Every evening, Wilmington daily commercial., 1921-09-24
THE MIRROR OF
PUBLIC OPINION

arstocracy of tnherited) wealth,
with It's attendant danger 10 de-
mocracy through It's Capitalization OF
power and the means OF life.
Some of our American families OF
great wealth are now In their third or
| fourth generation, with a power and
Influence In our national affairs which,
though Il may now be devoted to good
eads, might In some hands be devoted
as easily 10 bad ends This power of
wealth has been passed on TO them
through no effort of their own. greatly
Increased by natural accrction, and
w. hout development Of proper respon-
sibility In the exercise OF this power.
This ought not to be. II the sys-
tenn can be destroyed without destroy
Ing the incentive OF the individual for
productive effort, and at the same time
fairly provide needed revenue for the
government, two great benefits would
be accomplished al one stroke. n is
IN line with a social and economic ten-
dency which has been going on In this
lcountry for many years and for that
reason should not be beyond our ready
appreciation.
After the Norman conquest OF En-
gland the feudal lords obtained the
enactment OF the statute De Donis,
by which the fee OF feudal grant
should descend TO his heirs-in par
Iticular to his eldest son--with no
Ipower to the grantee 10 bar their
rights. Under this system the landed
British aristocracy grew up Revolu-
tionary France abolished IL, as did
other European nations, but an effort
was made to perpetuate II in tho
American colonies. Thomas jefferson
lrevising the Virginia code, abolished
ne with the explanation that II the
eldest son could eat twice as much oi
do double work il might be natural
evidence OF his right 10 n double por-
ton. AS n result the system is not
Recognized in the United States. and
in Illinois at least the laws contain q
rule against perpetulty" under whitf
a testator can restrict the distribution
Of his estate only to period o
twenty-one years beyond the life o
! living heirs. That shows our nationa
/ attitude toward the Capitalization an,
perpetuation OF great and unearne,
: fortunes.
! But that attitude has not been sur
! ficient to check such growth, central
{ ization. and perpetuation. Fortune
] have grown up TO such size that it i
! impossible for their owners to spen
the income normally, with the resul
2 that they multiply with almost incon
eeivable rapldity. The result is tn
formation of a class In this countr,
almost outside ordinary control.
exercises itself, among other thing.
: with the support through marriage c
a European aristocracy founded q
law rather than on economies there
fore financially broken down by eco
nomlc influences. That does thi
country. in which these fortunes ar
made, no good. IL may do ue harm
. IL could be checked. Why lot chec
it7
Inheritance taxes on swollen for
tunes. to be collected from the bene
ticiary rather than the testator, woul
answer the purpose IL provided wit
proper safeguards against trickery {
avoid the tax. This, by reducing tn
proportion of the whole estate take
by the government IN case the estat
we're divided among number Of heir
2 and increasing IL to confiscatory prc
: portions if given to single heir, wou
o tend to break up such estates in pei
e petuity. The surtax would be levie
a at such a height--say. s5.000.b00 {
q 10000. .000-that it would not touc
Is the ordinary fortune or in any wa
u destroy the stimulus to individu
y initiative in business or money NAL
Is ins. 1t would be good for our d,
Al mocracy and good for our treasur
II We recommend it to the attention
n congress.-Chicago Tribune.