deal about 1t, don
il you? (Laughter.) Wasn't the Standard Oi
n Company trust in existence then? l ca
r name you ten trusts, il you want then
/ that were in existence at that time. Voices
: Put him out) l am willing to be disturbe
e by such gentlemen because that amuses tn
l. crowd and doesn't hurt me particle. No
= l assert boldly-(The gentleman who ha
e been asking questions is being hustled out
q / wouldn't do that. Leave that man alon
IT This is a free meeting. If he wants to as
p questions let him ask them. CA voice: M
w Rosewater, can l ask question?) You wi
a. have ample opportunity and perhaps yo
# better wait until l get through but l al
~ not at all disturbed by your interruption
-, not at all.