Daily press. [volume] (Newport News, Va.) 1896-current, 1909-03-18
LONG AWAITED TARIFF
BILL IS PRESENTED
Confined from First Pag"D

are not 10 go intO eHeCt uHtii SNtH
days after the passage Of III" bill!
Conditional Reciprocity.
Reciprocity provisions are contain
I'd in the paragraphs assessing d"-
ties on bituminOus coal and coke. and
agricultural implements. by which
these articles are given entry fire." OF
duty. when imported from countries
which permit the free importation OF
these articles from America.
Inheritance Tax Provision.
The inheritance tax provision OF the
bin is similar TO the New York State
law.
1t provides a tax OF tiv" per cent on
all inhrritanceS over $500 that are
collateral inheritances or in which
strangers are the legateeS.
In cases OF direct inherit anccS. the
taxes prescribed are: On $4,000 I"
500. 900, one per cent: on 100000 to
$500 600. two per cent: ami on those
over $500 900 three per cent.
1t is estimated that $20,000.00o an
nually will be derived from TINS tax.
Trade Agreements Abrosated.
The maximum and minimum pro-
vision of The hill does away with the
necessity of continuing the foreign
trade agreements. The abrOsauon OF
these is provided for in n section
which authorizes the President to is
sue notices OF the termination of these
agreements within ten days after me
bill goes into effect.
The French agreement would there
fore terminate Immediately, while the
force for xix months.
The time that must intervene be
fore the importation of the other re-
ciprocity agreements would becom" ef-
fectiye ranges from tire" months TO
one year.
Drawbacks Are Extended.
Drawback privileges are extended
by the bill and the method of valna-
lion on articles upon which the tarin
imposes an ad valorem duty is broad
ened for the purpose OF preventing the
practice of under-va!uation.
Mr.. PAYNE. in introducing the bill.
gave out a statement in part as fol
lows:
''Une problem tina, confronted the
committee was The question OF reve'
nue.. The business Of all commercial
nations has been depressed for nearly
two years, and thus has affected or
commerce and greatly reduced our
revenues, so that we have a large
deficit. but the revenues under the
present law are improving from month
10 month. as business conditions are
becoming better.
Bond Provision a Preeaution.
With a return to anything like
normal conditions duriIs; the next
fiscal year it is safe to predict that
the deficit would be entirely wiped
out, but in case 1t is not the I'LL pro
vides for the Issue of Panama canal
bonds to reimburse the treasury tor
the $40, 000. 900 paid out in the OrIgl'
nal purchase of the canal. This would
more than make up any probable de-
ficiency There is also re-enacted
the provision for the issue OF certtfi-
Gates to run one year to replenish the
treasury, raising the amount from one
hundred million to two hundred and
fifty million dollars. an amount suf-
ficient to provide at any time against
two or three years of depressed bust
ness conditions.
Luxuries Must Pay
Most Of these articles on which
duties have been increased are lux
uries. which have been increased as
follows:
"Perfumeries and toilet articles
from fifty to sixty per cent ad va
loren. Fancy soap from fifteen to
twenty cents per pound.
Cocoa. crude. transferred from the
free list to the dutiable at four cent
per pound: prepared or manufacture
ed increased two cents on each clas-
sification except that valued above
thirty-fye cents per pound which re-
mains the same.
Powdered cocoa from five cents to
nine cents per pound.
Duties on the following articles
have been increased. because the
com mittee found that there was not
suhicient protection under the pres
IN, Law continue Mr. Payne.
increase on Fruits.
Peas. split peas. from 40 cents 70
IS cents per brshel Figs from two
cents to l-c cents per pound. Lem
ons. from one cent to one and one
fourth cents per pound. Pineapples
from 81 per thousand to 81 per thou
sand"
Increases in the cotton schedules
are:
An additional duty OF one cent
Der yard on mercerizei fabrics "a
new process of manufacturing invent.
ed since the present Law was enactedb.
Also a small additional duty on
lappets. There II also an increased
duty on stockings fashioaed and
shaped wholly or in part on knitting
. machines"
Duty on Paper.
Changes in the paper schedule
which includes those recommended by
the special committee on wood pulp
and print paper investigation are:
, Surface coated papers. covered with