Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1909-08-06
THE TARIFF.
THE BILL PRESENTED TO THE PEOPLE
BY THE REPUBLICAN PARTY,

THE BILL PRESENTED TO THE PEOPLE
BY THE REPUBLICAN PARTY.
In its perfected form the new tariff
bill was submitted to Congress on Fri
day. 1t came from the hands of Chair
man Payne, leading House conferee, as
the report of the joint conference COM
mittee that had struggled for q days
in its efforts to reconcile the differences
in the House and Senate bills and at
the same time to meet the views of
President Taft.
The bill as reported by conferees will
first be disposed of in the House, then
go over to the Senate. 1t is possible
that the House will be able to take a
vote on it by Saturday night, Under
the rules of legislation it cannot be
amended in either House. 1t must be
accepted, rejected, or referred back to
the conference committee. That it will
be accepted will go to the president for
his signature, and will become a law
within the next week or ten days is the
general prediction made in Washing
ton.
AS to the big question whether the
bill is revision upward, or downward,
there is the contradictory argument
that seems to go with all tariff bills.
Members of the committee declare that
the measure will be of benefit to the
country in lower duties on necessaries
and higher rates on luXuries. Oppo-
nent of the bill charge that the rates
average higher than those of the Ding
ley law, and that little relief has been
afforded on articles most used by the
people.
The announcement that the report
would go to the House today was suf-
ficient to attract an assem- blage that
was record breaker for the special
session. The political and economic
issues involved were of the highest i'm
portance, aud the massing of forces
was pressed with an energy warranted
by the value of the stake.
Chairman Payne, of the ways and
means committee, was the center of in
terest. He secured recognition soon af-
ter the opening prayer, and tossed into
the arena the bone of what promises to
be the liveliest sort of contention dur
ing the ensuing work.
He stated that he had had an investi-
CATION made based on the last census
returns of 1905, showing the amount of
domestic consumption of articles upon
which duties had been raised and also
those upon which the duties had been
lowered. The section of the Aldrich
bill giving the president unlimited
power for the appointment of a tariff
commission was greatly amended. I'm
der the bill as reported he has authori-
ty only to employ experts TO investi-
gate tariff discrimination by foreign
countries against the United States.
The customs court and the maximum
dilo ulliiAihulu piONluCO LII OuC oChttS
bill were accepted by the conference
commission. Manufactures using i'm.
ported alcohol are given the right Of
drawback if they export the alcohol
imported or an equal amount of domes
| tic alcohol.
The secretary of the treasury is au
thorized to issue bonds to cover the
cost of the Panama canal to the extent
of 1920, $50, 900. This sum, together
with the $S4, 631 900, already borrowed
on issues of 2 per cent bonds, equals the
estimates of the Isthmian Canal Com.
mission to cover the entire cost of the
canal from its inception to its compile
ton. The new bonds authorized are to
be in denominations of 500, $500 and
$1,000 payable in fifty years and bear
ing interest at rate not exceeding
per cent per annum. They are to be
free from taxation and are to be sold al
not less than par under such regulations
as will give all citizens an equal oppor-
| tunity to subscribe for them.
The bill also limits the number OF
certificates of Indebtedness that may be
issued to S2O0,000,O0O.