The Montgomery advertiser., 1907-08-20

or legitimate and useful business. ail these great corporations.
 License of all Interstate Business.
 Mir. Bryan's method of suppressing unlawful trusts would be to require every person. partnership or corpora ton, engaged in interstate traffic, to take out a Federal license. and by withholding such licenses from illegal trusts, he would make them impossi- ble. It is probable that a statute em- bodying this plan. could be. drawn which would stand the test of the con- stitution. It would, however. have to contain some provision for ultimate judicial determination of those applf- cants for license who were violating the antitrust law and thus involve the same litigation we now have.
 There is danger that It's effect would be so to clog the channels Of legiti- mate interstate trade that after 1t had been tried for, short time, the people of the country would regard 1t as burdensone and demand it's repeal. It is important that, in new legisla- tion to stamp out evils, we should not so annoy the law-abiding in the com munity as to lose their sympathy in inclined to think that this was a prac- tical method, but fuller consideration. for the reasons given, makes me doubt. | The decision of the Supreme Court that corporation cannot refuse to dis close facts which will criminate itself, makes less important the advantage which the license system was supposed  corporation under observation. Until 1t is clearer than at present that the evils of unlawful combinations cannot me. such a plan ought not to be tried. one of the results of the condnions and evils which I have been, describ- ing has been the concentration oI men. do not mean to say sat all | the large fortunes are to be traced to unlawful means, but it is quite clear | that many of those described as sWol- len, are due to rebates, or to some form | of unlawful monopoly, or to over-capi- | talization. Of course. great enter prises organized and managed by men men | in great profit to them. It Is proper compensation when they share with l the people the profit from the econo- mics that they Introduce in the busf- ness by reducing the price. The. cap l tains of legitimate industry there | fore, are entitled to large reward, ana | 1t is impossible to impose fixed limi- 1 tation upon the amount whicn they
 On the other hand. 1t is not safe for | the body polite that the power aris- | or swollen fortunes should be contin- ued from generation to generation m | the hands of few, and efforts by laws, l which are not confiscatory, to dlvide | these fortunes and to reduce the motive | for accommodating them are proper ano statesmanlike and without the slight l est savor of socialism or anarchy me | law of primogeniture was apollsneSG 1 in States where it had been adopted | merely for the purpose of securing a | division of the land among the cnii- l dren of the man who owned the hii: lahn . i land laws are drawn to discourage tne | union of large tracts in one owner ship, and to encourage small holdings
 Remedy in State LegisiatiOn.
 "The State Legislatures have com. plete control of what shall be. done 1 with a mans property on ms s,e neatn !. :; He has no right to leave it by will anc his children or heirs nave no ragh1 ', vS <
 not modify or take away. The states | therefore, can best remedy the dan.
 gers of too great accumuiatioF.to .t ol l descent and devolution of<property ant | Ihey ought to do so. They can adopl the French method which requires th'
 division of large a S,p paIbr, cb,ldren S % and give
 only a fraction. This would secure
 division in the second generation ans is l a probable change for the better IT
 respect to such fortunes. Many of th'
 States have already and properis i adopted a graduated inneritahce ta1
 which not only reduSces tSe notiye ane f for itl
 "Federai action for a Federal en
 may legitimately have an indirect ea ea |
 culiariy within their cognizance. Whei
 therefore, the government revenue
 need addition, or readJustment, pc
 lieve Federal graduated inneritanc
 tax to be a useful means of raisln
 government funds. It is easily an | eertainly collected. The incidence etaxation is heaviest on those best apl
 to stand it, and indirectly, while nc
 placing undue restriction on, fndiyidul
 effort, it would moderate the enthusi
 asm for the amassing of immense Tor
 tunes.
 | "A graduated income tax would als
 have a tendency to reduce the motiv
 for the accumulations of enormou
 wealth but the Supreme Court has hel
 an income tax not to be valid exer
 else of bower, by the Federal govern
 ment. The objection to it from prac tical standpoint Is it's inquisitorial char
 acter and the premium 1t puts on per Ijury. In times of great national need however, an income tax would be o 1 great assistance in furnishing mean sfo carry on the government, and 1t 1 not free from doubt how the Suprem lfCourt with changed membership, woul | view a new income tax law unde I such conditions The court was near
 during the Civil War, great sums wer | collected by an income tax withou
 judicial interference and as 1t wa
 then supposed within the Federal pow ! CT.
 q do not favor Federal Legislation
 now to reduce such fortunes either b a constitutional amendment to permit | an income tax or by a graduated in heritance tax, but whenever the gov l ernment revenues need an increase o 1 readjustment, I should strongly favo l the imposition of a graduated inheri | tance tax, and, If necessary for tn | revenues, a change In the constitution I authorizing a Federal income tax, wit