Daily press. [volume] (Newport News, Va.) 1896-current, 1907-12-04

IeSl Gun only utCOmpllSn certain
amcunt. No legislation can by any
possibility guarantee the business com
munIty against the results OF specula.
tive folly amy more than II can guaran-
tee an Individual against the results of
his extravaganza. When nu individual
mortgages his house TO buy an auto.
mobile he Invites disaster. and when
wealthy mon or men who pose us such
or are unscrupulously or roolishly eager
10 become such Indulge in reckless
speculation. especially II It is accom-.
panied by dishonesty they icoparaigo
not only ,heir own future. but the III.
tuye OF all their innocent fellow cit!.
2cns, fer they expose the whole bust.
ness community TO panic aud distress,
Can't Revise Tariff Now.
This country is definitely ccmmittcd
TO the protective systcm. und any &c.
fort 10 uproot II could not int cause
widespread Industrial disaster. In
other words. the principle of the pres.
eni tariff law corld not with wisdom
he changed I.nt IN = eo.."t:y CT such
phenomenal growth as ours 1t IL prob
ably we'll TINT every dozen years OF so
the tariff laws should he carefully scru-
tinted SO az 10 see that no excessive
or improper benefits arc conferred
thereby. that proper revenue is provid.
cd and that onr foreign trade Is on
outraged. There must always he ms n
minimum II tariff which Will not only
allow for the collection OF an ample
revenue. but which will Mt least nuke
good the difference IN cost Of prodnc.
lion here aud nbroad-that ia. the diff.
ference In the labor cost here and
abroad. for tile well being OF the wage.
WORKER mus, ever be cardinal point
OF American policy. The question
should be approached purely from IL
business standpoint. both the time and
the mauuer of the rhnngc bcing such
as TO arouse the minimum Of agitation
and disturbance In the business world
and 10 give tho least play for selfish
and fac;ionnl motives. The sole con.
slderatlon should be TO see that the
sum total OF chatiges representa- tho
public good. This mems that the sub.
ject cannot with wisdom bc dealt with
In the year preceding a presidential
experience has conclusivcly shown that
AT sach II time II Is impossible to gpt
men TO treat II from the standpoint of
the public good. IA my Judgment the
wise time TO deal with the matter il
Immediately after such election.
Income Tax and inheritance Tax.
When our Tux laws are revised the
question of an income tnx and an In
hcrltnnce tax should receive tue care
full attention of our legislators. In
my Judgment. both of these taxes
should be part of our system OF fed
eral TAXATION l speak dIliidcntly about
the income tay because ono scheme for
an Income tax was declared unconstl-
tutional by the supreme court, while In
addition 1t IS n difficult tax TO admin.
lister in It's practical working, and great
care would have TO be exercised 10 zee
that 1t was not evaded by tho very
men whom Il was most desirable TO
have taxed. Nevertheless graduated
Income tax OF the proper type would
he n desirable fenture OF federal taxa
ton, and 1t IS To be hoped that one
may lie devised which the supreme
court will declare constitutional.
The Inheritance tax, however, ia
far hotter method OF taxation. The
government has the absolute right 10
decide as to the terms upon which a
, man shall receive u bequest from nm
other. ana this point IN the dcvoinuon
. of property is especially appropriate
for the imposition OF tax. Laws I'M
posing such taxes lave repeatedly been
placed upon the national4statute books
and as repeatedly declared constitu-
tional by the courts, aud these laws
contained the progressive principle
that Is. after certain amount Is reach
ed the hcGucst or gift In life or death
is increasingly burdencd and the rate
OF taxation Is increased in proportion
TO tho remotcness of blood OF the man
receiving the Request, These principles
are recognized already III the leading
civilized nnhons OF the world
ccrmaay'e inheritance Tax.
Tho German law is especially inter
es:ing to Us because 1t makes The IN
ieritance tax All imperial measure
While alln.ing 10. the Individual states
OF the empire portion or the prn-
ceeds and permitting them to impose
taxes in addition TO those imposed by
tue imperial government Small Inner
itances are exempt. hut the tax Is so
sharply progressive that when the in
hcritance IS still, not very large. pro
vided 1t is not an agricultural or II for
est land. 1t is taxed at the rate of %
per cent If 1t goes to distant relatives.
There is no reason why In. the United
States the national government should
not impose Inheritance taxes In addl-
ton to those imposed BY the states.
and when We last had an inheritance
tax about onehalf of the states levied
| such tnXna rniirii1rnntlr r,.iIl, H., ~,