The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-06-11


titled 20 know exactly what IL Is pro-
posed 20 give the re.iaors."
1ae ideal duty oa sugar he continued
u could D. collected without under
valuation, was an al vaioren DUTY.
zones read letters fro-n sugar men.
crllic@S1ng The Hawaiian p ciprocity treaty.
and declaring that ltS benefits accrued
enoTeaT 20 tire sugar interests of san
francisco and Hawaii. while taking mil
mons out OF the pockets Of the people.
teEl'Ine11iTg on these Jones remarked,
F" lsfn T1scags fan out, honest men ger
thair due
Jones also read a statement from an
expert accountant. showing profits ~ .
Per cent by ore OF the sugar companies
on Ire Pacific coast, which vigorously
supported the abrogatloa OF the Hawaiian
reciprocity 1t disclosed the comfortable
condition Of . concern which came here
ana pleaded the baby act. he said.
Jones then explained ar some length his
Interpretation OF the sugar scheaiaio from
technical standpoint. reading expert
opinion 10 suhstantiate his claims.
" alte Of California asked what course
was 10 be pursued as 10 the Hawaiian
provision of the paragraph under consid-
Grafton To this Allison replied tha; the
proFiso was in doubt. as il stood ~ pres
ent, and wonld have 10 he considered
might not submit a new proposition. and
the subject might he sent TO the commit
tee on foreign relations.
Vest followed Jones in criticism of the
general features of the sugar schedule IL
had always been, he said. the Cape Hat
teras of the tariff debate. II involved the
question OF the existence OF the glaantic
sngar trust, which had absorbed refinery
after refinery. until Il was supreme and
all powerful in the field. The IeNow in
vestiGation had disclosed the enormous
profits OF this trust. II showed he said
a capital OF S15.1e. go common stock ana
S75.isoeo preferred. an aggregate of sl5a.-
o0.eGo. with profits Of - per cent. on its
common stock and per cent. or the pre-
ferred stock. II was an open. bold, ad-
nitted trust
At this point Caffery said he desired 20
show the fluctuations of the stock and the
sales for months. He read the lowest and
highest market Of the stock and the
daily sales for a long period. showing the
nourishing condition Of the company.
Vest cut off some cross-drinr between
White and Caffery as to the effect of the
proposed schedule on the price 0f sugar
trust stock by resuIning his speech.
"As 70 the question of the effect os our
action here on sugar stock said he, way
ing his arms we may be N doubt here.
but there is one place where there is no
douht-that Is among the speCulators iu
Wall street. They know Immediately and
instinctively what effect the proposed
doubt Of the correctness of their
conclusions; and they Put the price
Of sugar stock up s. share
within thirty minutes after the new sched-
ule was agreed on by the caucus. They
know whether this schedule Is more IA
vorahle than the existing law or the Ding
ley bill schedule. and in two days they ran
the price up from lis to I2i I have heard
predictions from those who ought to know
that u this schedule stands Sugar will so
% $50 a share"
Proceeding. Vest pointed out the great
revolution which had occurred in the past
two years In the sources OF the trusts su-
gar supply.
Vest described the new sugar schedule as
ingenious and artistic" The spectators
understood IT, He had ascertained and
was prepared TO prove mathematicaliy
that the protection given the trust on
sugar testing NJ degrees was in the present
law 81 cent pound; in the Dingley sched-
ule. SO; III the original senate bill. 81. and
in the new schedule agreed on by The Re
publican caucus, 81. In conclusion, Vest
declared that the schedule deludea the pub
lie in the interest of this gigantic monop-
oily
Morgan at this point gave notice of the
following amendments to be offered at tho
proper time:
n ldA OF i cent per pound Is hereby
levied and shall be assessed and collected
on sugar that Is the product of any refn-
cry of sugar in the United States; but the
personsi or corporations engaged III the
business of refining sugar, IN whose bllsi-
ness there ia employed less than sIol 0t0
OF cash capital. and VINO are not connect
cd in business 10y agreement with any
othsr person or corporation engaged n re-
hning sugar are exempt from such tax.
The laws for the collection of tax on to-
bacoo. 50 far as they are applicable to
IL.
tO the collection Cf she tax imposed by
this act upon refined sugar: and no person
or corporation shall be exempt from the
tax on sugar refined AZ any sugar refinery
who shall not clearly establish the risht to
such exemption under the rules ana regu-
lations TO be prescribed by the secretary of
the treasury for the execution of this
law
Caffery Of Louisiana followed The old
fight between the producers Of raw sugar
and the rcfiners. which in this country
was the trust, was. he said again on. lie
ssreoke nf the scandal of 1891 over the sugar
schedule. produced by the rapacity Of the
sugar trust. II was To he repeated now.
There were consumed in this country four
Billion pounds Of sugar annually, II the
trust was 10 receive a half a cent a pound.
"a this schedule proposed that would
mean $50 0n 10 the trust. Here then
was the npelIent cause which brought
this great corporation 10 Washington to
look after its interests. IHey nor only con-
trolef the price. bat they advanced st.
Caffery then took UP the sugar produc-
tiCn Of his own state While he had been
In the senate the sugar producers had
beslegcd him 10 place a high tariff on their
product When the Wilson till was con
sdeTed ne had voted for duty ~ 10
per cent because sugar had been recog-
nized as q legitimate revenue-producins,
article No one mp to that time ques-
toned that sugar came within the strist
letter OF the Democratic doctrine Of n
tariff for revenue. Bat with this had
grown up many erroneous impressions AS
to tbs need Of an excessive duty. Under
the ~ per cent. ad vaiorem duty of the
law Of 1915. the production Of sugar had
increased enormously. reaching 4s.0n9,sn
pounds in ls55. \ u per cent. duty had
shown like results So that he did not
believe 100 per cent or 50 per cent, duty
was necessary e. keep the Louisiana su-
gar industry afioat.
when o'clock was reached the bin was
laid aside.
Pet,igrew made inquiry as TO what bad
become Of his resolution directing the
committee on Pacific railroads 70 inquire
Into the issue Of land patents 20 the Pa
cifc roads.
Gear % Iowa. chairman ~ the commit
t.a are,vrrcs: c1lrtly that pettierew would
hear in due sirne what action the commit
tae hal taken Explanations were made
tha. the committee would meet next Sat-
urday "a consider the subject
At $40 thn senate held an executive ses-
sion ard then adjourned.
~ THE HOUSE.