Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1909-07-22
SPOONER PANAMA BOND LINZ
REPEALED-S29o,56 e, o2o
NEW BONDS.
CORPORATION TAX, FIXED Al
ONE PER CENT. WILL PASS,
IT'S SAID.

enCe on the tariff bill conceded TINS
yesterday. Indications are that when
the new tariff bill becomes a law the
rates on the articles which the presi-
dent desired to come in free will be:
Iron ore, free-Present rate forty
cents a ton.
Oil, free-Now protected by coun-
tervailing duty.
Hides, ~ per cent. ad valorem-
Present rate Is per cent.
Coal, 45 cents per ton-Present
rate sixty-fve cents.
Lumber, probably 1925 per NJ on
rough, with the senate rates on fin
ished. This would be a material re-
duction throughout the lumber SEIZED
ules.
When the cOnferees transferred to
the presidents shoulders the respon-
sibility of putting the foregoing raw
materials on the free list. it was not
believed he would meet with success
in bringing about changed senti-
ment in relation to these articles. For
congress have been going to the
white house ard not few came away
convinced that the president was right
in insisting that all these articles
could stand lower duties. 1t was not
believed he would be able to put
hides, lumber or coal on the free list;
but it was acknowledged that any re-
duction in the rates of the pending
bill on these articles would amount
to an administration triumph.
In effect the president was told by
the conferees that if iron ore, OIL
coal hides and lumber were put on
the free list or the rates reduced be-
low the figures adopted in the senate
he would "have to get the votes" 1t
was recognized that it would be i'm
possible to put hides, lumber and
coal on the free list if the conference
report was to be adopted by the sen
rates on these articles could be re
dUced.
That a change of sentiment has tax
en- place in the senate in the matter
of free iron ore and free oil was a
matter of common gossip about the
capitol yesterday 1t was stated just
as confidently that the IS per cent.
ad vaIorem on hides would have to
be cut in half, although some oppO-
nents to the proposition Of putting
u:
full Of retaining the rates as high as
ten Der cent.
~oaI n - cents a ton, II was de
cared. would D.ove satisfactory to
every section except Wyoming, which
re-rs he industry in that state might
he mined by cheap Canadian coal
cnd the members from that state ara
protesting against any reduction.
The president viii win another de
cided victory in the Philippine free
trade prov sion. The subcommittee
which has been considering this sec
t ON lad decided to permit the free
admission of f50.000,OOO cigars annu-
ally, as requested by the president,
admitted under the senate amend
ment, adopted at the instance Of Sen
atOr La Toilette. Il is. expected that
the Philippine section as it IS ap-
proved by the subcommittee viii be
by the cOnferees tomorrow.
1t provides for the free admission Of
300 900 pounds of wrapper tobacco, l.
100000 pounds of filler tobacco. and
100000 tons of sugar.
With the exception of rice and the
limitation placed upon tobacco and
sugar. all articles the growth, prod
uct or manufacture Of the Philip
pines. :" will be admitted free. The
inclusion of the words "or manufac
ture" is q source of crit cism in many
quarters. Many members of con-
oress think they would make it pos
sible to ship raw materials into the
Philippines for manufacture with
cheap labor and then bring them to
the United States free of duty. As
originally adopted by the house. and
later introduced in the senate, the
Phs Iippine section contained a provis
ion requiring that manufactured arti-
cles in order to obtain The benefit Of
free admission into the United States,
should not contain ingredients other
than the products Of the islands.
For Panama Bonds.
By the action taken yesterday the
tariff conferees settled the question
OF giving the sec. etary of the treas
urv authority to issue fifty year
bonds at rate OF interest not ex-
ceeding three per cent to cover the
entire cost of purchasing the site and
constructing the Panama canal.
The effect OF the provision is TO re-
peal the limit of authorization con-
tanned in the Spooner act, although
not interfering with the two per cent.
bonds issued under that authority TO
the amount of sS4,631,9S The esti-
mated cost of the canal is s375,201,-
600 which viii be the figures named
n the new authorization and bonds at
the rate of three per cent. may be is
sued, as they are needed, therefore,
to the amount of s290,595.020
Corporation Tax 1 Per Cent.
TAara = M Iopoar onv nuaSfjnn that