The Rich Hill tribune. (Rich Hill, Mo.) 1903-1911, 1909-08-12

m excise AhM or 9BNen dollars Unr
gross ton. which r. 70 b collected an.
nuaiiy on The first day Of September.
In lieu Of the excise Tar the owner
o. q foreign built yacht or pleasure
boat may pay q duty q 80 per cent
ad yalorem on his yacht This win
entitle him 20 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 70 enforce Coilecuon
Of import duties.
Cooperation TaE.
Every corporation, Joint stock com
pany or association organised for
pr0ht and every Insurance company
is required 20 pay annually an excise
tax Of one per cent upon is entire
net income over and above 5000.
This feature was put into the bill to
raise additional 70 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 va taken to guard agains
double taxation Il provides a form
Of publicity which via enable the gov
eminent 70 exercise supervision over
corporations. The form OF returns
which must be made by corporations.
and other features OF The corporation
tax law we're made public in detail
during its consideration in the senate
u IS estimated that from $50. 900. 600
10 S30.0e0.0 600 a year viii be collected
under this form Of federal taEation-
The secretary Of the treasury Is
authorized 70 issue Panama canal
bonds to the amount OF S29O.569 600,
which sum. together with that already
expended. equals the estimated cost
OF the Panama canal. It is not intend
ed that the bonds shall be issued e1-
cept as needed 10 provide money 10
carry on the work of canal construc-
ton. The bonds are 70 be payable 80
years from the date Of issue. and viii
bear Interest AZ q rate not exceeding
three per cent When the bonds are
sold the secretary Of the treasury win
restore 10 the working balance the
$~5O,Oo0.oO0 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
100000. 600 TO 5000 1000. AlarEe
number Of other provisions that are
In force under the existing tariE law
are included In the conference bill.
with a few changes in ~phraseology in
several cases.
Tha drawback provision OF tie Ding
ley law is incorporated in the confer
ence bin in lieu Of the drawback Of
the house ban which intended 20 per
NIT the substitution Of domestic ma.
terial in the manufactured article for
export % the same quantity that the
imported material. upon which a
drawback was oktainable. was used IN
the manufacture Of similar a~rtieIes
for domestic consumption. An add.
uonal provision vas adopted emitting
users Of domestic alcohol In be man.
u~facture 81 perfumery and cosmetics
10 secure a drawback OF internal rev.
enue tax 10 the amount CT alcohol
used 10 an exported article.
Senate Ideas Accepted.
Practically al the administrative
features Of the bin which were adopt.
cd Ia the senate were accepted by the
ccntcrecs. They include g. new maxi.
mum and minimum feature. a corpo.
ration tax law instead OF the inher.
iauce tax adopted By the house. au.
mor.zation Cor q bond issue % raise
money 90 build the Panama canal. as
well as numerous ether features
The maximum and minimum provl
SION prcscribes duties in accordance
With thc rates named in the dutiahle
LIST uHtl March 81, 1910. when s5
per cent ga yalorcm g. 10 be added
automatically as che maximum duty.
The president Is authorized 90 apply
the minimum rates. however. 20 inn
rorts from q country which gives SIS
best rates 20 the products OF the
United States and is made the Judge
as 20 whether o foreign country ac-
cords 20 TAO United States treatment
which ls reciprocal and equivalent
when be finds that this condition ex-
lists De Is 20 issue a proclamation put
ting 90 effect tSe minimum rates and
until the time 81 the proclamation the
maximum ratrs VIII apply
The PRECEDENT is empowered 10 en-
picy such rersCus ns may be required
TO secure information 10 assist the
president IN the Discharge Of the do.
ties imposed upon him and informa.
ton which VIII be useful 70 the on.
cors OF the government IN the admin.
istratiOn Of the customs laws The
reciprocity treaty With Cuba is not az
fcctcd by the maximum and minimum
provision
Tho president Is empowered also 90
ahrOgate those reciprocity treaties
which can be terminated by diplomat
&C. action. Il Is made his duty 10 give
10 days notice after the bill becomes
a law OF his intention 70 bring those