The river press. [volume] (Fort Benton, Mont.) 1880-current, 1906-06-06
VIEWS ON WEALTH TAX
How Financiers and Others Re.
gard the Presidents Plan.
POLITICAL SCIENTIST Is FOR IT,

POLITICAL SCIENTIST Is FOR IT.
Professors Giddings says Something
Must BE Done to Prevent n Class
Struggle-Trust Company Head OPP
poses the Suggestion, While IrOmi.
nent Banker FavOrs It-Admirer Of
Mr.. Roosevelt Sees In His Muck
Rake Speech some Views That He
Held EARLY I'm His Political Career.
Few Wall street bankers and brokers
cared the other day to express their
views on President Roosevelt's propos-
ed inheritance tax, says the New York
Evening Sun. The attitude Of most of
the presidents Of the big banks was
expressed by President Samuel Wool
verton of the Gallatin National bank.
who said:
II am not prepared to express any
opinion just yet. I want to sit back
and watch"
President King Of the Union Trust
company declared that he didn't believe
any Of the trust companies in New York
were doing much worrying over the
presidents plan to prevent the hand
ing down Of enormous fortunes from
father to son, deeply interested though
the trust companies were In acting as
the trustees Of ~beQueathed estates.
II don't think President Roosevelt's
speech merits serious consideration"
he said. Certainly I don't take it
seriously. 1t will be time enough to
comment on the feasibility Of his in
heritance proposition when it has TAX
en- more definite form. As yet the size
Of the fortunes which 1t Is suggested
should be taxed has not been men,
toned"
Mr.. King was asked what he thought
the limit should be.
IF the tax is to be enforced at all
it had better be enforced thoroughly"
he replied. "Why not begin with es-
tates worth 5000"
I. n. Seligman, the banker, expressed
himself as enthusiastically in favor Of
all the ideas advanced by the presi-
dent.
ut seems to me-" said Mr.. Seligman.
that what the president said showed
4 leaning on his part toward the even
tual enactment of an income tax, which
[ believe Is the most ideal sort of tax
sver devised. Hitherto the people Of
this country have considered an in
come tax as too inQuisltorial and as
savoring q little Of socialism and have
therefore been opposed to II. But in
time I think they will come to see the
Justice and benefit to be derived from
It. I heartily subscribe to all that
President Roosevelt said about the
nan with the muck rake.'"
An intimate friend and q great ad-
nirer of President Roosevelt who Is
aow in New York professed to detect
in the presidents latest utterance a re-
version to some of the opinions held by
aim at the outset Of his political career.
president Roosevelt as a young
man," said this admirer of the presi-
lent, twas always something Of a So.
ciallst-a Socialist, that Is, l mean, In
his belief in the more equal distribu.
ton of wealth. The concentration of
wealth Is the greatest danger this coun-
try has to face, and President Roose-
welt realizes 1t as we'll as any one.
Americas position today resembles
somewhat that of Rome just before the
commencement of her decline, only in
Rome 1t was the officers of the govern
nent who held the bulk Of the money
oower. In our case that power Is in
the hands Of our merchant princes.
1.-THE wealthy among us are fully as
luxury loving and self indulgent as
the patricians of Rome. and we have
to face the same danger of a debased
and debilitated upper class. If things
go on as they are. there has got to be
an upheaval soon. To prevent that up
aeaval Is the object of President Roose-
velt's suggestion. His views may seem
radical now, but in a few years they
will be regarded as extremely conserv-
alive.
III what the president advocates is
carried out its effect will be most far
reaching. 1t will mean that in future
the rich will practically support the
state. The poor and those In moderate
circumstances will hardly be taxed at
all.
when at last the end aimed ut is
gained and the amount is more equal
y distributed the government will be.
come a more paternal institution than
it is now. There being no men Of CO.
lossal wealth left, 1t will be the gov
ernment which will have to undertake
the schemes for the country's improve
ment. It will be the government that
will build the railroads instead Of the
Goulds and Harrimans. 1t will be the
government that will build the public
Libraries instead Of Andrew Carnegie.
The presidents plan, If carried out
stringently enough, must eventually
bring about municipal ownership"
Professor Franklin H. Giddings of
Columbia university, an authority on
political science. came out In hearty
support Of the presidents programme
as to rate regulation, federal licensing
"a -