The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-05-31

THE SCARCE MONEY nuGABoO.

The New York Mail and Express In com.
menting ON what 1t is pleased to character
lie as THE Organized revenue bill" rays:
The corporation tax, including the tax on
bank deposits, which has been embodied I'm
tho senate amendments to the war revenue
blll, would do more 10 check the Industrial
Development Of tho South than any other
measure mat human genius could devise. But
1t would bo disastrous and oppressive to the
whole country. for the reason that II would
stiiic enterprise aud make money scarce BY
driving II out Of sight where the tax could
not reach It, Senator Gallery rotes 4 agai1st
THIS pornicious measure Is the voice of Il
brohd- minded business man who SD AXIS for
the highest Interests Of Southern progress.
The exemption OF. the corporations and
bank deposits from a proportionate share
of the burdens of taxation made necessary
by our presert complications with Spain
Is both In effect and intent species OF
class legislation. II the various industries
of the country are to escape TAXATION the
burden OF the war will then fall almost
wholly upon the consumers Of such articles
as the government may see proper to levy
an internal revenue.
The depressing effects OF tax on bank
deposits and corporations to the industrial
development OF the South are particularly
and unduly exaggerated. The additional
revenue made necessary by the present
emergency OF the government viii doubt
lessly have Il somewhat depressing effect
can not be improved by drawing 1t entirely
from class OF our citizens instead of the
country at large, and the general incrCasr
In the cost OF living TO result from fur
Their taXation OF commodities will be d
source Of Infinite dissatisfaction to the PEG
pie aud productive of far greater evils
than the so-called "Bryanized revenu,
bin"
The criticism OF the Mail and Express II
at least a soft impeachment OF the patriot
ism of the promoters OF manufacturing anC
Industrial enterprises, since it labors u
emphasize the idea that taxation to be OF.
icutive must be levied so as to make 1t i'm
possible to escape It. But 1t overlooks tn
injustice and far more disastrous conse
quences of placing the burdens OF the wa
altogether upon the laboring classes, whlol
| would be the effect OF an increased taxation
| Oh commodities unless tncrc was hu al
vance In wages to meet the additional cos
| OF living, which viii not be made.
| The return on the investments OF capita
would thus remain the same during tn
war while the return to those who labo
would be considerably diminished by an In
crease in the cost OF living. and this Is Oh
vlously contrary to the American idea O
justice and fair play. 1t Is true that q Ia
on bank deposits will somewhat check tn
spirit Of investment. but in calculating tn
consequences of the respective revenu
policies II is not difficult 10 see that tn
least evil will be endured by an equitabl
distribution OF the burdens Of taSatio
throughout the entire people The theor
Of our government Ia not that OF the great
est good to the greatest amount of wealtl
but the greatest good to the greatest nun
Der OF people, and II that principle be NJ
cepted as good democratic doctrine II wi
be impossible to Justify the exemption
bank deposits and the corporations from
proportionate contribution to the fund
that will be needed to sustain the govern
ment iu Its present troubles with Spain.