The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-08-14
adjusted that there will be no danger


adjusted that there will be no danger
OF losing IT,"
Great Fortunes and Their Dangers.
Il know we are rich, Mr.. Speaker
But are we not growing too richf Are
you not alarmed at the growth OF ths
great American fortunesT'
NO. Most of our great fortunes
have come from small beginnings. They
are the result of the brains and indus
try of the men who own them, and
when their owners die they will soon
disappear. l know many OF the multi
millionaires of today.
Take Marshall Field. When first
saw him he was a boy clerking in a
store. He is worth many millions now
John Rockefeller. who started life poor
10 said to be worth hundreds of mil
lions and the same Is true of Andrew
Carnegie and others. When those men
die they cannot carry a dollar away
with them. Naked came they into the
world and naked shall they depart from
1t. That fact exists today as It did
In the time of the Scriptures
Yes" said I, but the fortunes still
remain in the families
Not long" replied Mr.. Cannon. "It
is an old saying that 1t is just three
generations from shirt sleeves to shirt
sleeves. 1t is impossible to tie up for
tunes so that they will remain long in
the hands of ones descendants. You
may remember the case of old Thule
son. who died about two hundred years
ago. That man was enormously rich
in his day and he willed his fortune 40
that 1t should be kept intact, and in
vested and re-invested for generations.
and at the end divided among the heirs
His will was contested again and again.
but in vain. The result of It was that
the English Parliament made law
that no man could dispose OF his prop
erty for longer than the lives OF his
descendants in being, and for twenty
one years thereafter. That law has
been adopted by nearly every other
country. 1t is part of the laws of
every one of our States.
Taxes for the Rich.
such things. however, are, after
all. In the hands of the people," con-
tinued the Speaker 1T is they who
make the laws regulating the accu-
mutation and continuance of wealth
In many of our States there are now
Inheritance taxes graded according to
the size Of the estates OF the deceased.
There may be no tax at all on the
FIRST 100000, one per cent on the second
$50. 900, two per cent on the third three
on the next. four on the next and five
per cent on all of the estates above
800, 900. The people can IL they will
increase the amount of taxes paid ac-
cording to the bulk of the property
owned by the individual tax payer. I
do not say that they should do so, hut
they have the power. and II at any
time great fortunes become dangerous
some way will be found to reduce or
distribute them.
N f-,,r Ior 30 IN
Cannon, II do not ,deprecate great for.
tunes. So far I think they have been
for the good of the people. 1t requires
great capital to do great things. and
the masses are enormously benefited by
the enterprises of the rich. am only
saying that the people have the power.
and that. after all, the future Is in their
own hands"
The Government and It's Expenses.
1T seems to many. both rich and
poor, Mr.. Speaker that our taxes are
very heavy now. Are you not alarm
ed at the increasing expenditures of
the Government"
mo. We spent last year in round
numbers something like 500. 100000 OF
over 100000 for each working day of
the year. Tho sum is enormous. but
you must remember that this Is an
enormous country. sdoing an enormous
business. Oar business Is growing
much faster than our population. Ac-
cording to the postal receipts it has
increased 100 per cent since 1860, and
1t has doubled within the past ten
years. We are also doing more In the
work of human progress than any 9TH
er nation on earth, and. whether will
ingly or not. as we ourselves are con
cerned. our sphere Is constantly Wild
ening. We have become a world power
ana we must accept the responsibilities
OF a world power. We muat have a