The Columbus journal. (Columbus, Neb.) 1874-1911, 1909-08-18

The provision granting farmers the
nee sale of leaf tobacco places a
restriction on the retail dealer which
requires him to record every sale
amounting to two pounds or more to
one person in one day. A 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 as
much Of local market as possible to
the tobacco grower. The grower had
contended for unrestricted sale Of
amounts mp 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 foreign built yacht or pleasure
boat may cay duty of IS per cent
ad valorem on his yacht. This will
entitle 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 icaIOrt duties.
s-'-' Corporation Tax.
Every corporation. joint stock CON-
pany or association organized for
profit, and every insurance company
is required to pay annually an excise
tax of one per cent. upon its entire
net income over and above $1,000.
This feature was put into the bill to
raise additional revenues to apply on
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. It provides q 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.
1t Is estimated that from $50, 0O0, 900
to $50. OOO, 600 a year will be collected
under this form Of federal taxation.
The secretary of the treasury II
authorized to issue Panama canal
bonds to the amount of $3.50. $50 600,
which sum, together with that already
expended, equals the estimated coet
OF the Panama canal Il Is not intend
ed that the bonds shall be issued ex-
cept rs 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
bear interest at a rate not exceeding
three per cent. When the bonds are
sold the secretary of the treasury will
restore to the working balance the
&5O.00O.O00 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 of the authorization from
$100.0oO.0O0 to 100000 900. Alarge
number Of other provisions that are
In force under the existing tariff law
are included in the conference bill,
with few changes in phraseology in
several cases.
The drawback provision of the Ding
ley law is incorporated in the confer.
in, So
the house bin which intended to per
NIT the substitution of domestic ma
terial in the manufactured article for
export to the same quantity that the
imported material, upon which a
drawback was Obtainable, was used in
the manufacture Of similar articles
for domestic consumption. An add
fional provision was adopted emitting
users of domestic alcohol in the man
lfacsure of perfumery and cosmetics
10 secure a drawback of internal rev.
enue tax to the amount Of alcohol
used in an exported article.
Senate Ideas Accented.
Practically all the administrative
features Of the bill which were adopt
I'd in the senate were accepted by the
,cnferees. They include a new maxi
mum and minimum feature. corpc-
'ation tax law instead Of the inheri.
ance tax adopted by the house. au-
for bond issue to raise
money to build the Panama canal. as
veil as numerous other features.
The maximum and minimum provi-
ion prescri5es duties in accordance
With the rates named in the dutiable
list until March 81, 1910. when %
yer cent. ad vaIorem is to be added
as the maximum duty.
The president is authorized to apply
he minimum rates. however. to i'm
,orts from a country which gives its
'est rates to the products of the
United States ard is made the Judge
IS to whether a foreign country ac-
ords to tie United States treatment
which is reciprocal and equivalent
When he finds that this condition ex.
SITS he is to issue a proclamation put
ing in effect the minimum rates and
ntil the time OF the proclamation the
maximum rates will apply.
The president is empowered to en-
10y such persons as may be required
o secure information to assist the
resident in the discharge Of the du-
les imposed upon lsm and informa-
ion which will be useful to the Off
ers of the government in the admin
straticn Of the customs laws. The
eciprocity treaty with Cuba is not af.
ected by the maximum and minimum
revision.