Emmons County record. [volume] (Williamsport, D.T. [i.e. N.D.]) 1884-current, 1907-12-05

:stes and the Yncerts.aty FER In the sum;
1oo period ''f Esees.ive raes "a cs
money Il. New YORK. dttract money from
the inte:.o. banks into the cpeculaSlve
% IS psvs.S ns
uses. and commercial borrowers are
forced e pay abnormal rates: 20 tns ~
da n..s ss1 y sn' q pad on the
whole commsrce Of the country. -.
= Do not prsss any spscia! plan: va g.
expert exp Ts-' Committees Of bsnkers. Among
i Which i- certsiniy should rssslvs your con:
your attention BY the present SECRETARY
0f the treasury, the essential features OF
which have been approved by many
According to this plan national bank.
should be permitted to issue s3eciaed
proportion Of their capital In notes OF 2
high q rate as to drive the notes back
when not wanted in legitimate TRACE:
| This plan would nos permit the issue OF
eo to tSs
times of Stringency.
II do not say that this Is the right sys-
tenn. only advance 1t to emphasize my
belief that there is need for the adoption
III some system which shall be automatic
and open to all sound banks. 80 az 9. %
avoid al possip,ilty o. r.t az Course
guard the interests of Western and
bankers York o. e CHI
cago BANKERS. ana mist be drawn from
the standpoints OF tie farmer and the
merchant no lesc than from the stand
points of the city banker and the country
/ again urge on the congress- the need
Of immediate attention to this matter.
We need Great that We rec
Ognixe the even greater need OF saIe
and secure currency. There must always
tional authorities. Provision should be
e eaae1 M. IL issue should Of course. %
upon conditions carefully prescribed by
the government. Such emergency issue
must he based on adequate securities ap-
Iss%ed UNDER ny ere heavy tax This would
permit currency being issued when the
demand for 1t was urgent. while securing
is worth investigating to determine
whether oficers ami directors OF national
banks should ever be allowed 70 loan 20
themselves. Trust companies should 90
subject TO the same supervision as banks:
Hesitation to this effect should be enact
ed for the District OF Columbia ana ene
Yet we must also remember that even
the wisest legislation on the subject can
only accomplish certain amount NO
legislation can by any poSs,pMuy Su the
results Of speculative folly any more than
1t can guarantee an individual! aealnss the q.
results of his extravaganza. Wnen an NJ
diyidual mortgages his house to Duy an
automobile he invites disaster; and when
wealthy men, or men who pose AZ Sucn,
or are unscrupulosly or .oonsniy easet
to become such. indulge In reckless spec.
ulation-especiaily If it 10 accompanied
BY dishonesty-tney jeopardixe not only
their own future but tho future of all
their innocent fellow citizens, for they
expose the whole business community 70
This country Is definitely committed to
the protective system and any enort 20
uproot it could not but cause widespread
The 1ariff. other words, the
principle Of the pres
ent tariff law could not with wisdom be
changed. But In country OF such PINE
nomenal growth as ours 1t 10 probably
well that every dozen years or 50 the
tarin laws should be carefully scrutintxed
30 as to gee that no excessive or Improper
benefits are conferred thereby, that prop
eign trade Ii encouraged. There must al.
ways be az a miainlum a tariff which will
not only allow for the collection OF an
ample revenue but which will at least
make good the difference in cost Of pro-
duction here and abroad; that is. the DIFF
ference In the cost OF labor here and
abroad, for the well-being Of the wage
American policy. The~question should be
approached purely from business stand
point; both the time and the manner of
s nhans Of osn ana IL
the business world. and to give the least
play for selfish and fact'onaI motives.
rns sole sol 9 sonld be to nee
the public good. This means that the
subject cannot with wisdom be dealt with
in the year preceding presidential cleo
ton, because as a matter of fact expert
ence has conclusively shown that at such
a time 1t IL impossible to get mon to treat
i from the ssandpc tint Of the , public 5000
| with the matter Is Immediately after such
election.
When our tax laws are revised the
question Of an income tax and an inhert-
/ tentton of our legis-
!nso%: Tax and , ,aso,s MN In my tSas
/ taxes should be part
Of our system of federal taxation. /
speak difffdently about the income tax
because one scheme for an income tax
| preme court: while in addition 1t 10 a
| dintcult tax to administer In its practical
| WORKING and great care would have to be
the very men whom Il was most desirable
/ to have taxed. for II ID evaded 1t would
OF course, be worse than no tax at all;
tax which bears heavily upon the honest
az compared with the dishonest man
Nevertheless. q graduated income tax ri
the proper type would be desirable
feature Of federal taxation. and 1t is to
be hoped that one may be devised which
the supreme court will declare cOnstitu.
both a far better method Of taxation, and
far more important for the purpose Of
having the fortunes OF the country beai
In proportion to their increase in size q
corresponding increase and burden o,
taxation. The government has the abso
lutte right to decide az to the terms upor
devise from another. and this point in tbs
devolutton of property is especially ap
propriate for the imposition of a tax
eddy been placed upon the national stat
ute books and az repeatedly declares
constitutional by the courts: and thes,
sns
and the rass
n 81 S @
the bequest. These principles are recog
nised already In the leading civilized ma
lions of the world.
The German law is especially interest
itance tax an imperial measure. whit,
allotting to the individual states Of tn
empire portion OF the proceeds and per
hitting them to impose taxes in addition
to those imposed by the imperial govern
ment. Small inheritances are exempt
but the tax ie SO sharply progressive tina
large. provided It 10 not an agricultural
or q forest land. 1t is taxed at the rat
Of Is per cent II 1t goes to distant rela
tives. There ID no reason why in tn
:. United states the national government
should not impose Inheritance taxes Il
/ addition to those imposed by the statei
and when we last had an inheritance Ia
about one-half of the states levied sue
taxes concurrently with the national gov
ernment. making combined maximum
rate in some cases as high ~ q pc
cent. The French law has one featur
which It to be heartily commended. TIL
progressive principle 10 %. applied tha