FREE BOOKS

Author's List




PREV.   NEXT  
|<   198   199   200   201   202   203   204   205   206   207   208   209   210   211   212   213   214   215   216   217   218   219   220   221   222  
223   224   225   226   227   228   229   230   231   232   233   234   235   236   237   238   239   240   241   242   243   244   245   246   247   >>   >|  
lson Bill became a law without the approval of the President, Mr. Cleveland taking the position that he would not permit himself to be separated from his party to such an extent as might be implied by a veto of the tariff legislation which, though disappointing to him, he said was still chargeable to Democratic efforts. There was one provision of the Wilson Bill which, I have been convinced since, was a very wise measure, and which will yet be enacted into law; and that is the income tax provision. That bill provided for a tax of two per cent on incomes above four thousand dollars. A separate vote was taken on this section and I voted against it. It was Republican policy then to oppose an income-tax, and the view I took then was, that if we started out taxing incomes the end would be that we would derive, from the source, sufficient amount of revenue to run the Government and that it would gradually break down the protective policy. It was declared unconstitutional by a vote of five to four of the Supreme Court. A previous income- tax had been declared constitutional during the Civil War, and I am very strongly of the opinion that if the case is again presented to the Court the decision will be in harmony with the first decision, overruling the decision of 1895. An income-tax is the fairest of all taxes. It is resorted to by every other nation. It falls most heavily on those who can best afford it. The sentiment in the Republican party has changed, and I believe that at no far distant day Congress will pass an income-tax as well as an inheritance-tax law. The passage of the Wilson Bill increased, rather than diminished, the hard times commencing with the panic of 1893. The Democratic party, or the free silver element of it, claimed that the panacea was the free and unlimited coinage of silver at the ratio of sixteen to one. The silver question was argued week after week in both branches of Congress, and was never finally settled until the election of McKinley and the establishment by law of the Gold Standard. In recent years we hear very little about free silver; but the Democratic party split on that issue, Mr. Cleveland heading the faction in favor of sound money. In those closing days of the Cleveland Administration, it was very seldom that a Democratic Senator was seen at the White House. The President became completely estranged from the members of his party in both House and Senate, but it seem
PREV.   NEXT  
|<   198   199   200   201   202   203   204   205   206   207   208   209   210   211   212   213   214   215   216   217   218   219   220   221   222  
223   224   225   226   227   228   229   230   231   232   233   234   235   236   237   238   239   240   241   242   243   244   245   246   247   >>   >|  



Top keywords:
income
 

Democratic

 

silver

 
decision
 
Cleveland
 
Congress
 

incomes

 

policy

 

Republican

 

declared


provision
 
Wilson
 

President

 

diminished

 

passage

 

increased

 

claimed

 

panacea

 

unlimited

 

coinage


element
 

taking

 

inheritance

 
commencing
 

position

 
afford
 
permit
 

heavily

 

sentiment

 

distant


changed

 

argued

 
closing
 
Administration
 

heading

 
faction
 

seldom

 

Senator

 

members

 

Senate


estranged

 

completely

 
finally
 

settled

 
branches
 
approval
 

question

 

nation

 
election
 

McKinley