Judith Gap journal. [volume] (Judith Gap, Mont.) 1908-19??, 1909-06-25
TAFT'S REVENUE PLAN.


is worthy of adoption, for several
reasons. First, it is better than
bond issue or an income tax, SO long
as there is any question as to the
Second, it will raise sufficient rev
enue to put the government on its
feet. and do it promptly. Third, it
will be protection and insurance to
stockholders in corporations. and pro-
tect the corporations themselves from
conflicting state laws and reg,,la-
tiOnS.
No one wants Il bond issue in order
to raise revenue. \ bond issue might
play havoc with the party responsible
for it, and, in any event. it is mex
cusable when other means of raising
money are at hand.
The plan to submit the income tax
question to the states shows that II
grave doubt exists as to the power Of
congress to pass an act that would
be constitutional. \ very serious sit
uation might arise if congress Should
go head anyhow and pass an income
tax law, only to have it knocked out,
leaving the treasury empty.
What the nation wants is revenue
revenue and economy. President Taft
is complying with the wishes of the
people when he works to that end.
He has chopped down the estimates
for expenditures, and has suggested
the corporation tax as 4 means Of
raising money. If his plan be follow
ed there will be an end to the treasury
stringency, and the government S real
needs will be looked after. The prac-
teal good sense OF the president s
plan commends itself to the public.
1t is plan that will work. There is
no question Of doubtful validity or
party danger involved in it.
The corporation tax may be small
and yet sufficient. 1t need not be per-
manent. When it has accomplished
it's work. the law can be repealed. 1t
is an emergency measure. :, passing
tax designed to meet Il deficit, and
when conditions have become normal
again the tax can be removed.
One OF the best features of the plan
is the insurance that will be given to
investors in the stock of corporations.
The COVE nment will extend it's super
vision over these corporations, and
hence they Will be subject to gov
elnltntal scrutiny. Their books will
be open, and there will he no chance
to play high finance with the money
of estates; widows, orphans. and poor
people. The officers of corporations
will be on oath. Their reports will
not only be made to boards of di-
rectOrS, but to government officials.
Stocks cannot he juggled. assets Sc
erected, nor earnings falsitied. The
stockholders will have Il chance to
know how their money is being hand
led. This is the plan that is followed
i'll England. and it has proved highly
satisfactory. The meetings of boards
Of directors there are public, and
thtir proceedings are published.
Government control OF corporations
en-; aged in interstate commerce is a
necessity. 1t is bound to come. The
more progressive business men of the
country understand this, and are
anxious to lave the reform made.
The present plan to tax corporations
extends to all corporations. whether
engaged in interstate commerce or
not. After the deficit shall have been
met, it may be that congress will re-
move the tax and repeal the law in
SO far as it may relate to corpora
tions not engaged in interstate bust
ness. The plan, however. offers
short cut to the end desired, which
is governmental supervision of inter-
state corporations. and. therefore. it
should appeal to the progressive ele-
ments OF all parties. The details of
such supervision can be worked out
as experience points the way.
President Taft has solved the prob
lem that confronts congress and the
country. His plan is simple, effective.
and progressive. 1t disroses of pres
emit emergencies and takes a step for
ward toward Il desired reform. 1t
deserves the hearty approval OF con-
gress, without regard to party lines.
GEN. GRANTS OVATION.
The ovation given to Gen. Fred ID.
Grant at MemnhiS is in Snleuliil con-