The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-04
MILLIONAIRES' TAXES.
how The Proposed Income Tax Will
Squeeze the Rich Man.

The Incomes of Famous Preachers
and Literary Men-Also Railroad
ofdcials.
In a syndicate article on the proposed
income tax, published in the Washington
Star, F.. G. Carpenter says; "If it the
taxi could be Justly collected it would
bring in millions I have been looking
over the rich men Of the United States
and estimating what they win have TO
pay if they are taxed on the incomes that
they ought to have in proportion to their
supposed wealth Every congressman on
his salary alone will have to drop so a
year into the treasury. The cabinet
ministers will each fork over $50 to Uncle
Sam, and President Cleveland viii have
500 deducted from his white house in
cone. Private Secretary Thurber will
yield up $40 and the justices of the
supreme court viii each have 500 a
year less TO spend on capons, terra
pin and other delicacies. If in addi-
ton to this they return the incomes
that they should have, supposing their
wealth brought them 5 per cent. Cleve-
lands two hundred odd thousand dollars
would make him pay $500 more OF an in
to plank down the same amount out of his
profits OF street railway investments
Every millionaire in the Senate ought, at
this rate, to pay something like 81 900
year income tax, and If Don Cameron,
Cal Briee and John p. Jones do not vince
when they are asked to give up 5000 and
upward apiece TO the treasury, / am much
mistaken in the men. Senator Stewart
issaid to be worth 81 100000. He will pay
$1,000. Watson @. Squire has 81 100000
worth of real estate in the state of
Washington and he is too sharp a business
man TO let it bring him in less than a $50
600 income He ought to pay $1,000. OF
all of John Sherman's big fortune l
doubt whether there are many dollars
lying idle, and Villas will probably have
TO drop 81, 600 year from his Wisconsin
assets. Fully half of the members of
the Senate have incomes of 5000 and
more in addition to their salaries. They
will have to pay 500 and upward apiece,
and Henry Cabot Lodge, George G.. Per
kins and Senator Stockbridge are among
those who will be expected to pay their
thousands. The most of these men will
kick when the bill comes before the Sen
ate and the general opinion is that it will
not be allowed TO become law.
MILLI0NAIREs BY THE THOUSAND.
The millionaires Of the United States
Their name Is legion Each one of their
millions ought to bring in between $4,000
and $50, 900 year, and from this tax they
should pay at least $1,000 per million.
Look at the list and see some of the
golden spots upon which the muriatiO
acid Of this tax ought 10 fall to prove
whether the figures are genuine Will
lam Waldorf AstOF is said TO be worth
$50, 0O0, 900. His vast wealth is in lands
and houses in New York city, and is sup
posed to bring him in per cent. If this
is so, he gets more than $1,000, 900 a year,
and his tax will be mere thala $3.50, 900, or
about $4,000 per month. The Gould es-
tate, it is said, amounts to o yer SlO0. 0O0,-
coo, and at 8 per cent. it will bring in
5000, 600 a year, and would have to paw a
tax of $4,000. One of the biggest
fortunes of the United States is that of
the Vanderhilts, which amounts to in the
neigh borhood Of 200,000,0 600, and which,
If reduced to gold, would equal more than
1000 pounds of the precious metal. 1t
is all safely and conservatively invested,
and it probably brings IN an income of
ST., O00, 900 a year, and il ought to paw a
tax of something like $4,000 per month,
or over $500 a day. The two brothers,
William K and Cornelius Vanderbilt, are
together supposed to be worth nearly
S200, 100000 and when William Il. Van
derbilt was living got an idea at the
treasury department of his immense
estate ] was looking into the invest
ments Of our millionaires in per cent.
bonds, and was told that at one time
Commodore Vanderbilt had held S4b .0OO.-
coo in these securities alone. The
interest was paid quarterly, and this one
man got from the United States treasury
1per cent. on this amount every three
months. Without the slightest risk he re-
ceived from the United States government
check for S450, 900 every ninety days. 1T
made me feel like an anarchist. 1 could
have forgiven him the receiving ten times
this amount from an investment in which
he stood some chance of losing, but to re-
ceive $150.000 month, 5000 a day, or
over $500 an hour, without doing stroke
Of work or risking a cent of loss was en-
tirely too much for me, and for the mo-
ment / Haunted the red flag and enyied
him.
TEN CENTS SECOND.
1t is hard to get an idea Of what these
millions mean, and the enormous incomes
which they bring in. The Astor fortune
II put into 81 bills and pasted together
would make crazy quilt big enough to
cover nfty-six farms of 100 acres each,
The Gould estate would carpet more than
1000 acres, and itithe bills were pasted to-
gether end TO end those which could be
realized from the Vanderbilt fortunes
would make green ribbon more than o.
600 miles long, or long enough TO almost
reaC0 AROUND LnS edrLl. And still there
are other fortunes nearly as great as
these. Coils p. Huntington is said to be
worth $50, COX, 600 and he ought to pay $50,
900 a year of an income tax would like
to see the long face Of Russell Sage
shrivel up when he is asked to give
Uncle Sam $4,000 out of his income.
venture he would have the money
brought in in barrels of pennies and paid
out one at time in order to hold on 70 il
the longer. Russell Sage makes his
money at high rates of interest He al
ways has vast amount on call, and he
can figure up what per cent means with.
out using pencil or pen. He is supposed
to be worth $4,000, 900, and his trans,
sections are such that the tax inquisitors
will not find it hard to estimate some.
thing as to it's profits. According 10 the
published account, however, Russell Sage
Is credited with taking in 10 cents every
second, So minute, a little more than
s, 900 day, about $780, 900 month, and
over $1,000, 600 year. His property must
be protected, and you will agree with me
that an Income tax as TO him would be
just. ....
STANDARD OIL MILLIONS.
BY the way, speaking of the Justice OF
an income tax, makes me think of cues.
ton which was debated in one of the
literary societies of John Aliens con.
-. =