New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-03
THE ACTION OF THE HOUSE DEMO UNCED
BOTH DEMOCRATS AND REPUBLICANS CONDEMN
THE INCOME TAX.

BOTH DEMOCRATS AND REPUBLICANS CONDEMN
THE INCOME TAX.
In Wall Street the principal effect OF the news
OF the passage Of the tarff-income tax bill by the
House OF Representatives was to produce duiness.
The markets were weak early, but rallied before
the close. Full recoveres in prices were not made
In all instances but the leading speculative stock
American Sugar Refining advanced per cent
from the lowest point talk that II would be
months before the bill could become a law Friends
OF the company argued that it would be able to en-
10Y a considerable period OF prosperity before the
effect OF the placing OF all sugars on the free list
was fully felt The railroad list did not receive the
news with fervor. but many spectators declared
that the influence OF the tariff revision had been
discounted" and that people would look forward
TO notifications In the Senate which would lessen
the power OF evil possessed by the bill.
The income tax feature fastened upon the Wilson
bill bitterly condemned in banking and financial
circles 1t brought as warm a denunciaton from
Democrats as from Repub.icans-even warmer
where the Democrat happened TO be believer In
tariff reform who feared the consequences TO his
pet theory OF this separate proposition OF taxation.
In speaking for publication prominent Democrats
down town used moderate language which conveys
only faint Idea OF the vigor with which the in
privately denounced. Edmund ID.
Randolph. president OF the Continental National
Bank, said The income tax certainly meets with
my ulSapprONdl. however correct IL may De u
theory, 1t tax which in practice is odious and
demoralzlng 1t should be avoided long there
other methods OF raising There
many ways OF taxation available which would
provide their own machinery OF collection, and not
be TO the serious objections OF the income tax
J. Edward Simmons, president OF the Fourth
National Bank. said The merits OF the Wilson
bill obscured by the income which was at
tached to It in the House OF Representatives How
ever the question OF tariff may be regarded. the
taxation Of incomes on basis OF discrimination
IL unwise a practical measure and Objectionable
In principle 1t should be the last resource OF the
taxing power. and I regret that II Is contemplated
as any part OF the financial programme OF Con-
gress."
Thomas mas L. Manson, IT, Of Charles Head Co.
extremists and Western Populists to tax the North
and the East out Of existence. 1t is odious in it,
cable a revenue measure. for IT will be evaded in
every possible manner i am surprised at the ia
ssuiiitys Of the party I" power Il" adopting such
William l.. Bull. one OF the former presidents Of
Wilson bill. Not long ass." he remarked. "con.
sress passed measure reafirmng the intention OF
to the Silver Repeal law The wilson bill Will ss
By sS hs SSs %
heavily against u.s. Il will necessitate large exports
the sale Of Government bonds for gold in Europe.
The reductions OF duties are radical that they
or which gold must be- paid and the oca dsr
ances caused by the readjustments necessary 10
meet the new economic conditions are not likely
to put us in position to liaudate our Indebtedness
n merchandise and securities Domestic loans to pro-
vide for Treasury necessities VIII not help internal
to maintain specie payments. The consequence Of
this bill becoming law seems TO me to be that
Instead of paying We shall have TO Dor.
row as we go The Government will be supported
by loans. not by revenue. I amazed at the
course OF Congress. The significance Of the recent
special elections In this city cannot be misunder.
stood. Coupling the income tax with the Tariff
bill seems to me to indicate that the party In power
proposes to deprive us Of our incomes and then tax
al that may be left"
Henry Clews vigorously denounced the action OF
the House in these words: The Wilson Tartn
and Income Tax bills dangerously vicious
measures. and are a mortal stab at the controlling
interests OF this country. which heretofore have
placed the Nation at the head OF the world in the
march Of enterprise development and prosperity.
This connection IL class and sectional legislation
pure and simple, and aimed blow at the people
81 the principal cities especially Of the East and
West. and at the heart OF the greatest industries
" the country. The Democratic and Republican
members Of Congress representing the various con-
stituencies whose interests are thus 30 unmerct-
bully attacked should unite as one and make com
non cause against these vile schemes. and con-
,ign both measures to oblivion This 70 use4el -
- done foe the general good Of the oount5YsS