Middlebury register. (Middlebury, Vt.) 1886-1937, 1897-04-16

We bring these points up merely for
the purpose of illustrating and enforc-
ing the statement that 1t Is competent
for the state to decree by statute the
conditions under which the property of
one Of its deceased citizens shall come
into the possession of those who are or
dinarily considered his heirs. Thus, for
example, the Legislature might pass a
law that the widows share should form
larger percentage of the estate than it
does at the present time, or that if the
deceased had a father or mother living,
third of the property should go to
them. 1t has this freedom of action,
for the reason that the estate, personal
and real. of deceased citizen has no
proprietor except the state until the
state permits others to come in, and,
under such regulations as it may see
fit to impose, assume possession.
1t is clear from the foregoing that it
is competent for the state to reimburse
itself as it were, for the services 1t
to the property from one person to an
other. 1t Is also legally possible for the
state, if it is so minded, to take upon
itself the duty of endeavoring to in
some way equalize social conditions if
it believes that under the operation of
existing statutes, or under existing con-
dltions of business, there is an undue
tendency toward disparity in wealth.
The plan which has been adopted in
New York is simply an adaptation of
methods that are in use in England and
Australia, to say nothing of other coun-
tries that is, the imposition of a grad
uated succession tax.
In some of the colonies of Australia
an estate valued in probate at S2,000,-
600 or S3,000,000 has to pay to the local
treasury tax of II or 10 per cent. In
England the tax upon large estates is
S per cent, while there, as in Australia,
the small estates contribute nothing IN
this way. The New York method is
more radical than the English, but is
apparently less radical than the Aus
tralan system. The tax is progressive;
that is, after an exemption has been
made, it passes up gradually in the per
cent demanded until the larger amounts
are met with.
We think we are making a fair iudg-
ment of public opinion when we say
that this is the line in which tax reform
is likely to proceed during the next few
years, we hope in our state as well as in
other states. If in Massachusetts it
could be arranged to have no annual
tax placed upon personal property, but
a large and progressive tax placed upon
this form of wealth when passing
through probate, we believe that the
system would inure to the general bene-
fit of all classes of our citizens and
materially aid in our business develop
ment.- Boston Herald.
WHEN HAS A COUNTRY MONEY ENOUGH ?
When general prices are substantially
stable there is money enough and not too
much. All the money which circuates
and all the property for sale are recipro-
cally the supply and demand for each
other. When the volume of money in
creases faster than business, general
prices rise; and when the volume of
money decreases general prices fall.
General prices furnish the gauge or
measure of the quantity of money re-
Quired for legitimate business. The val
ne of each dollar, or unit of money, de-
ponds upon the number of dollars, or
units. Money measures the value of all
property by volume, while a yard.stick
measures by length. There must be
more than one point to measure distance
and there must be more than one object
to create value. Value is estimation of
the relative utility of different objects.
The value of a dollar is what it will buv,
and what it will buy is the value of
dollar. Parity between different kinds
of money will take care of itself, and is
too tritling for consideration. The only
parity required by monetary science,
and by justice and fair dealing, is parity
between money and property. The pres
ervation of parity between money and
property, that Justice may be done, is the
end and aim of all monetary science.
-LSilver Knight National Waterman.
JAPAN.
We do not know positively whether or
not Japan has adopted the gold stand
ard. If she has, and ceases to coin sill
yer and makes all her money redeema-
BILE in gold alone she has entered upon
the road to ruin. Her ruin will not be
immediate, because it will take some
time to get rid of the silver she now has,
or to curtai or limit her paper circula-
ton to make the value of her money
equal to gold. If the gold trust is really