The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-12-01
MUST QUIT BUSINESS
COlenel Conger'S View of the Eff
feet of the Tariff Bill.
If 1t Passes, Tin Plate Works Must Sur
render to English Manufacture
ers-0ther Opinions.
Special to the Indianapolis Journal.

Special to the Indianapolis Journal.
WASHINGTON, Nov. 30.-Hon. A. L.
Conger, of Akron, o., Alexandria, Elwood
and Muncie, Ind, and one of the largest
manufacturers in the country, has written
a letter here to the effect that the Wilson
tariff bill will destroy the t~in-plate industry
in this country if it is permitted TO go into
law as ii stands at present. Colonel Conger
Is at the head of large tin-plate works at
Elwood, it will be recalled, and he says
that if the present protection could only
be maintained two years longer the United
States would be on a footing to make all
Of the tin plate which this country con-
sumes, and to furnish it at as low price
as England's. But, inasmuch as skilled la
Dor is required from foreign countries, and
1t will take at least two years to educate
Americans to do the work and perfect the
manufacture, he says foreign competition
cannot for a moment be withstood at this
time. and that we must protect the industry
a while longer or quit the business entirely.
1t has been definitely determined that the
income tax system to be reported by the
ways and means committee will be con-
fined to a tax on the net Incomes of all
corporations and a tax on SUGGESTIONS and
legacies. Messrs. Bryan, McMillin, Whiting
and others made a strong fight for a plan
DTOdu enough 10 mclQQe all incomes OF IN
dividuals in excess of $1,000 per annum, but
they have been forced to acquiesce in the
will of the majority and abandon the gradu-
ated income tax in favor of one applying
only TO corporations and SUGGESTIONS. The
Democratic members have now reached u
definite conclusion on this subject, and it
can, therefore, be confidently announced
that the income tax system will be mar
rowed down to these specific limits, unless
the recommendations of the ommitte are
upset in the House and a general plan for
q graduated tax on all incomes, private as
well as cooperative, be adopted.
The committee, In its report to the House,
will adopt a unique argument for restrict
ting the system TO corporations instead Of
applying it to all individuals. They will
state that the great incorporating powers
OF the country are the corporations, while
the risk to individual stockholders is less
than the risk in any private business. The
corporations derive special advantages from
legislation, one of which is that in the event
Of commercial disaster the stockholders are
only liable to the extent of the full value
Of the stock subscribed, and that to offset
these special advantages they should bear
q generous burden of the expenses of gov
eminent. The tax on corporations. there
hOAC' al hOL bc a SIduldleu one, Out VIII
apply TO all net earnings of whatever aggre-
gate This Is an essential departure from
the time-honored theory of an income tax,
as most political economists have favored
the graduated system. imposing nothing on
incomes of less than 5000 per annum, 2 per
cent. on the excess and between $500 and
$4,000; . per cent. on the excess and be-
tween $4,000 and $4,000, and 10 per cent.
ON the excess above $4,000. If a system
applying to individuals had been adopted
there is no doubt il would have been such
q graduated plan as this, but, since it is
to apply TO corporations and SUGGESTIONS
only, ii will be upon the net earnings of
the corporations and the gross amount of
the succession or legacy. SUGGESTIONS and
legacies in this connection. of course, APP
ply only to personality and moneys.
The Democrats OF the committee have
also decided to increase the tax radically on
cigarettes and to impose a tax on playing
cards. Both of these points are definitely
decided. the object on the one hand being to
tax a nuisance and on the other to tax
an article which can bear a heavy burden
without any individual feeling the weight of
1t The internal revenue tax on whisky is
still an open question. The committee Is
maintaining a studious reticence on this
subject for fear Of the manipulations of
SPECTATORS on the Stock Exchange.