appeared and the price continued to sink. The fact of the matter was that traders were loaded with wheat and were merely waiting for the opportunity to sell. The bulge toward the end of last week gave them this chance and they were quick to take advantage of it. The silver repeal bill having been discounted for several days had little or no effect in the matter of sustaining prices. New York stocks were weak and much lower and this speculative feeling was communicated to wheat. New Yorkers who have been the big bulls for so long were selling today, and it was said that there were numerous orders from abroad on that side of the market.

Corn was dull, the range being within three-eighths of a cent limit. The tone was steady and at times an undertone of firmness was noticeable, altho prices did not show any essential changes. The accumulations of cash corn during the past three days were the cause of a somewhat liberal offerings of futures early, but after a time they became light and the market dull. The opening was at a decline of 1/4 to 3, but on a good demand an advance of % was made, receding 4 to 3% later, and closing 4 to % under the final figures of Saturday.

Oats were featureless, but the feeling was steady. There was very little trading and price changes were within 14 cent limit, the closing being % below Saturday.

From the statement given it will appear that wheat has fallen more than 14 cents a bushel since the beginning of the month in which President Cleveland issued his call for the extra session. The wheat crop for 1892 was about 500,000,000 bushels. A fall of 1 cent in price means a loss of $5,000,000 on the crop if those figures can be taken for this year's crop. Calculated upon December wheat the loss since June 1 has been over $70,000,000, or onesixth of its value at the beginning of the decline. The fall of 2 cents on yesterday alone, after the repeal bill passed the Senate and its immediate passage in the House was assured, amounted to $10,000,000. The fall yesterday in wheat, corn, and

oats calculated upon a year's crop amounted to more than $17,000,000. Are these the first fruits of repeal? Wall street was terribly agitated at the prospect of a slight reduction in the gold reserve. Will they take no notice of this tremendous reduction in the farmer's reserve? The market report quoted above says:

"Yesterday's vote by the Senate repealing the Sherman silver law did not have the effect on the stock market that the bulls expected. In the first place London cabled orders to sell various stocks, much to the disappointment of local operators, who were confident that the action of the Senate would result in a flood of buying orders."

Is it possible that instead of money flowing to us, it is going to flow away in spite of repeal? The argument most persistently made by the advocates of repeal was that money would at once flow to this country from Europe and relieve us of our stringency in the money market. The business centers became impatient because the Senate insisted upon a thorough discussion. Some of the papers even suggested that the Senate ought to be abolished. because it stood in the way of the restoration of confidence. Finally the opposition was worn out, the bill was passed, just as the metropolitan press demanded, and behold it was greeted in the market by a general decline. We may now expect to hear that the vague, indefinite, and valueless tail added in the Senate as an amendment has prevented returning confidence, and that it is our highest duty to repeal the caudal appendage of the Wilson bill, just as the repeal of the purchase clause of the Sherman law was demanded. For twenty years we have denounced the demonetization act of 1873,

and yet we are now prepared with our eyes open, fully conscious of what we are doing, to perpetrate the same crime. We leave silver just where it was left then, except that there was provision then for trade dollars which this bill does not contain. You may assume the responsibility. I shall not.

The line of battle is laid down. The President's letter to Governor Northen expresses his opposition to the free and unlimited coinage of silver by this country alone. Upon that issue the next Congressional contest will be fought. Are we dependent or independent as a nation? Shall we legislate for ourselves or shall we beg some foreign nation to help us provide for the financial wants of our own people?

We need not fear the result of such a contest.

The patriotism of the American people is not yet gone, and we can confidently await their decision.

IV

AN INCOME TAX

Delivered in Congress on Jan. 30, 1894, during the discussion of the income tax amendment to the Wilson Bill. Mr. Bryan was a member of the subcommittee of the Ways and Means Committee which framed the income tax amendment.

M

R. CHAIRMAN: What is this bill which

has brought forth the vehement attack to which we have just listened? It is a bill reported by the Committee on Ways and Means, as the complement of the tariff bill. It, together with the tariff measure already considered, provides the necessary revenue for the support of the Government. The point of attack is the income tax, individual and corporation (which is expected to raise about $30,000,000), and to that I will devote the few minutes which are allowed for closing the debate.

The gentleman from New York insists that sufficient revenue will be raised from the tariff schedules, together with the present internal-revenue taxes, and that it is therefore unnecessary to seek new objects for taxation. In this opinion he is not supported by the other members of the committee, and we have been constrained to follow our own judgment rather than his. The internal-revenue bill which is now pending as an amendement to the tariff bill imposes a tax of 2 per cent. upon the

net incomes of corporations, and in the case of corporations no exemption is allowed.

I need not give all the reasons which led the committee to recommend this tax, but will suggest two of the most important. The stockholder in a corporation limits his liability. When the statute creating the corporation is fully complied with the individual stockholder is secure, except to the extent fixed by the statute, whereas the entire property of the individual is ordinarily liable for his debts. Another reason is that corporations enjoy certain privileges and franchises. Some are given the right of eminent domain, while others, such as street-car companies, are given the right to use the streets of the city-a franchise which increases in value with each passing year. Corporations occupy the time and attention of our Federal courts and enjoy the protection of the Federal Government and as they do not ordinarily pay taxes the committee felt justified in proposing a light tax upon them.

Some gentlemen have accused the committee of showing hostility to corporations. But, Mr. Chairman, we are not hostile to corporations; we simply believe that these creatures of the law, these fictitious persons, have no higher or dearer rights than the persons of flesh and blood whom God created and placed upon his footstool. The bill also imposes a tax of 2 per cent. upon individual incomes in excess of $4,000. We have proposed the maximum of exemption and the minimum of rate. The principle is not new in this country. For nearly ten years, during and after the war, an in