The Daily News TUESDAY, FEBRUARY 5. CURRENT COMMENT.
In point n|' ability, tlet-'niiiii.ak' i, | M) - iK'sty of pui'[}f»c. aiitl tlnirou.mi iihl.' IH'iuloiici' and iln> jh.-.-viji l'lvsidunt of Aiui'rii'jt 11'' 11Is in. iiw.i with the I'oivi. «..« of" J),. 111;)11■, uj-, i UiCM that liav,- Lim .h.i' ■ ; Ihi' Stat;*-). \'i li i .Mil a Vfry i.;au ami a man i»t' chavaiU-r v.uulti lulvl' -•0111' to tlii* icii-lh hj- in, in U ■ diMHincialion of tiV: 1 njirrati ;,s ci ti'ii>i.>'/ A wc;ik,'r man w./ii! i Iia•• *.• Juv-ilalt'ii ix'lorc iif ojicncil lin> o i or gunihiUiuim so imwvrlu! ami - o nihwnliaJ. Jic liars no uj»|>;>ri u; mv m iiiainfaiiiniii tin* u[ tin- pt'opfagainst tho insidious workings i ih • unholy an I it was n< t ui-ii i i inj; thai ivnulor I'oiaUtM' sliim ii taken tin l opjiMMiuity to atiat!; Air K'.M'.-icvflt ana li s policy in to the HirporaiioiH at a Now I'oik fuiß-tion last Wodi]c=tlay. 'I, ,r ; siilont's I'i'pSy was ay characU'ri tic a.s it wa.s fti^nilieaiu.
lie warned till: reprcsenlal ives of the llllsts that if tllev Were unwilling Lo accept the acti.-n of the (Jovei ninelit, ! wiiich Wild ready to protect poo,- ami I rich alike, Uio lime wou'd cume when they would iindi thenisdvcs jinr to face with a people believing they iiad buuii deprived of their ami ii inol) which wuuJd not in the least rc npect, their ri-liert. JL is not surpviw ,ing that liie pjuiiounceiiicnt can-ed . great i'residrut in voicing the w;iniUi;r. as hut expressing the feelniMs of the iiitcHiL-enL ni'Mi of America, who see in iuid swollen toil ir.ies menaces to Ue peaceftii aiid proper devrlopmci/ ni the country. 'J'liey ile-ire a curbing of tiic powers anil of the lmgi> eovpiH'aU.iiis that arc U„minating nearly cverv industry and trade, and the regulating of tl'ie fortunes. 11l two speeches w;lhin the last few mouths I'resident Uoosefclt lias ,-iatnl lis conviction that steps niu.-.t be taken to limit tiie amount of wealth which any one person may po.-:cs>, and it is believed in Washington th\l his next Message will consist lai'gvly of the exposition of the scheme he lias in mind for the acconiplistinieut ot this end. The chief weapon npoa which rcjance will be had in I he breaking up of Hie enormous aggregation ol wealth which some Americans amass is the inheritance lax. This the .President made very plain ill one of his "muck rake" sperci:es, in which lie said: "I feci w. will ultimately have to consider the adoption of some sm 'i • ■scheme as Ilia! of a progressive tax on • ail fortunes beyond a certain amount, either given in life or devised or liequcaHicd upon death to any individual—a lax so framed as to put it mil of the power of ilie owner of one ol these enormous fortunes to hand or more than a certain amount to any individual. The last clause of thai sentence clearly contemplates a defin ite limitation of the quantity of wealth lliat any one person may in heriL or accept from another.
Then again, in a speech at a dedica tiou of the Pennsylvania State Capi lal. the President recurred to the subject of the Federal control and regulation of vast fortunes. "It is our clear duty tan'c, in t;n> interest of the people,' lie said, "thai there is adequate supervision and con. nil over tin- busi iioss use ol (he swollen fortunes of loday. and also to determine the eoudit ions uiion wliicn those fortunes are to he transmitted and the per , v n a;o. they shall pay lo the (.lovernniei'it. who.se protecting' arm alone alloivil Ihein to exist. (>ni.\ th.' u:i.ion can do tilis work. 'to rclcgiUe it. lo (lie Sta.'i 1 K a laree. I niaiiitaiii that tiie cational Covorniuentshould have eoniph-te power to deal witJi all of this weiilh Whieh in any way r 'i:e, into mi merce lictue.'n tiie St al'-s—ami pr.ulit/ally jill (>i it (In, j s etnp!u\nl U\- > l'< l tri-oat corporation do<> thiirs un in/ liiS. would i-ci'in !o ]f 'iut to ]»<»!- icy even more. drasl e tlia:i a stiff inli.i'i'ilaiicc lax. ImiL fli/ IVe-idenl ha* not into ilitai'.s hi-, iiii.rul ioiN. .Meanwhile, tin- p<j>sc-.s-;. ors ol' "-swollen foil inns," ;nv awailinir tin* iii'xt jnovo. cominced Uai some (k'iiiiiLp reeoinnu'iidaiion'-i will In* niado lo (Jony'iv.*>s.
Within litlle more than a M-ar three of Die great furl line.- of America have changed hands through death, and in the nature of things the same must happen in regard to .several other.--, in (lie next lew years, their -owners beinu very o!il nieii. Charles Yerk<-< 101 l some .US.IJUIi.UOiI or C 10.0110 (1(1(1. Marshall i-ield. of Chicago, bequeathed a for.line apprised at over .CiO.OIIO.OIKi. I lie lortime i,| llus-i'li was o\er .C 111.0110.000. Th.- wills lII' these throe wenltli accumulators altraolcd iiileu-c intere.st. but limn- more so than t«i of Marshall Field. li.xcept fur a few small bequests, Field left his entire fortune in trust lor lifty years, the heir uhiinaloiy being'his grandson, a lad not yd m iiis teens. j''or the hall' century (he va-t fori line is lo be held to compound, and it has been arithmetically computed that when the Trust terminates the l-'ield estate, not allowing lor (he ,-licet of possible speculative prolits, will amount to more than W.OOO.Oilil.uOo. That ipiantitv Ol wealth under single control coulil not hut be a distinct menace to the nation. John 1). Koekcfellcr nm-t * 1 'lie. lie is said to be possessed Of A'100,000,(Wo. Andrew Carnegie, cannot live many years longer, and notwithstanding all his benefactions he is said to be worth .C1i0,000.0110. these are but two, but there are mainotnei- old men iu America worth -C'i,UOU.UOI) to £120,000,001). Undoubted, ly it is Willi full knowledge of lose facts that President Itooseiell has un, del-taken a campaign which, if it ends Hlcocs,fully. will at anv rate pvevent the inheritance, if M „|, ( | u . accumulation ol fortunes so large as to make their owners a danger to the nation.
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Taranaki Daily News, Volume XLVIII, Issue 81917, 5 February 1907, Page 2
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995The Daily News TUESDAY, FEBRUARY 5. CURRENT COMMENT. Taranaki Daily News, Volume XLVIII, Issue 81917, 5 February 1907, Page 2
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