New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-09

Democrats at last got control tney AT , once put INTO
effect a that was totally haIequate 70 pay
the revenues of the Government This tariff law
United States and then bonds had to be resorted to-
Then the leaders fell back on TINS 9p:pete income
| a series OF inadequate and deploraoe party lava
The question of what shs!! be done by the people
cach save pafy persc l. T6e Rsgabcans how
ever, will restore the old days wneh eacn year
to fall back on the income tax, Instead Of taxing
the 0esner through the invoice ana ,b n ,ar taxes h
Republicans vii recy all that That is Gny Am an
under the rising sun OF Republican rule
AN UNFORTUNATE DECISION
! Russell Sage said: The decision is going TO
commend itself TO the approval of intelligent peo-
PIE of the country one part of the law Is declared
unconstitutional. while the other is EFT Undecided.
! think there must be a great deal OF lee'lhS
against the law in consequence Of the finding OF
| the Court While most people will make returns
under protest. it is likely that new legislation 1e-
| gardng the unaffected part OF the law VIII be
sought. The easiest way out OF the dihcn'V APP
pears to be to suspend the action of the law until
| Congress reassenbes. Then tho people Will submit
! 10 whatever conclusion that body reaches. The
opinion of the Court Is practically against The whole
| law. The measure. N the first pace, did not COM
mend itself to the country or the President ana does
not now to the highest in the land. 1t might
| be well to have extra session or Congress ana
| have done with the subject
Henry Clews said this:
| Il think unfortunate that the portion OF the
| Income Tax law which sustained should have
| been by tie vote. II will cause increased ais
satisfaction the part of the taxpayers. 1t leaves
grave doub, in the minds OF most people as TO the
consttutonality Of the Law II half o: the Supreme
Bench judges share in that doubt. why should not
be general with the taxpayers? l. therefore doubt
| whether any will be willing to pay n large
| amount of income tax under the
|
admit OF its being again recovered as result OF
| future reversed decision. 1t is also unfortunate
that number Of the men with the largest incomes
| in the country through the inheritance Of real cs
tate exempt from paying any tax on their great
| incomes. while who make their incomes
| through their daily efforts compelled to
| pay tax on the incomes derived. i makes a
most unfortunate. u1-American distinction, and IN"
that will make the income tax most distastefdi
all American people. with the exception OF
the large landowners"
f. O. Leach. vice-president Of the National Union
| Bank. and ex-dircctor of the Mint made the fol-
lowing remarks the decision: II regret that the
Court did not declare the whole law unconsttu-
tional 1t is high time 10 put limit all Popu-
istic measures. and the decision leaves the Ia"
Evan Thomas, eX-presidcnt Of the Produce Ex-
change, said: The decision means that the law IS
void in respect 20 the feature which its enactment
was most intended 10 cover-the great incomes and
fortunes derived from Land values As 1t Is TIE
receive salaries. 1t will hurt clerks and profcs-
a
People who can afford to buy real estate and to
invest in bonds will get of
business mems democratic rarades in Prcsident
Clevelands two campaigns said this: 1t strikes
men of whom /, ought to hit
William sherer manager Of the Clearing House
Association. thought the decision unequal and n
just. and one which would help to defeat the cleo
ton OF another Democratic Congress.
National Bank said The decision Win hurt those
Mayor strong declined comment the de-
csion Yesterday saving that ne had not mad time to
look into IT, as he should prefer TO do before giving
an opinion on II.
THE COURT DID NOT co FAR ENOUGH
Controller Fitch said yesterday reading the
report the decision that the only trouble with
was that II did not 20 FAR enough THE Court
should have declared the law unconstitutional
whole" the Controller said "and have stopped
the sections which related 10 the tax on rents
and incomes from real estate. and 20 those de-ived
from National State and municipal bonds.
Il am glad. however" he added. that tho Court
decided that the incomes from city bonds
not subject TO the income tax. The effect would
have been injurious t. New-York City's municlpl!
stocks and bonds. This would have oeen partlcu-
larly the whore bonds held In Europe.
Large amounts are In tho hands Of European hold
The Dowager Empress Frederick. OF Germany.
has large investment IN NewYork securities. AMI
so have the princes and mobiles OF other countries.
including AuS'ria' Spain. Italy. denmark holand
ing to have foreign capitalists invest their gold in
our city bonds and give the use OF thc.r money.
suit would be to return them 20 rs
What is the amount Of Ncw-Y ork's securities
in foreign hands," the Controller asked.
II cannot tell except approx mateiy.' nc an.
swerei. FOR have never examined into IT, hu,
neighborhood Of s3ooro"o 100000" It wouh
be very nnconfor,aDae 20 nave ,hT Ionds DTIuen,
therefore pleased with that part OF the decision.
1t is A pity that the unconsti,utonaty 81 the en-
tire law was not declared
WHAT OTHER CITY OFFICIALS THINK
FRS, Assistant Corporation Counsel David J. Dean
said that he did not look the action Of the Su-
prcne Court final. The fact that the law had
been permitted stand only b. the vote Of half The
court did not foreshadow the permanency Ds tho
decision as TO the laws consttutional!ty. Another
suit Mr. Dean thought. was probable. on which tn
Cd mons of all the members Of the court might De
had resulting In either sustaining or reversal Of
IN, Alderman " NJ K 0icott Who Is chairman Of
the Finance Committee OF the Common Council ana
a LAWYER by profession said that he indOrscd IN"
decision so far It declared unconstitutional the
levy OF tax incomes derived from real estate ana
on National state and municipal bonds Il ady.s"i
all my clients 20 that effect. he said i would NE
10 the full bench declare the whole act unconst-
tutonal'
SURPRISE IN THE DRYGOODS TRADE.
Among the big drygoods houses the news Of the
ruling Of the Supreme Court relative to the constiiu-
,ionaltv Of the Income received with sur
prise While the ruling does not AFFECT the dryBoods
business any than 1t does any other business
vet the burden that has been shifted from IN"
shoulders OF the landed proprctors and the owners
Of State county and municipal bonds to their
shoulders naturally leads the business men TO make
some comment
At the firm OF f. S. Jaffr1y & Co. No. 80 Broad
way Howard Jaffray was seen. He is one Of the re-
a,yors vbo are winding up the business Of the firm
The Only comment that Mr.. Janfay made was IL
an, surprised He said that he did not care - dis
cIss The question until he looked into IT FUZZY MI
Prenckard who has charge Of the work Tor me re-
ceivers said: Does the Supreme Court take the
stand that the municipal taxes cover these estates
fhaf
tionai taxation?" IIo was told trat the Court took
the stand such taxes would be direct taxatioii
He repIed: They seem 10 SHIFT the laws arouid
almost any way these days ! think 1t VIII only
cause good deal OF Disorder. and am not able to
saw how much more trouble. -
+ g; Tent of the firm Of Teft, Wnler d Co:
said: Il have Just read this article put nave not