New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-05-21
NEW.YORKERS PLEASED.
-t,r, DECISION OF THE SUPREME COURT
HAILED WITH PLEASURE.
.,,,prss1oNs OF DELIGHT THAT THE INCOME
TAX LAW HAS BEEN DECLARED IN
CONSTITUTIONAL.

rhe banking community in this city was oe-
,h,ed q, the income-tax decision and was proiuse
a. its CONGRATULATIONS to Johp. g. Moore OF 'he
,rirg bouse Of Moore & Schey. who began the
c,,a,ion 10 test the case in the courts. me
honkers do not think that the decision VIII make
oro,her bond issue necessary al once. or IN iac'
.h,s wear as they believe the Government mas
nougb money TO run along on for the present
sesnte the fact that expenditures continue to eN-
eed receipts The leading men in Wall street ga
"a, think that the present decision would be Srouhd
an which to make claims for money paid IN 10
,hs Government account OF the wartime IN
come tax Opinions given herewith showing
me feeling in banking circles over the great vic
Tory which the decision carries.
7 Edward simmons president OF the Fourth Ma
tonal Bank had this to say:
.~rhe decision OF the supreme Court declaring
tho income tax unconstitutional have only a
beneficial effect 1t insures the frugal and In
dustrous against the depredations of the pTolieae
and the idle. and II demonstrates that the COM
munistic and Populistc element that has been
conspicuous OF late in Congress legislation ca'ho'
override the Constitution OF the United states
The Constitution built upon the Declaration
O. independence. which demands equal rights for
all men | predict that many years
will have passed before another Congress attempts
TO destroy this Constitution which is the bulwark
OF the people
HENRY CLEWS'S OPINION
Henry Clews's opinion expressed as follows:
case is exactly what had been hoped for and
expected by those who familiar with the Con-
stitution OF the United States. 1t would have been
a most unfortunate thing for the country IN the
end II it had been sustained. because it un-
Just especially after eliminating the incomes de-
rived from rents. for tbe very people whom the
trainers OF the measure intended 10 rope in 20 pay
a tax upon their incomes the lords of the
manor. This decision applies only TO the case be-
fore the Court. and is in way connected with
Ia law M ana oh of.
testing that measure. because those who paid the
tax al that time did 1t cheer:ully. it a
contribution to maintain the armies the field
who fighting 10 7erpetuaie the Government
OF the Nation. Patriotism involved in that
case which is in the present one. The condi-
tions are entirely different and public opinion will
not uphold anybody who will seek. based upon
the present decision. to recover taxes paid under
the previous Income Tax law. levied for war pur-
poses
John A. Stewart. president of the United States
Trust Company. said: The decision IS a very happy
one for the entire country. and (; is the only osl-
cal one after the Supreme Ccur, had emascu.ated
the law they did by their first decision. II seems
TO me that for TINS the peope who
advocated the law mus; now be Pleased by this
last decision. for II apparent tina; the first
decision made the law powerless TO reach those
persons who should have been taxed. can see no
reason why a bond issue should be made necessary
by the decision The which the Treasury
1t would have made little difference The effect OF
the decision will be felt beyond the boundaries OF
our own country II VIII So show that this trade
against properly which is being raised on all sides
by Populsts and Socialists may be carried 10 a
certain length. but further. There is an au-
thori;y higher than legislatures.
Joseph c Hendrix. president Of the National
Union Bank. and formerly member Of Congress.
said: IL much gratiAcd with the decision. for
Il settles at the the theory Of the Popu-
lists that the taxing power OF the Nation may be
turned like a flexible hose in any direction Con
gress sees fit. AS one OF the Democrats who voted
against the tax in Congress at every stage Of It's
progress feel that there is ample vindicaton for
our course. 1t piece OF legislation conceived
IN spirit 50 cut Of keeping with fairness, equality
and justice that its early death is cause for re-
joicing"
A. B. Hepburn, president OF the Third National
Bank said 1T is very fortunate for the country
that the decision made at this time II Will 60 fax
toward reassuring the business interests OF the
country and allay the class feeling which has been
so sedu,ouslv and earnestly fomen,ed by many. 1t
will be a relief TO the moneyed interests o. the
country to know that there is point beyond when
Populstic sentiment. even when in control OF !ess-
laton cannot CO.
NJ Commerce said: THE American people should
be CONGRATULATED on having escaped from the most
dangerous and Populistic law which has ever been
enacted"
GREAT CREDIT DUE THE COURT.
O I.eech. vice-pres!dent Of the National Union
Rank said: 1T is greatly 10 the credit OF me
sunrene Court that its judges have not hesiia'ed
. r,nosa tho powerful protection Of that tribunal
n save the country from the odous Popu-stc
income tax -, -
pusseu SAFE said: The decision means the be-
ginning OF the downfall Of Popuiism ana extreme
sectionalsn. 1t will elevate our creo' WIN
Powers. whsn they see such display OF integrity
in courts. - r.o,.
samuel sloan. president Of the Delaware Lac"a-
o. wanna and Western Railroad. said: EVERY s'ui-
th,nrInr man svnpathzes with the judges VINO up
&c, the Income Tax law. IL Is soou '''''e
business am heartily glad. vi,
Thomas p Fowler president OF the Sew W. orr a1,,
Ontario and Western Ralrqaa SAD snreae conri de-
csion II il had been otherwise IL wouG n"se 1 Sc
the gates for oppressive caI standing Of our
rajsrcssa @orrorstons ard indirectly lhJuiea ~ ,
the sogh ana s MeS nev sasy go any iu
thsr. however and 60 not loon '0'
MIR. DEPEw DELIGHTED.
- =, ,,o,, vas ceelir- n excellent spirits
5000, o,,er the decision OF Supreme Court
Ne said: THAT was pretty good news 10 "'e.
avn m bo,h sides OF the fence on ms q''S'oi
When the Jaw first proposea' d. 1..,o,
declared 1t to be. in my opihioh' ,,
When II was before the Supreme Co"'' :,
said that | believed the Court would sustain 49,
said that because thought the Court. win Ju''ca'
loyalty TO the Treasury OF the United states, ia +.
not see any source OF revenue cut on am go
see this decision and think II VIII De t zoo, ~. -,
OF us The law was certainly bad enousH n' -
first pace but under the finding previous ~ y.t,s
DAVIS decision II made II simply me mos. . "a,
measure one could imagine. II - wei 'hat II w."
obierated." , 49, ococ, y
the declsion of the Court lie said I'VE nave q.
made our returns and. Ike loyal citizens Won y,
have maid the tax. The law declares IL uhcoi".'
tu,ional and We are freed from our op-GatV an
at the same time have the comfortable IeeI..s -.
having done our duty. Our returns are m pu' y"
have no, paid "A dollar OF the tax That was nv. u,
TO be paid until july We are now iree rom '""'
ane will not need 10 pay cent. 49,, . 49,, -
Mr. Depew was asked about the ilea OF ,he -
tax during war times. ana II me td@pa,yo