Bluefield evening leader. [volume] (Bluefield, W. Va.) 1906-1911, 1907-12-03

"uoic 'ouSiucSS coumuuity 10 panic
and distress.
REVENUE.
The income account OF the nation
is in a most satisfactory condition.
For the six fiscal years ending with
the LIST OF July last, the total ex-
penditures and revenues OF the ma
tional government. exclusive OF the
postal revenues and expenditures
were. In round numbers. revenues
! ss,465 900. 900 and expenditures
sS.275.000.000. The net exc SIS OF
income over expenditures. including
in the latter the fifty millions ex-
pended for the Panama canal. was
me hundred and ninety million dol
'ars for the six years. an average OF
about thirty-one millions year.
This represents an approximation
between income and outgo which II
would be hard TO improve. The sat
'sfactory working OF the present
tariff laws has been chiefly respon-
sible for this excellent showing.
Nevertheless, there Is an evident and
constantly Igrowing feeling among
our people that the time Ia rapidly
approaching when our system OF
revenue legislation must be revised.
THE TARIFF.
This country is definitely COM
mitted to the protective system and
any effort to uproot II could not but
cause widespread industrial disaster
In other words. the principle OF the
present tariff law could not with
wisdom be changed. But In n coun-
try Of such phenomenal growth as
ours 1t Is probably we'll that every
dozen years or so the tariff laws
,hould be carefully scrutinized so a.
TO see that no excessive or improper
benefits are conferred thereby, that
proper revenue is provided. and that
our foreign trade Is encouraged.
There must always be as a minimum
tariff which will not only ALLOW
for the collection OF an ample reve-
nue. but which will at least make
good the difference in cost of pro-
tuction here and abroad: that Is. the
Inference In the labor cost here an"
abroad. for the well-being OF tn
wage-worker must ever be cardinal
point OF American policy. The ques-
ton should be approached purely
rom business standpoint: both the
time and the manner of the change
being such as TO arouse the mini
mum OF agitation and disturbance
in the business world, and to give
the least play for selfish and faction
al motives. The sole consideration
should be TO see that the sum total
OF changes represents the public
good. This means that the subject
can not with wisdom be dealt with in
the year preceding presidential
election, because as a matter OF fact
experience has conclusively shown
that at such a time it is impossible
to get men to treat II from the stand
point of the public good. In my
Judgment the wise time to deal with
the matter Is Immediately after such
election.
The message recommended that
the merits OF
AIN INCOME AND INHERITANCE
TAX
be looked into when such natter
come before the notice OF the legis-
lators. With regard to the latter tay
he said:
Laws imposing such taxes have re-
peatedly been placed upon the ma
tional statute books and as repeat
eddy declared constitutional by the
courts; and these laws contained the
progressive principle, that is. after
certain amount is reached the be-
quest OF gift. In life or death, is in
creasingly burdened and the rate OF
taxation is increased in proportion
to the remoteness OF blood OF the
man receiving the bequest. Thes
principles are recognized already In
the leading civilized nations of the
world. In Great Britain all the es-
tates worth $1,000 or less are prac-
tically exempt from death duties.
while the increase is such that when
an estate exceeds FIVE millions OF
dollars in value and passes to a dis
tant kinsman or stranger in blooS
the government receives all told an
amount equivalent TO nearly a nth
Of the whole estate. In France ~
much Of an inheritance as exceeds
$4,000, 900 pays over a fifth to the
state II It passes 90 a distant rela-
tive. The German law Is espe~,ally
interesting to US because IL makes
the inheritance tax an imperial
measure while allotting to the indl-
vidual states Of the empire a por-
ton of the proceeds and permittRhe
them 20 impose taxes in addition to
those imposed by the imperial gov
eminent. Small inheritances are ok
empt. but the tax Is so sharply pro-
gressive that when tho inheritance
is still not very large. provided it 10
not an agricultural or a forest land