Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-07-10
HOSTILE TO CAPITAL
New York Legislature Under
Tammany's Domination.
DOWN ON MONEY POWERS
Bankers Association Shows $780,
100000 Withdrawn From State.
ATTACK ON INHERITANCE TAX
Gov. Dix's Urgent Suggestion Of
Modification Ignored-Probable
Effect on Politics.
DOWN ON MONEY POWERS
ATTACK ON INHERITANCE TAX
BY WILLIAM e. CURTIS.
Special Correspondence of The Star and thu
Chicago Record Herald

BY WILLIAM e. CURTIS.
Special Correspondence of The Star and the
Chicago Record Herald.
ALBANY, July Z. 1911.
The New York legislature is about to
adjourn after the longest session. with
one exception, in the history OF the state
and perhaps the most useless. The sins
of omission and commission charged
against the present assembly are SO nu-
merous that the democrats are not likely
to be given control Of that body again
very soon. and some Of the most saga
cious politicians, irrespective of party,
believe that 1t has made republican pros
poets much brighter than they have been
for two years Every act has been die
tated by Tammany Hall, and Charles F.
Murphy has been recognized both as an
authority and as an oracle. Gov. Dix
has done his best and has shown a great
deal Of ability and wisdom. but the only
purposes that have been apparent in the
Tammany program and policy are to
benefit the friends and to punish the enc
mics of that organization.
Tammany has been especially hostile
and vindictive toward the financial in
terests Of the state, and has put knife
into the ribs whenever the leaders found
an opportunity to do SO. which may per-
haps turn out to be good politics, al
though it cannot be considered an in
ducement for the corporations and bank
ing interests to intrust the state admin
istration again to the democratic party.
There Is no doubt that the defeat OF the
republican ticket and the election of a
democratic legislature last November
was largely due to the influence of the
interests" and they have been severely
punished"
Object to Inheritance Tax.
The most serious efforts Of the moneyed
interests have been directed to secure
the repeal or amendment Of an inheri-
lance tax law which was enacted at a
special session of the legislature July 1.
1910. and signed by Gov. Hughes a few
days later. This law exempts from tax
alton transfers of property to the amount
Of 500 to collateral relatives or strang-
ers; property to the value Of $500 or less
wife or widow OF a son. or the husband
of daughter, and property to the value
of $1,000 or less transferred to father,
! mother. widow or minor children. All
at the rate of per cent. between $4,000
and 100000 10 per cent, between $1OO,OO0
and $4,000 % per cent. and above 500.
600 rs per cent. The tax on legacies Of
more than $500 to husbands, brothers.
sisters, wives or widows Of sons, or the
husbands of daughters, and transfers in
excess Of 5000 to fathers. mothers, Wild
ows or minor children are taxed on a
graduated scale from I per cent up to
q maximum Of per cent.
death Dues irnposed by the British gov
eminent. they are larger than anywhere
else in the United States. When tho law
was passed 1t was estimated that 1t
would add at least $1,000. 600 annually to
the state revenues In his annual re-
feet Of the law had been exactly oppo-
site to that expected, and that the re-
ceipts from Inheritance taxes during the
current year had been less than ever
repeal or the modification Of the law for
the sake Of the revenue.
Gov. Dix took the same position and
sent a message to the legislature urging
modification for the additional reason
that this legislation had already caused
enormous amounts of taxable property to
be withdrawn from tho SeAtD, and that
very much larger amount will go II
the tax Is retained.
Removal Of Deposits.
The New York State Bankers Associa-
ton. in a communication to the legisla-
ture on this subject. represents that not
less than 6,OOO safe deposit boxes have
surrendered in various institutions since
the law was passed. and that at least
$500, 600 600 in what Mr.. Micawber called
portable property" had been removed
from them and taken to other states sole
~ for the purpose Of escaping these taxes.
In almost every case, the statement as
serts, the renters Of these boxes ex-
planned that they were removing their
securities from New York either to Now
TAr..v NJ Coynect9cuf vYherA thu lnHAfyv
taxes are reasonable. It was also repro.
scented that at least $100000.00O In cash
had been already withdrawn from tho
banks and trust companies Of New York
since the law was passed a year ago. and
that THE Withdrawals Of cash and Sc
curities are continuing at an average