Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1899-10-13

trOm the OF I6Qeral
The latter is one Of the crying evils
OF the times. The whole tendency OF
federal Legislation has been TO ex.
empt accumulated wealth. The
wealth OF the country has been for
years rapidly drifting into corpora
ticus.
Stocks in corporations represent
more than any other property, ;he
surplus wealth OF the country. for the
man aho has a share o; the stock has
something which he has accumulated
over and above his current wants and
expenditures, and the best method OF
reaching the surplus wealth of the
country /. by taxing the corporations.
Although restricted by the income
tax decision the field OF federal taxa
tiun is still a large one, for IT en-
braces all the transactions OF business
aud though the real and personal
property OF a corporation and the in
come therefrom cannot not be direct
ly reached, yet every transaction in
which such corporations engage may
be made the subject OF taxation by
the federal government. and the tax
IS imposed may be classified i'll such
a va. as 10 restrain unions OF capital
in their m~cuopoiisiic ief5s5c:co-
Legitimate sphere OF Corporation
The ordinary producer. having but
one factory, cannot afford to set into
4 controversy with his employees FOX
that would Involve an absolute cessa-
ton OF the wors OF his enterprise. 4
corporation owaIng a dozen factories
can easily operate eleven whilst II L.
engaged in bringing the operatives Of
the twelfth to its terms. and thus.
step by step, can bring about q re-
lducIon o. wages throughout all o!
its twelve factories. So also, having
destroyed competition, II can raise
the pnce OF its products and thus in
crease the profits OF capital both by
diminished wages OF its empIo.s
and increased prices charged to its
consumers.
II can also destroy all competition
by selling it's products below cost in
the territory Of competitive opera
ton, retaining it, prices in the field
Of its monopoly. and thus, without
loss IN the aggregate, yield TO q local
iZed loss which sill destroy all com.
petitiye enterprises. Thus the iudi.
Tidual stands no chance against the
corporation. and IndiTidualism is
practically destroyed.
Tax Accumulated Wealth.
The purpose then OF federal legis.
htiOn upon this subject would be to
reach accumulated wealth and at the
same time protect indiriduaIisn.
Taxes. therefore, imposed upon the
Transactions OF corporations, will &C.
cOmplish both purposes. They viii
reach accumulated wealth and they
Will protect iDdIvijualism, for the in.
diyiduaI, freed from the handicap Of
such taxes, may be able to hold its
own. and thus the handicap OF the
tax will preserve the equilibrium
between individual enterprises on the
4 hand and corporate enterprises
on the other.
The first step should be the organi-
cation Of q Bureau Of Industry. ome
what resembling that OF the Bureau
OF the Controller Of the Currency, to
which report should be made by all
corporations, showing the amount Of
their capital stock. their bonds, their
income, their transactions, the nun.
Der Of operatives employed, the wages
paid and all the other data which in
time will present a mass Of statistical
Information that will aid and guide
legislation. Publicity itself will do
much IN the way OF correcting evils,
for definite statistics will suggest
definite remedies.
Time for Decisive Action.
The PAYERS Ui the federal govern
ment relating 10 taxation and inter.
State commerce in connection with
publisher report8 should be ample TO
meet every difficulty. No time should
be wasted in academic discussion rs
to the precise evils that nay result
from unions Of capitul. or, rs 10
whether such evils have az ye. been
realized.
Accumulated wealth should con-
tnbu'e than il docs to the fed.
eTal revenue. This is a sufficient
reaFcn t0F commencing Immediately
with cOrpOratiODs. ever IL, as is clam.
Cd. the evil 81 unions Of capita! are
Imaginary. The machinery being
prepared by Law, the evils can be
taken hold Of If they arise. and taxa
!iOn can be RO levied AZ to restrain, II
that only ia detirable, or 70 destroy,
IL relief ig Otherwise unobtainable.
Very respectfully yours.
FRAYCIs 6. SEwLAYDs.
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