The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-09-12

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4 Raaaas CITY banbes-John ,. Down
ri oaak-has an dee wnsca. IL carried ouf.
he believes viii result 10 IN almost psrfecs
system Of taxation and val. In . measure
a. least. relieve THE country Of III burden
Of trusts.
Mr. DovnanG's scheme 10 msrsIy 70 con-
sinus our present system OF documsufsry
internal revenue TAI with such mcdffsco-
prove advisable. He has given the subJscs
much study and his high position In Kan
sas CITY financial Affairs gives his theory
much weight.
There could scarcely b . more esu3f-
able scheme devised for taxation for gov
ernmen;al msintensnce." said Mr. Down.
ing. than the war TAI stamp act now in
force. II 10 not only more accurate and
more easily collected than fartn tax. bat
the cost Of 10 operation 10 infinitely lesA
Much has been sad during late yearp Of
a graduated income tai TO apply TO ~
tional Affairs bat that system ID much
more expenAve and easier 70 evade than
the stamp tar.
Should the stamp tar b. continued Il
might be advisable TO change n IN some 70
spects, but from experience Of the past
year I @e very few imperfectsons In II.
by continuing the present documentary
and other internal revenue taxes. tariff du-
ties could be lowered and gradually dis.
pensed with, thus doing away with the pro-
lection Idea and throwing open our mar.
hsta 10 the worlds composition.
II was . supporter Of protective sarifR
few years ago. and stu where the neces-
sity for IL exists. but believe nearly all
Of our manufacturing industries are now
IN . position to compete with other nations.
During the past year We have largely
exported our manufactured products to al
most every country on the globe In direct
competition with Engliah, German and
French manufacturers. and II We can COM
pete successfully abroad. W. can 10 - at
home Tho tendency ID towards lower tar
IFS. and our tsrfR income - fast ieereas-
Ing. because we no longer import - many
articles ~ formerly. our own manufActur-
ers not only supplying domestic demand
but exporting 90 tho countries that . few
years ago supplied u.s. Thus. from year
20 year. the deficit between governmental
running expenses. which are growing Iarg-
er. and the tariff income. which - growing
smaller. Ia more pronounced. While the
stamp act does not pay the full expenses
Of the government. at the present time, II
war are over"
Mr. Downing then figured On some Of the
items of taxation under the stamp act with
deductions A. to the cIasses which pay the
tax
First" he said there ara the banks,
which would b the inexpensive means Of
collecting much Of the tar. The loans Of
the six national banks in Kanass City
amount 10 about "a. SO. go az the present.
time Now, the government TAX on these
notes IN 11o per million dollars. or N.900
on tho present loans by Kansas City
banks. but practically all these loans are
for ninety days and are renewed az least
four times a year. which would bring the
stamp income TO NSeo on this one item
alone There are other private hanks that
would bring the sum up TO nearly S25.nSo
TheAr loans are taker BY merchants. conn
panies etc. who can well afford the slight
additional expense involved In the trans
action.
"other hank paper. such - checks. GER
tiflca,es OF deposit. drafts. stock. etc.
bring In n handsome revenue in n year.
Outside of banks there are corporation
stocks bought sold or transferred war
ranfee deeds. real estate mortgages and
legal acknowledgements Ali require
stamps and contribute ~ the national
treasury. Nowhere II the poor man hurt.
He n rarely concerned In any OF the above
transactions save IN the case of checks.
and they are stamped before hs gets them.
II n q taH on the rich. and the burden
IL equally borne through all sradations Of
society
Mr. Downing believes the stamp tar
will he permanently maintained as
necessity