Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1907-08-20

eminent, and it is not free from
doubt how the supreme court with
changed membership, would view a
new income tax law under such con-
ditions The court was nearly even
ly divided in the last case and dur
ing the civil war, great sums were
collected by an income tax without
judicial interference and as it was
then supposed within the federal
power.
Does Not Favor Immediately Such
Federal Legislation but On Next
Reimbursement of Revenues.
l do not favor federal legislation
now to reduce such fortunes either
ty a constitutional amendment to
permit an income tax by gradual
government revenues need an in
crease or readjustment, 1 should
strongly favor the imposition of a
graduated Inheritance tax and, if ne
cessary for the revenues, change
in the constitution authorizing fed
eral income tax, with all the Incl
dental influence of both measures to
lessen the motive for accumulation.
PRESIDENT RoosEvELT's pol
After a Review of President Roose-
veIt's Policies, Concurs in Them.
/ have thus reviewed at great
length what have properly come to
be known as President Rooseyelt's
policies and have discussed them
with what I hope you will think is
entire candor. l have attempted to
point out one or two instances in
which I would qualify details of fu-
ture policies which he has sketched,
but with these minor exceptions as
to method, l am glad to express my
complete, thorough and sincere SYM
pathy with, and admiration for, the
great conserving and conservative
movement which he has with won
derful success initiated and carried
so far against bitter opposition, to
remedy the evils of our prosperity
and preserve to us the institutions
we have inherited from our fathers.
The RaiIroads-Not Mr.: Roosevelt
Responsible for Restrictive State
Legislation,
The critics I have referred to are
in the habit of charging to- Mr..
Roosevelt responsibility for all the 70.
cent state legislation looking to the
restraint of corporations and especi-
ally for that which cuts down the
passenger fares on state railways.
This is most unjust, for whether such
legislation is proper or oppressive.
the impetus that carried it into law
was given not by Mr.. Roosevelt, but
by the evils that he has been attempt
ing to remedy within the federal jur.
isdiction. II the state measures are
unjust to the property rights Of the
railways, they may be corrected in
the courts. If they are unwise, they
Will react against the communities
in which they operate by making the
service poorer and in other ways
and the reaction will lead to theil
repeal. The railways can blame
no one but themselves if the revela
tfon OF their fragrant violations Of
law and of their unjust administra
ton of a public trust have led tt
an outburst of popular indignation
and have brought on temporary ex
cess. IT,.
Slump in Wall Street Prices Not Due
.%5 to Presidents Policy.
Again, every. time that there is {
tall in the prices of stocks in Wal
street, those who are injuriously al
fected condemn the president will
great bitterness as responsible 70
their losses. Just at present Their
has been a very serious depression
in the values of. marketable securi
ties, and it is said that the pres
dents attitude toward corporation
has been the cause of this. Sue
critics fail to observe that there ha
been similar decrease in the mai
ketable value-not only of railwa
stocks, but of government consol
abroad, and that there is stringer
cy in the markets of the world. Blu
more than this, If the prosecutio
! of dishonesty and Illegal practise:
like the giving and taking of r.
/ bates and the destruction of comp,
/ tition by monopoly, is to injure tn
market for stocks on the stock e;
change, then this is burden chs
4 must be borne and must be charge
mot to the head OF the natioi
whose duty 1t Is to enforce the law
but to the violators of the law who's
Il! faursIIit of criminal ,nattnds has hoe