The evening world., 1893-12-20

IN It's character By disturbing in any manner the
relations which Its different forms now bear to
each other.
TROUBLE WITH SILVER.
AZ to the circulation OF silver and sill
yer notes, the Secretary reports:
One Of the principal dinhcuities encountered by
the Treasury. Department results from the In
disposition Of the public to retain standard sIl-
yer dollars and silver certificates In eircu'a-
Why this should be the case is not easily
understood, for. although these certificates are
not legal tender. in the payment of private debts,
they are. by the acts OF 1878 and 1855. made
Nay IL 1857 sss National SoSaf bank. are At sSu,SoTlied to
hold them as part OF their lawful re-
For the purpose Of creating a greater demand
for their permanent use in the daily transactions
law Az ' per PeIple and !, na ss ra alIsH;eu a. H The Opportunity as Is
afforded. the amount Of such certificates NJ demon
nations less than ten dollars shall be Increased by
that the small denominations OF other kinds Of
currency shall be retircd as they arc received into
p1sce st'''''' anu '4'sF "'' '''''" :" '"'''
Preparations ordered at the minis to
coin the silver seignioraEe now on hand
In case of increase in the demand for
doiiars as sr re- eerE TRRfFF sr RE WIS itoo&e'e''
TIL Secretary recognizes the necessity
for a comprehensive review of the Tarin
lions upon the general principles Of reye-
nue. laws and their application, with the
as equally as possible among the people.
Regarding the manner of fixing rates, the
Secretary says:
AGAINST SPECIFIC DUTIES.
The imposition OF specific or compound rates OF
duty Is 10 inconsistent with the true PRINCIPLES
Of Just taxation that nothing but the riainest
+; nse : i.S s ss1 a1sia.iy l NJ a, a say w SSsr ali a%'t The arti.
cies taxed at the same specific rate are 80 nearly
equal In value that the danger OF unjust d'scrimi-
natinn In not greater than " wUili =
ciai valuation we're required. 1t is manifestiy un-
y ,sS, s., to co compel I rs S%e Of s'' .is,s TO worth 5af & .i , hat another another
citizen pays on n yard OF cloth worth ~. "
AS TO AID vAIoREM RATES.
fut the objections urged against the ad ralorem
nystem Of tariff taxation are not generally bdseh
upon the proposition that 1t lacks the elemen,
Of Justice or equality. but usually upon the
hat HAUNT Il furnishes arni strong in%dScemsn's for the com.
mission OF frauds and perjurlcs In order to secure
fave While Sa'a ss.Ts i. Of so ,mD0 ioTSe F IN hi. contention
am not able to see how UNEQUAL taxation can
be justified upon the ground that the burdens nlsns
that the lebors Of public officials may be himIn-
ished. or that the honest citizen should be pun
fshed In order to prevent the dishonest one from
tempting to violate the law.
n 1t shall be demonstrated that oficial intclli-
gence and Integrity cannot be safely relied upon
for an honest collection OF the revenues under the
existing system. OF Indirect taxation, !, viii be
method cannot be devised to raise moneys for the
support OF the Government.
The Secretary discusses the matter OF
free raw materials and cheap nec"ssaries
of life on the same general lines fol
lowed by the Ways and Means Com
mittee in the report printed yesterday.
INCOME AND LEGACY TANtS.
The Secretary's report says:
Taxes upon iegacles and SUGGESTIONS AMI in
comes acquired from investments In stocks aud
bonds OF corporations and Joint stock CON,
panles nrc less objectionable In their nature and
In the methods OF collection than any other eG-
cises which It Is competent for the United states
TO impose upon incomes according to their actual
value or amount.
They are not inauisitorial or liable to evasion
by the fraudulent suppression Of fpcts, because
the assessments or returns need not he based
upon information cxtorted by the law from the
the public records and the resulaf and authentic
accounts Of the corporations and companies In
have the additional merit OF belns lmpou-i ea-
tirely upon that part of the rlIi1rn'a Income
which, In the cases Of iesaclc. and .ucceS.ions,
In acquired by mere operation Of law or 10y
ff rom . ,ns.s SsSaes.' ana In . ,m sSs sSs' OF nod i"'H 1oIo,
stock companies, by the simple earning capacity
Of hi. capital as such. without personal EFFORT
SPECIAL XXI on THE SPECIALLY "a
voRED.
SAsu the necessities OF the Government compel
TO resort TO additional sources for procuring
revenue. 1t is but fair that 1t should make its re-
auisltlons mainly upon those whose possessions
cape. wholly or partially, the general burdens
OF taxation rather than upon those who are al
ready taxed substantially 10 the extent OF their
ability to pay: and as incomes from capital In
vested In the stocks and securities Of the inst
tutions mentioned are not now subject to taxa
tlon under any law Of the United states or the
laws OF the several States. except IN a few In
stances. It cannot be considered unjust to exact
, small percentage Of their amount for the pnblic
sc.
CAPITAL ESCAPES TAXATION.
1t 10 a generally recognized fact that capital in
the form q money, bonds and other evidences OF
debt does not usually. by reason uf its intangible
and t~ransltory nature, bear Its due proportion 0
the burdens OF taxation under the revenue la"'
of tho several States and municipalities AZ com
pared with real estate and visible personal prop
er;y; and. while no discrimination should he mad,
against II. whether II be Represented be- corporal.
or other Investments. there appears to be- no gOu'
reason why the contributions for tie support q
the public service generally should not b. rHinl
lied as nearly ms possible by including this kin,
OF property In the Federal revenue system.
DISTINCTION BETWEEN INCOMES.
but. 10 II shall be said that there IN no bette
reason for imposing a tax upon incomes derived
from investments Of this kind thnn there would 10
In taxing incomes from other source. the ans~c
iu that these Institutions are invested by law viii
valuable franchises. privileges and immnnities no
enjoyed by the individual citizen. ard that ihes'
frequently contribute iaore largely TO their carrinl
capacity than the character or Nalns OF their o'hr
properly.
The holders Of their stocks and securities ar
In this respect more favored Than their fellow
of their shares and bonds, as well AZ the nnnua
incomes derived from them, is greatly increase
because they are 30 favored.
The Secretary urges the necessity 70
National economy, in the present condi
tion of the Treasury. touches upon tn
Chinese law difficulties and asks tn
prompt attention of Congress to his rec
o~mmendations about pond issues and rN
ended powers for financial emergencies
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