The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1901-02-07

tician, no sooner takes Roosevelt's
place than, without single prelimi-
nary flourish. he notifies the public
that he proposes to exert his influence
to secure legislative abolition of all d.
rect taxation for state purposes. Last
year direct taxation cost the people OF
the Empire state for schools, canals
and general purposes $40, 7o4 1888 and
Odelrs purpose is to take this bur-
den off real estate and put 1t over upon
the corporations.
His plan in detail contemplates
tax of per cent. upon the capital and
surplus of banks and trust companies;
a similar tax upon the surplus of saw
ings banks and upon the capital and
surplus of insurance and title guaran-
revision of the law taxing corpora
tions upon their capital and dividend,
with "a minimum of Ia mills on each
dollar of authorized capital stock OF
companies organized in New York,
said tax TO increase a quarter of
above 6 per cent, except in the case of
manufacturing corporations whose
plants are located within the state,
they being exempt: likewise the exac-
tion of this tax from foreign corpora
tions doing business within the state,
assessment to be proportional to as
sets within the state; and finally the
retention of present taxes on the gross
earnings of transportation corpora
tions.
How far this plan will affect the
pocketbooks at which 1t Is aimed can
be conjectured only. The Albany cor
respondent Of the New York Herald
says II is expected to produce, with
present receipts (sl3,0O0, ,000) for state
purposes from indirect sources, $22,-
100000 year, the s9,eOO,OOO Of extra
revenue being distributed as follows:
Tax on insurance companies, sl,7OO,-
600; on savings banks, $500, 900; on
national and state banks, $1,000, 900;
additional on corporations. $4,000, 900;
and on trust companies, sl,40000o. "One
of the most benefcent results" this
correspondent adds, "will be to prevent
the watering of stock. because every
share of water will be as much sub
tect to taxation as a share of actual
withdrawing capacity. No corpora
tion can afford to increase it's capitali-
zation beyond bound when an mex
orable tax collector is lying in wait to
levy tribute on each share of the in
tlated issue"
All kinds of explanations are afoat
as to Governor Odell's motive in bring
ing this sweeping scheme of increased
corporate taxation into view. Some
say it is bid for a better understand
ing with the big financial interests in
New York city. Others allege that 1t
is gallery play for the purpose of
disarming the political strength of the
-president-elect, which largely
turns upon his strenuous insistence
upon the franchise tax Yet others
contend that Odell is proceeding de-
liberately to train as an antitrust
candidate for the presidency three
years nenCP. Inc most plausible eX-
PLANTATION is that he is proceeding with
honest motives to work out a practical
solution of the great problem of un-
equal taxation. recognized by every
body to be one of the most important
and difficult problems in the pathway
of government. How he will succeed
remains to be seen. The power which
will be massed against his programme
at Albany, represented by more than
10000 corporations with a total capi-
talization of many billions, will be al
most inestimably large and when it
will not dare to hazard open opposi-
tion 1t will work along the far more
effective lines of securing amendment
and delay But it is something to know
that in the stronghold of corporate
wealth there is courage enough among
the men in public life to undertake
the equitable revision of taxation and
thus to disprove the pessimistic asser-
tion that all manhood in politics is
bridlcd.