The herald., 1897-06-11

= II will not propose this in any cap
tious spirit" said he. ''but because
believe 1t is sufficient, and that the
= people may know exactly what II Is
proposed to give the refiners."
The IDEAL duty on sugar, he continued,
n IT could be collected without under
valuation, was an4ad valorem duty.
Jones read letters from sugar men
criticising the Hawaiian reciprocity
: treaty. and declaring that it's benefits
: accrued entirely to the sugar interests
! of San Francisco and Hawaii, while TAX
ing millions out of the pockets of the
/ people. Commenting on these. Jones re-
7 marked: when rascals fall out, honest
: men get their due
s Jones also read a statement from an
expert accountant showing profits OF
80 per cent by one of the sugar companies
of the Pacific coast which vigorously
supported the abrogation of Hawaiian
reciprocity. It disclosed the comforta-
BILE condition of a concern which came
here and pleaded the baby act, he said
jones then explained at some length
. his Interpretation of the sugar schedule
! from technical standpoint, reading ex-
pert opinion to substantiate his claims.
White of California asked what course
, was to be pursued as to the Hawaiian
provision of the paragraph under con-
: sideration. To this Allison replied that
the proviso was in the bill as it stood
at present. and would have to be con-
sidered sooner or later.
The committee might and might not
submit n new proposition, and the sub
ject might be sent to the committee on
: foreign relations.
Vest followed Jones in criticism of
the general features of the sugar sched-
ule 1t had always been, he said, the
Cape Hatteras of tariff debate. 1t in
! Volved the whole question of the exist
ence of the gigantic sugar trust, which
had absorbed refinery after refinery, un-
til it was supreme and all-powerful in
the field The Lexow investigation had
disclosed the enormous profits of this
trust. 1t showed, he said, capital of
t75, 900 900, common stock, and $4,000 600
preferred, an aggregate Of 50,0O0, GOO,
with. profits of IL per cent on its common
stock and per cent on the preferred
. stock 1t was an open, bold, admitted
trust.
At this point Caffery said he desired to
! show the fluctuations of the stock ana
the sales for months. He read the low
est and highest market prices of the
stock and the daily sales for long Pc
Rod, showing the flourishing condition
! of the company.
!. Vest cut off some cross firing between
White and Caffery as to the effect Of
the proposed schedule on the price of
sugar trust stock by resuming his
speech.
= f0 he, n1YaStinn nf tho effort nf
our action here on sugar stock" said
he, waving his arms, 1--WE may be in
doubt, but there is one place where
there is no doubt-that is among the
SPECTATORS in Wall street. They know
: Immediately and instinctively wha.
: effect proposed schedule will have,
There is no question as to the correct
ness of their conclusions, and they put
! the price of sugar stock up SIS a share
within thirty minutes after the new
schedule was agreed on by the caucus.
They know whether this schedule is
more favorable than the existing law
or the Dngley bill schedule, and in two
days they ran the price up from lis to
124 have heard predictions from those
who ought to know that if this schedule
stands sugar will go to $50 share
Proceeding. Vest pointed out the great
revolution which had occurred in the
last two years in the sources of the
trusts sugar supply. Vest described
the new sugar schedule as ingenious
and artistic" The spectators under
stood it. He had ascertained and was
prepared to prove mathematically tina;
the protection given the trust on sugars
testing 96 degrees in the present law was
"a cent pound, in the Dingley schedule
SO, in the original senate bill .62 and in
the new schedule agreed on by the Re
publican senatorial caucus 81.
In conclusion, Vest declared that the
schedule deluded the public in the inter-
est Of this Gigantic monopoly"
Lindsay of Kentucky offered al
amendment which strikes out of the
house schedule, in paragraph 206, the
words mot above 16 Dutch standard in
color" and also strikes out the provis
ion in the same paragraph for differ
entail duty on refined sugar.
Morgan at this point gave notice of the
following amendments to be offered at
the proper time:
"a tax of l cent per pound is hereby
levied and shall be assessed and col
lected on sugar that is the product of any
refinery of sugar in the United States,
but, the persons or corporations en-
gagged in the business of refining sugar,
in whose business there is employed less
than $100, 900 of cash capital, and who are
not connected in business by agreement
with any other person or corporation
engaged in refining sugar, are exempt
from such tax. The laws for the collec-
tion of tax on tobacco, SO far as they
are applicable to the subject of this
enactment, shall apply to the collection
of the tax imposed by this act upon re-
fined sugar And no person nor corpora
tion shall be exempt from the tax on
sugar refined at any sugar refinery who
shall not clearly establish the right to
such exemption under the rules and
regulations to be prescribed by the sec
retary of the treasury for the execution
Of this law"
Caffery of Louisiana followed. The
old fight between the producers of raw
sugar and the refiners, which in this
country was the trust, was, he said,
again on. He spoke of the scandal of
1894 over the sugar schedule, produced
, by the rapacity of the sugar trust Il
was to be repeated now. There Were
consumed in this country 1900, GOO 600
pounds of sugar annually. If the trust
was to receive half a cent pound,
as this schedule proposed that would
.AA