Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-06-09
PROPOSED TAX ON FORTUNES
True Meaning Of President RoOsevslts sug-
gestion for Inheritance Tax,
SCOPE AND POSSIBILITIES OF SUCH LAW
How ~ works In a Majority of states
Great Britain's Inheritance Tax,
Present Rate and Pro-
posed Increase.

rho suggestion made by President
Roosevelt at the laying OF the corner
stone Of the Office building of the house
OF representatives for an inheritance tax
20 graduated as to check the growth and
prosperity of great fortunes in the United
Estates, Is reviewed and analysed by Fred
'erlck Boyd Stevenson i'm the BROOKLYN
Eagle. The writer calls attention to the
fact that such law was in force for
four years in this country following tho
SPANISH American war, and also that the
majority Of the states now have complete
working inheritance tax laws on their
statute books. In part, tho writer says:
within comparatively short time
there have grown up In the United states
the wealthlest circle of millionaires that
the world has ever produced. The Wanted
wealth of Croesus. which is now estimated
at only so. 600, 900, would seem like an in
significant bit Of spending money to many
OF these wealth-owning and wealth-pro-
ducing multi-millionaires. There are, for
instance, seventy Americans who are
worth on an average $4,000. 900 each. In
New York City alone the estimated total
wealth Is $4,000, 000, 900, and Il is stated
that the wealth is increasing at the rate
of 100000 a day. In 1855 there were
twenty-eight millionsires in New York
city. Today there are 1000. In Phila-
delphia In I645 there we're ten millionalres
one OF the richest Of whom was stephen
Glrard, whose fortune was estimated at
1000, 900. Now there are more than 200
nillionaires IN that city. The concentra-
ton of wealth to which President Roose-
Welt calls attention has grown with the
accumulation of riches. without enter
ing into a dissertation as to whether or
not the poor are growing poorer, there
seems to be no question that the rich
are growing richer. 1t is said that one
third of the families I'm America have
incomes of less than $500 a year; more
than one-half less than 5000; two-thirds
less than 5000, and one in twenty not
more than $4,000. while on the other hand
It has been computed that nine of the
weslthiest Americans, after John d.
Rockefeller, are worth 81, 900, O00, 900 be-
tween them. including Andrew Carnegie,
said to be worth one-third that sum.
Twenty other men, II is said, control the
remaining wealth of the country repre-
scented by stocks and bonds.
Unequal Distribution.
DR.. Spahr. ten years ago, in his Present
Distribution of Wealth." estimated from
examination OF the records In the surro-
gate courts In thirty-six counties in New
York state. outside of New York City, that
seveh-eights Of the families held but one
eighth OF the national wealth. while 1 Der
cent OF the families held more than the
remaining 90 per cent: The estimated
wealth OF the nation then was $50 900, 900 600
'slAs far back as sixteen years ago Thomas
q. Shearmah, weil-known corporation
lawyer, prophesied that in thirty years the
United States would be owned by less thar
one i'm 500 of the male population of the
country. According to the 1906 issue OF
Social Progress, a reliable year bool
edited by Josiah Strong. president Of the
American Institute of Social Service, nearly
one-half of the banking power of the
United States is in New York and the other
eastarn states. "of the aggregate loans
made by the national banks on September
49, 1902, amounting TO $S.2SO,127, 49," says
Social Progress. "the amount outstand
ing IN the banks of New York, Chicago anC
st. Louis. the three central reserve cities
was SS77.934.9l2 Examinations show tina
concentration of control OF these great cit
banks has gone 50 far that a comparativel,
small group OF capitalists possess the powe
10 regulate the flow OF credit in this coun
try In the last analysis IL is found tina
there are actually only two main infiu
ences and that these are centeTed in Mr.
Morgan and Mr.. Rockefeller. 1t is possibl
10 express in approximate figures the ex
tent OF the Morgan influence. 1t is as FOL
lows:
Insurance companies. assets. 81, 66S, 900 o.
Banks and trust companies, de-
Railroad capitalization. par ,''s''S'
United states Steel corporation. 'i'i''
par value .,,........,.,,,......,.' 1,52s. OOO.OC
par value, ,.,.,...,...'.:..'......' $4,000