Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1909-08-25
The provision granting farmers the


nee sale OF leaf tobacco places q
restriction on the retail dealer which
requires him to record every sale
amounting to two pounds or more to
one person In one day. number Of
other ironclad requirements are In.
Guided In the redraft of this section
adopted by the conference committee.
by which 1t was intended to prevent
any frauds upon the internal rev.
enues. and at the same time give rs
much OF local market as possible to
the tobacco grower. The grower had
contended for unrestricted sale OF
amounts up to ten pounds.
Foreign-built yachts are subject to
an excise tax OF seven dollars per
gross ton, which is to be collected an
nually on the first day OF September.
In lieu OF the excise tax the owner
of a foreign built yacht or pleasure
boat may pay a duty of So per cent
ad valorem on his yacht. This will
entite him TO American registry. The
excise tax provision was adopted be.
cause OF the fact that some question
has been raised about the ability OF
the government to enforce collection
OF import duties.
Corporation Tax.
Every corporation, joint stock com.
pany or association organized for
proht, and every insurance company
Is required to pay annually an excise
tax or one per cent. upon it's entire
net income over and above $4,000.
This feature was put into the bill to
the treasury deficit. The section was
prepared by Attorney General Wicker.
sham, assisted by other able lawyers
In the administrative circle. and great
care was taken to guard against
double taxation. 1t provides n form
OF publicity which will enable the gov.
eminent to exercise supervision over
corporations. The form OF returns
which must be made by corporations.
and other features OF the corporation
tax law were made public in detail
during Its consideration in the senate.
IL Is estimated that from sec, zoo. 900
to $30.OOO.OOO year will be collected
under this form OF federal taxation.
The secretary of the treasury In
authorized to issue Panama canal
which sum, together with that already
expended, equals the estimated cost
OF the Panama canal. 1t is not intend.
ed that the bonds shall be issued ex.
cept as needed to provide money to
carry on the work of canal construc.
ton. The bonds are to be payable so
years from the date OF issue. and will
pear interest at rate not exceeding
three per cent. When the bonds are
sold the secretary Of the treasury will
restore to the working balance the
S5O,OOO,OOO paid originally for the
canal property and the canal zone.
The re-enactment of the provision
authorizing the issuance OF treasury
certificates for money borrowed to
meet public expenditures. increases
the amount or the authorization from
$1OO,OOO000 to 100000. 900. A large
number or other provisions that are
In force under the existing tariff law
are included In the conference bin.
with a few changes in phraseology in
several cases.
The drawback provision OF the Ding.
ley law Is incorporated In the confer.
ence bill In lieu of the drawback of
the house bill which intended to DER
NIT the substitution of domestic ma.
terlal In the manufactured article for
export to the same quantity that the
imported material, upon which
drawback was obtainable, was used in
the manufacture of similar articles
for domestic consumption. An add.
tonal provision was adopted emitting
10 oil ~
ufacture OF perfumery and cosmetic.
TO secure a drawback of internal rev.
enue tax to the amount os alcohol
used In an exported article.
Senate Ideas Accepted.
Practically all the administrative
features OF the bill which were adopt.
ed In the senate were accepted by the
conferees. They include a new maxi.
mum and minimum feature, a corpo.
ration tax law inStead OF the inherit
lance tax adopted by the house. All.
thorization for n bond issue to raise
money to build the Panama canal an
well as numerous other features.
The nlximum and minimum provi.
sion prescribes duties in accordance
with the rates named in the dutiable
list until March 81, 1910. when 25
per cent. ad valorem is to be added
automatically as the maximum duty.
The president is authorized TO apply
the minimum rates. however, 20 i'm.
ports from country which gives its
best rates to the products OF the
United States and is made the Judge
as TO whether a foreign country nc.
cords TO the United States treatment
which is reciprocal and equivalent.
When he finds that this condition OK.
fists he is 70 issue proclamation put.
ting in effect the minimum rates and
until the time OF the proclamation the