The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-12-14

after pay ment Of minor legacies it should
be divided equally among his heirs as the
law directs. l would take away from any
citizen the right to tie up his property IN
trust for life, or any time. Take the case
of the man who died In Chicago last year
and who tied up his estate tor fifty years,
until the little children OF to-day will be old
men and will be not only m~jllionaires but
b~illionaires. Will any man say 1t Is a wise
condition Of law that permits this state OF
a~tlairs?"
Mr.. ingalls, declared the Sherman anti
trust law a menace and asserted that its
construction by the courts forced the rail-
roads to secret agreements and rebates:
He thought railroads should be allowed
to divide traffic and agree upon rates among
themselves, under proper restrictions.
/ At the afternoon session Mr.. Belmont
described the ladder OF success. .
The first group, are running about
looking for the ladder he said. Then
there is a group, among whom l suppose
l may fairly include myself, who are on
the ladder and who are anxious lest they
shall lose their grip on it or be prevent Q d
from climbing. The third group consists
of those who ave reached to top and can
comfortably get into a d~istributive mood.
Those persons
-Booml Bamml Rattlety -bing'' from the
tunnel b~lasters.
Il want to say" said Mr.. Belmont when
the windows had stopped rafting, that
4 NIL " AC1RChNASAO ~
Pennsylvania Railroad
Prof. Seligman of Columbia University
described the difficulties and errors to be
avoided by the men who should undertake
to form a law for either an income or an
inheritance tax. Our former system OF
personal taxation had almost completely
broken down and our local taxation had
virtually come to be one Of exclusive, real
estate assessment. Hence the general de-
sire TO reach the swollen fortunes that now
almost completely escape taxation. 1t was
wrong TO base any law on the proposition
that large fortunes were OF themselves
a meIEce to society, since rev. OF thehl
could be acquired without giving great
benefits TO society in the process of ac-
quirement. But large fortunes must be
made to pay their equal share Of taxation,
II there were an income tax it should be
national, as thereby the dangers of evasion
would lie m%ininized. If the inheritance
were continued and extended, it should
however, be made State affair.
After George +. Foster, ex-Minister OF
Finance in Canada, had described Canada
WAYS of raising revenue, the federation re
elected MIR. Belmont president. Mr.. Bel
mont stepped forward with a this-is-so'
sudden air, and said that he would take
pleasure in devoting even more OF MS
time to the great work OF the federation
Other officers chosen were Nice-Presl
dents, Samuel Gompers, n. J. Batchelder
president OF the National Grange; Cyrul
ii. Mccormick Of Chicago. d. A. Smyttl
OF South Carolina, and President Benjamin
Ide Wheeler of the University Of California
treasurer, /. n. Seligman. These chair
men of completes we're selected: Trad
Agreement, John Mitchell and Francis L
Robbins; Public Ownership, Melville h
Ingalls,; Cancellation, Seth Low; Indus
trial Economy, President Nicholas Murra
Butler; Immigration, Franklin McVeagf
Welfare, Charles A. Moore; executive com
mittee, Ralph NJ. EASILY. -,
just before adjournment a man VII
said he was N. W. Meagher threw a few vel
bal bombs. He wanted a law enacted lin
: ting to 81, 900, 600 the property any ind
I yidual might possess. He could nam
five men who could tomorrow throw tn
country into a panic. Everybody, wa
/ insane. anyhow-it was only a question
degree. We were therefore at the nero
! of insane ~millionaires. He wanted
sweep away the entire law OF inheritanc
/, Then he told how much the widows mite
! would amount to il il had been placed
: compound interest when she gave it. Rock
7 Teller was abused because he succeede'
, The whole world was a confidence gan
7 and we we're all players in 1t. IL was gun
= N anaanh