The Holly chieftain., 1910-03-04

federal superyissoa which must be ex-
ercised in order to make the law ef-
fecuye over the annual accounts and
business transactions OF all corpora
tions. While the faculty of assu-
ming q corporate form has been of the
utmost utility in the business world.
It is also true that substantially all
of the abuses and all of the evils
which have aroused the public to the
necessity Of reform were made pos
sible py' the use Of this very faculty.
II now. BY q perfectly legitimate and
elective system a TAXATION, We are
Incidentally able to possess the gov
ernment and the stockholders and
the public Of the knowledge of the
real business transactions and the
gains and profts of every corporation
In the country. we have made long
step toward that supervisory control
OF corporations Which may prevent
further abuse of power.
Fear MuliiNeatlen OF Law.
The Progressivcs regard the attitude
which has been taken toward the cor
poration tax law ~ . virtual effort to
nullify the only feature Of that statute
which In any way commended 1t to
public regard. They opposed 1t from
the start because its Inception was In
an effort to defeat the enactment Of
an income tax. II was largely tnstru-
mental In bringing about the defeat
of the proposed income tax law which
was pending At the time.
1t IL pointed out that the appropria-
tion for the purpose Of defraying the
expenses OF the tariR board is in prac-
tically the same coalition as that
which makes the appropriation for
the corporation tax iaw not available
within the District Of Columbia. There
has been q number of other
blanket appropriation made. some
under the interior department and
some expended under other de-
partments for clerk hire with.
in the District of Columbia, which
do not in any way comply with the re-
quirements Of the statute of 1882 re-
quiring that such appropriation shall
be specific.
Point Made BY Prosressives.
The Progressives in the senate and
the house have scored one in the with
drawal for the time at least, Of the
bill providing for . legislative council
for the government Of Alaska This
council was to be appointed by the
president.
Senator Borah characterized the
bill as the sum OF all iniquities." The
president had declared in favor Of
such a council and It was with re-
gret that he was compelled TO consent
that the bill providing for it should
lose the right of way which it had in
the senate He did this after Sena-
tor Borah and some OF the. other sena-
tors told him the exact situation and
why they were opposed to the meas
ure. They contend that the bill is
providing a back door by which the
Guggenheim-M Morgan-s Standard Oil in
terests will secure control Of the rail-
road concessions and the natural re-
sources OF Alaska Senator Dolliver
summed up his criticism Of the bill In
one word. rotten" 1t was made very
plain in the senate that the bill could
not get by. and SO. with the consent of
the president, 1t was withdrawn in or
der that the postal savings bank bill
might have clear way.
Friends Of Postal Banks Active.
There Is a genuine effort being
made to get the friends Of postal
banks in the senate together, and 1t
seems that 1t will be successful The
Smoot amendment, which provides for
the investment by the United States
treasurer of postal funds refused as
deposits by banks in the states by
which they are collected. is causing
trouble. but the senator from Utah
will in all probability consent to the
withdrawal of that amendment and
to the putting of the bill back into
the form In which 1t was originally re-
ported from the committee.
The situation is such that It is ex-
pected vote can be had upon this
bill some time either the latter part
Of February or early In March. The
only extended argument which 1t is
known is to be made against 1t will
be made by Senator Bailey upon the
constitutional question.
JOHN J. HANNAH.