New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-12-01
Continued from frat page.

ried into court, might have kept us In
suspense for long period
Perhaps I ought to say here that
there was another interference by the
insurgents with my railroad programme.
! wanted TO have the companies prohib-
tied from issuing securities without the
approval Of the Interstate Commerce
Commission. This the insurgents final
ly, with the aid of the Democrats, de-
feated, but we procured the substitution
Of provision authorizing me to appoint
the Stock and Bond Commission, or
which President Hadley is now chair
man. to report upon the whole subject
The Hadley commission is composed OF
strong men. and will probably get at the
kernel of the matter"
Tariff Board Not Experts.
"Mr. President, there is your Tariff Board.
You have been sharply criticised for max
ing II up of men Who are not tarlff experts"
And that is trItr.: they are not. If had
been appointing board OF tariff experts |
could not have get along with less than
twenty-five in order TO do justice to all
branches of the subject What I undertook
TO do was TO make. up a board OF trained in
vestigators, caparle Of managing a thor
ourh inquiry into costs Of production and
Of analyzng IT'S elements. First. Mr.. Mac
YcagE wrote 10 friends in leading uni
vcrgiucs, asking each 10 give me a-list OF
tho economists considered by them best
equipped FOR the task in hand. Professor
Emery's namc Jas on all tho lists and at
tho top Of half Of them 90 I made him
chairman Of the board. Page comes from
tho University Of Virginia Sanders IS an
authority oil agriculture Reynolds, In in
preting and enforcing tho tariff laws Tor
four years, had presumably learned the ms
and outs OF that business, and Howard |
regarded as the ablcst Southern Representa-
tive in Congress in my day. These mon
made no pretencc Of being tariff experts
they employ all the expert help they need.
81 fully realize, and | wish our people
would, that the present prosperity or the
Treasury is due in no small measure To
the existing tariff, which, Notwithstanding
all its faults is q revenue producer. Ihere
Is good deal moro that can be said Tor
that act IT gave us maximum and mini
mum tariff proviso, which | deem OF the
highest Importance. and which tended 10
increase our foreign trade Substantially
II gave lis free trade with the Philippines
which has made the islands more prosper
Gus than ever I'm their history, without III
Jury to any American Industry. IL gave
authority that 7 used TO create ana an
point a Tariff Board, which. thoush hoC
the commission 7 sought, Is dong most
useful work; and Il imposed a corporation
tax. on which I had get my heart Dut
which at times | despaircd OF getting
through"
T;xplainin. how he got the corporation
tax included in tho law. the President solu
presently. ~ the fear Of the income tax
laws passing. Mir. Aldrich ceased iaugnihS
at my plan for q corporation tax ana ca''e
doNh to see me dt,u, g.. Can YOU induce
enough doubtful Selators. II We put the
corporat,on tax I'm 'lo hi. ard adopt 4
Constitutional amendment permitting an
income e., ., defeat tho general income
tax law pro .oseu by tlH Democrats ana
lnsurgeuts?' ne inqu'r'L | expressed my
belief that | could, and The sequcl sho"ed
I was right I am proud or having taken
such d part In securing the corpora'o"
tax. II has proved in some respects
most valuable fiscal asset. At per cent
It raises $2SOOO,Qo0 a year; and X we heeu
$50 90 or sS4, 10000 In an emergency all
NO shall have to do is 10 increase the tax
IN . or 3 per cent. Being taken out OF the
no, nrofits before dividends are declared, IL
is least felt by the persons on whom IL
intimately falls. As there must b. sur
plus OF income over expenditure oeiore
the tax applies, It taxes success anu Hoe
failure. 1t costs next to nothing 10 col'ecI
scarcely more than the expense 10 'he
government OF carrying few letters pdch
and forth Finally, It is a means OF keep
ing the government always In touch win
the corporations all over the country WHICH
have to furnish US with statistics that may
he made useful for many other purposes
than those of taxation.
"Tow that YOU have launched your prof.
not for constitutional amendment, You
nrohab,v have in mind some particular
form OF general income tax TO reconih'eHo
TO Congress when 1t Is free 10 ACT
I'm a way, yes. l believe on principe,
IN n general income tax The only Soou
arguments against 1t are that IL 10 III
uusitorial and that 1t offers templd-
zion IN neriury. But ! would not resort 10
tho ordinary income tax except IN an emer-
I eencv like war. when l would have IL
graduated so that those citizens VINO haa
most a, stake should bear a correspond
indy large share of the burden OF the COM
mon defence In time OF peace "oulu
ovod temptation TO perjury and Woulu
| co,fne the government TO taxes that 90
rot involve such inquisitorial methods IN
! their collection"
! "Jr President / suppose you nave no
,icod MIR. Bryans comments on your APP
roirtment OF Chief Justice White?
! IAN that / have to say about my Juul-
cial appointments is that ! have Regarded
my duty I'm respect TO them as the most
sacred with wills ! ain charG-j and tha'
have spared 20 fort to s-cure Tor the
Supreme Cou' ana other courts the pes'
men | could get, with the fullest apprecia'
tion OF tho fact that the federal courts
and especially the supreme Court consti-
trte the chief bulwark Of the institutions
OF civil liberty created by the Consttu'
ton
Unfinished Business"
Now. Mr. President, something OF the
future. What do YOU purpose treating as
vour calendar of unfinished business fol
/ the rest Of your term"
"In the domestic field, suppose reduc-
tions in the woolen and cotton schedules
and possibly in the metal schedule OF the
tariff will go 10 the top of the calendar
These will be founded, as far as my rec
IL.