The National tribune. [volume] (Washington, D.C.) 1877-1917, 1903-01-15
L1Mrr1nc pRrvArs FORTUNES.

Qu1te number OF writers OF more or
/ less ability have advocated a legal limita-
, ton of the amount of money that any
man should be allowed to accumulate, but
not in recent yesfs. at least. has anyone
made serious attempt to embOdy his
ideas in the laws of the land. Now this
constituent of Representative Griffith, at
whose request MIR. Griffith has introduced
the following joint resolution proposing a
Constitutional Amendment:
i Whereas the private fortunes into
which the national wealth is being con-
gested, gigantic Though they be. are as
yet only in their infancy; and, being
transmitted practically incorporate and in
tact, these fortunes are in process of re-
doubling, by compound interest and COM
pound dividends, from the present hum
dreds of millions of dollars each into
eventually thousands of millions of dol
lars each, already an offense against pub
lie policy, simple justice, vital religion.
and common sense; and
Il Whereas the trainers Of the Constitu-
ton would undoubtedly have provided
some such limiting article could they have
foreseen the need: and
Whereas there Is no reason why covet-
BUSINESS be the one privileged license and
peril. with no legislative barrier nor ban:
Therefore, be it
i Resolved by the Senate and House of
Representatives of the United States of
America in Congress assembled two
thirds of each House concurring therein).
That the following article be proposed to
the Legislatures of the several States as
ap amendment to the Constitution of the
United States. as part of the Constitu-
ton, namely:
l T. &.
any or all States, Territories, or District
comprising the United States shall be per-
mitted to possess, in any OF all kinds of
property, an aggregate value of more than
S1OOOO0OO, which sum shall be the
limit of private property in or for
any individual. joint individual, guardian,
trustee, agent, or other form or device Of
private estate ownership, or reserved for
each inheritor or legatee. And when
ever Or wherever such aforesaid private
ownership, or holding. or trustship. or re-
serving shall be found to exceed, in
amount of property concerned, the limit
above named. the excess shall all be con-
demned, whether or not as public nui-
sance, public folly. or q public peril
United States Treasury. And the States.
and so forth. shall, each and all, enforce
this amendment by necessary or penal leg
islation, failing which. in any instance.
Congress shall SO enforce it."
The first thing that strikes one In this
proposition is the very liberal boundary
he has placed upon private fortunes.
What ever may happen. this country Is
not likely to be infested. so to speak, with
men having fortunes so large as $4,000
600. If he had made his limitation one
tenth that amount It would have struck
the popular fancy a great deal harder.
The next thing Is that the proposer has
had evidently little experience with the
operation Of our present Tux laws. or be
would know how elusive a mans wealth
becomes when the Assessor starts out to
find it. A man may be rated in the COM
mercial agency as worth a full round
million, while the Assessor. try as hard
as he may. can find but few beggarly
thousands. II would be interesting to see
such law tried and commission named
to consider whether such men as Morgan.
Carnegie, Rockefeller, Gould. Vanderbilt.
ct al, shall be CONDEMNED as public
nuisance, public folly. or public peril"
| The proceedings of such q commission
would certainly afford good reading for
the newspapers OF course. there is no
probability Of the serious consideration of
this scheme. 1t has had all the publicity
it ever will have. and the resolution will
have an undisturbed sleep in the pigeon
holes of the Committee on judiciary to
which it is referred.
Seriously, there Is a much surer way of
dissipating these enormous fortunes than
by any law which Congress can pass.
The heirs will take care Of that, and
probably the lawyers Will assist them.
| The old Greeks made grandson the syn
onym for spendthrift. and human nature
has not changed since then. Some one
has said that 1t is three generations from
shirt-sleeves to dress-coat. and about three
| generations from dress-coat back to shirt
| sleeves again.
The best thing with regard to these
great private fortunes is the Inheritance
tax which New York. copying from the ex
perience Of some European countries. has
been trying very successfully. with great
increment to the State Treasury. There
are very strong theoretic and other con-
siderations against any limitation as to
the amount Of money a man may make
by his brains. energy. and foresight. This
wealth is considered a legitimate reward.
and il is not public policy to interfere with
it in any way. But such reasoning does
not obtain for those to whom death trans
mits what others have accumulated. The
State may not take from a man anything
which he has earned during his lifetime
but when lie can no longer use it it may
insist on a share of that which passes
to his successors. The State of New
York is very well satisfied with the opera
ton of its inheritance tax law, and it is
likely that other States will follow its ex-
ample by similar legislation. This form
of tax involves the old requirement of
getting the most feathers from the fowl
with the least squalling."
MANNED SOLDIERS ACT.
| -, 81