The Evening Herald

THE WAR REVENUE LAWS.

The United States Supreme Court Upholds Their Constitutionality.

Washington, April 4.—Much interest was manifested by lawyers and others in the decision of the cases in the United States supreme court yesterday involving the validity of the war revenue law. The opinion was handed down by Justice Peckham, who briefly announced only a bare summary of the written documents. The opinion as prepared for preservation took up the various phases of the subject, holding the law constitutional as applied not only to stock exchanges, but to live stock yards as well, the principle being the same in all cases.

In speaking of the general powers of congress as to taxation Justice Peckham said:

"In searching for proper subjects of taxation to raise money for the support of the government congress must have the right to recognize the manner in which the business of the country is actually transacted; how, among other things, the exchange of commodities is effected; what facilities for the conduct of business exist; what is their nature and how they operate and what, if any, practicable and recognizable distinction there must be between a transaction which is affected by means of using certain facilities, and one where such facilities are not availed of by the parties to the same kind of a transaction. Having the power to recognize these various facts it must also follow that congress is justified, if not compelled, in framing a statute relating to taxation, to legislate with direct reference to the existing conditions of trade and business throughout the country and to the manner in which they are carried on."

The Chicago Board of Trade is treated in the opinion as a type of boards of trade all over the country, the size of the Chicago institution only serving to increase its importance.