, 1907-12-03

our foreign trade is encouraged. There
must always be as a minimum a tariff
which will not only allow for the collec-
ton of an ample revenue but which
will at least make good the difference
In cost Of production here and abroad i,
that is, the difference in the labor cost
here and abroad, for the well-being OF
the wage-worker must aver be a .cardi-
nal point of American policy. IF
AuBusiness Matter. /
? The question should be approached
purely from a business standpoint;
both the time and the n Of the
change being such as to arouse the
minimum of agitation and disturbance
in the business world, and to give the
least play for selfish and ~factional mo-
tives. 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 pre-
ceding a presidential election, because
as a matter of fact experience has con-
clusively shown that at such a time
it is impossible to get men to treat 1t
from the standpoint of the public good.
In my Judgment the wise time to deal
with the matter is Immediately after
such election.
- Income Tax and lnh%eritanee Tax.
When our tax laws are revised the
question of an income tax and an In
heritance tax should receive the care
full attention of our Legislators. In my
judgment both OF these taxes should
he part OF our system of federal taxa
ton. l speak d~ifidently about the in,
come tax because n scheme for an
income tax was declared unconstitu.
tional by the supreme court; while In
addition it is a difficult tax to admin
lister in it's practical working, and great
are would have to be exercised to see
that 1t was not eyaded by the very
men whom it was most desirable TO
have taxed, for If so evaded it would,
of course, be worse than no tax at all;
as the least desirable Of all taxes Is
the tax which bears heavily upon the
honest as compared with the dishonest
man.
A Desirable Feature.
Nevertheless, a graduated income
tax of the proper type would be a de.
sirable feature of federal taxation, and
it is to be hoped that one may be de-
yised which the supreme court will
declare constitutional. The inherit
ance tax, however, is both a far better
method of taxation and far more i'm
portant for the purpose of having the
fortunes of the country bear in proper
Etion to their increase in size a CORE
spending increase and burden of taxa
ton. The government has the abso-
lutte right to decide as to the terms
upon which a man shall receive a be-
quest Or devise frem another, and this
point in the devolution Of property is
especially appropriate for the IMPOSE.
ton Of a tax.
Good Laws Passed.
Laws imposing such taxes have re-
peatedly been placed upon the national
statute books and as repeatedly declar'
ed constitutional by the courts; and
these laws contain the progressive
principle, that is, after a certain
amount is reached the bequest or gift.
in life or death, is increasingly burden
ed and the rate OF taxation Is increas
ed in proportion to the remoteness Of
blood Of the man receiving the beQuesr,
These principles are recognized already
in leading civilized nations Of the
world.
Against 9ociailstic tdea.
We have not the slightest sympathy
with that socialistic idea which. would
try to put laziness. th%riftlessness md
~ineficiency on a par with industry,
thrift and efficiency; which would
strive to break UP not merely private
property, but what is far more impor.
tant, the home, the chief prop upon
which our whole civilization stands
Such = theory. II ever adopted. would
mean the ruin Of the entire country
d ruin which would bear heaviest upon
the weakest, upon those least able q
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