The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-06-17

on refined.
II will not propose this in any captious
spirit" said he, but because / believe
! it is sufficient and that the people are
entitled to know exactly what 1t Is pro-
posed to give the refiners."
The ideal duty on sugar, he continued,
| if il could be collected, without under
valuations, was an ad valorem duty.
Mr.. Jones read letters from sugar men,
| criticising the Hawaiian reciprocity
treaty and declaring that its benefits ac..
crued entirely to the sugar interests of
! San Francisco and Hawaii, while taking
millions ont of the pockets Of the people.
Commenting on this, Mr.. Jones remark
| cd that when rascals fell out
honest men got their dues. Mr..
| Jones also read Il statement from expert
| accountants showing profits Of 30 per cent
| by one of the sugar companies which Wig
| orOusly supported the abrOgatiOn of the
Hawaiian reciprocity. 1t disclosed the
comfortable condition Of a concern which
came and pleaded the baby act he said
Mr.. Jones then explained his interDre-
tatiOn of the sugar schedule from n tech
meal standpoint, reading expert opinions
to substantiate his claims.
Mr.. White of California asked what
course was to be pursued as to the Ha-
waiian provision Of the paragraph under
consideration.
To this Mr.. Allison replied that the
prOviso was in the bill as it stood at
present and would have to be considered
sooner or later.
The committee might and might not
present Il new paragraph and the subject
might be sent to the committee on for
eign relations.
csm of the general features Of the sugar
schedule.
1t has always BEEN he said, the Cape
Hatteras Of the tariff debate. 1t involves
the whole question of the existence of the
gigantic trust which had absorbed REIN
cry after refinery till it was supreme and
all powerful in the field. The Lexow
investigation has disclosed the enormous
profits of this trust. 1t showed, he said,
capital of $75,000,000 common stock and
$75, 100000 preferred stock, an aggregate
Of S15OOOO,0OO with profits Of II per
cent on its common stock and IL on
the preferred. 1t was an open, bold, adj
mitted trust.
At this point Mr. Gallery of Louisiana
said he desired to show the fluctuations
of the stock and the sale for some months.
He read the lowest and highest mark of
the stock and the daily sales for long
period. showing the hourishing condition
OF the company.
Mr.. Vest cut off come cross firing be-
tween Mr.. White and Mr.. Gallery as to
the effect of the proposed schedule on the
price of sugar trust stock by resuming
his speech.
AS TO the question of effect of our ac-
ton here on sugar stock" he said. waving
his arms, I'VE may be in doubt here. but
there is one place where there is no doubt
that Is among the spectators i'm Wall
street. They knew Immediately and in
Stlnctlyely what effect II proposed sched-
ule will have. There is no question about
the correctness of their conclusions. And
they put the price of sugar stock up So
share within thirty minutes after the
new schedule was agreed on by the Gnu
Gus They knew whether this schedule is
more favorable than the existing law or
the Dingley bill schedule, and in two DAYS
ran the price up from 11S to 124. | have
heard predictions from those who ought 70
KNOW that II this schedule stands sugar
will go to $50 share"
Proceeding, Mr.. Vest pointed out tbo
great revolution which had occurred in
thc past two years in the sources of the |
trusts sugar supply
AR; Vest described the new sugar
schedule ms ingenious and artistic"
me Spectators understood it, He as |
certaincd and was prepared to prove
automatically that the protection given
the trust on sugar testing 96 degrees in |
the present law was "A of n cent n pound |
in the Dingey schedule 80. in the origi, |
nal senate bill go and in the new sched- |
ule agreed on by the republican senatorial |
caucus go.
In conclusion Mr.. Vest declared the
schedule deluded the public in the inter
est OF this gigantic monopoly"
Mr.. Lindsay of Kentucky offered an |
Stp ,c
house schedule in paragraph 206 the |
words not above No. 16 Dutch standard |
IN color and also strikes out the pro-
vision in the same paragraph of Il differ |
entail duty on refined sugar.
Mr.. Moran at this point gave notice |
OF the following amendment, to be of |
Tered ut the proper time:
a tax of l cent per pound is hereby |
levied and shall be assessed and collected |
iincry in the United States, but the per- |
sons or corporations engaged in the bust |
ness OF refining sugar, in whose business
there is employed less than 100000 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 collection of tax on tobacco,
MS far as they are applicable to the sub
Ittt VI tHlS eldcllnent, snail apply 10 the |
of tax imposed by this act upon
refined sugar. And no person or corpora
ton 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 reg
ulations to be prescribed by the secretary
Of the treasury for the execution of this
law"
Mr.. Gallery of Louisiana followed.
The old fight between the producer of |
raw sugar and the refners, 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. 1t
was TO be repeated now. There were
in this country 100000, 900
pounds of sugar annually. If the trust
was to receive half cent a pound. as
this schedule proposed, that would mean
S2O,O0O,0U to the trust. Here. then.
was the impellant cause which brought |
this great corporation to Washington to |
look after its interests. They not only |
control the price, but they advance it. he |
said. A statement made by him. he said,
would show that under all of the tariff !
acts the profits of the sugar trust were
very large.
The trust never lost. All it wanted |
was sufficient tariff to keep out the for
eign producer and then it had the Ameri-