Evening star., 1901-11-21

the war revenue act requiring the payment
of a stamp tax upon sales of shares or
certificates of stock.
The delegation was composed of George
c. Thomas Robert NJ. Jarvis and Mortimer
C. Wagar, and they were accompanied by
Frank d. Pavey.
In December of last year the exchange
presented a petition to President Mckinley
asking him to recommend relief from this
taxation The petition declared that the
tax was an injustice and that in many
cases it amounted to more than the entire
incomes of those Obliged to pay 1t.
The petition to President Roosevelt goes
on to say that Congress having failed to
make any notifications of the law, large
number of brokers decided to make test
case to determine the constitutfonallty OF
the war revenue law in so far as 1t inn
poses tax on the sales Of shares or GER
tificates of stock. Mr.. George c. Thomas
was chosen to make the test. He omitted
to place stamps upon the memorandum of
sale made by him on the 18th of May,
1901, and gave prompt notice Of his failure
to the internal revenue agent in and for
the second district of New York. The
agent reported the violation of the law
to the commissioner of internal revenue,
and recommended that Mr.. Thomas be ar
rested and prosecuted. Mr.. Thomas, how
ever, was not arrested until the I'd day Of
August. He was then held to await the
action of the grand jury, and al :adict-
ment was found against him on the SIN
day of October. A final determination of
the case, because of legal errors, cannot
be had until after the adjournment Of the
next Congress. "We therefore, appeal to
you. as the President of the United States
says the petition, Ito consider more fully
the arguments which We have orally sub
mitted to you, and which we would briefly
sum up as follows: First. The war revenue
law, in so far it imposes stamp tax
upon the sales of shares or certificates OF
stock, is class legislation, because 1t al
fects the few and allows the many to go
free. 1t is an enormity, and tax upon
the industry and business activity of the
country. The same certificate of stock
may pay a tax ten times more a day.
and may, during its life, pay more than
its whole market value in taxes. This Is
cumulative taxation, and manifestly un
fair and unjust.
Second. The tax is sectional legislation
because the citizens of New York are
obliged thereby to pay very large propor-
tion of the amount received by the govern
ment in taxes
Third. 1t constitutes a direct tax upon
personal property, and as such should be
apportioned among all the states.
We would especially emphasize the
heaviness CT the burden which this tax
places upon our room traders The mani
fest injustice of compelling these men to
pay a tax out of all proportion to their
capital or income must be very apparent
to you. Many have had to pay more in
taxes than their total net profit each year,
and more than their entire capital. Room
traders taxes run from $4,000 to $4,000
per annun1. We assert that no set of men
can live under such a burden of taxation,
and that this great nation is rich with
growing surplus and does not need to i'm
pose tax that practically confscates the
property of one class of its citizens"
The President asked for some further
facts and said that he would consider
all that had been said to him.
The Tien Tsin University.
DR.. Charles D. Tenney, president of the
Tien Tsin, China, University, called on
the President today to pay his respects
DIR. Tenney is here to ask the United
States government to interest itself in re-
storing his university property to him.
The Tien Tsin district is still under mill
tary control, and the university buildings
are occupied by the German troops, who
refuse to get out.
DR.. Tenney desires to reopen the uniVer-
sity next spring. He is going on to Ger
many to present the matter there. The
university is largely dominated by Ameri-
cans, President Tenney himself being an
American. The university property is vest
ed in Prof. Tenney, who feels that he can
ask his government to aid him.
Duke de ARGOS, the Spanish minister was
received in the blue parlor this morning
by President Roosevelt. The Spanish min
lister will soon go abroad and desired to call
before doing so.
Senator Burrows this morning asked the
President to appoint Julian Wilcox of
Michigan as a cadet in the Naval Academy.
Young Wilcox is a son of Orlando b. Will
cox, who was the colonel of the 1st Michi-
gan Regiment in the civil war.