Montpelier examiner. [volume] (Montpelier, Idaho) 1895-1937, 1909-08-06

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 q foreign built yacht or pleasure
boat may pay a duty of 80 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
of import duties.
Corporation Tax.
Every corporation, joint stock COM
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 $4,000.
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. 1t provides 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 $20,000.0 900
to $30,000,000 year will be collected
.NPf 40
The secretary of the treasury is
authorized to issue Panama canal
bonds to the amount of $290.569 900,
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 ex-
cept as 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 rate not exceeding
three per cent. When the bonds are
sold the secretary of the treasury will
restore to the working balance the
$50,000,000 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
$100,000,000 to s200,000,000. A large
number of other provisions that are
in force under the existing tariff law
J 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
, ence bill in lieu of the drawback O
the house bill which intended to per
init the substitution of domestic ma
3 terial in the manufactured article 70
export to the same quantity that thu
d imported material, upon which
!. drawback was obtainable, was used II
n the manufacture of similar article
4 for domestic consumption. An add
tional provision was adopted entitlin
II users of domestic alcohol in the mar
ufacture of perfumery and cosmetic
to secure a drawback of internal reV
II enue tax to the amount of alcohc
n used in an exported article.
a Senate Ideas Accepted.
y Practically all the administrative
y features of the bill which were adop
ed in the senate were accepted by til
conferees. They include a new max
D. mum and minimum feature, a corp
10 ration tax law instead of the inner
u lance tax adopted by the house. a
thorization for bond issue to raj:
le money to build the Panama canal, !;
vs. well as numerous other features.
IN The maximum and minimum prov
"a sion prescribes duties in accordant
e. with the rates named in the dutiab
On list until March 81, 1910, when
oy per cent ad valorem is to be add
sr- automatically as the maximum dut
The president is authorized to app
ID the minimum rates. however, to Il
Ip- ports from country which gives
lg- best rates to the products Of t
ng United States and Is made the jud
at as to whether a foreign country {
re cords to the United States treatme
m which is reciprocal and equivalel
ial When he finds that this condition I
90, lists he is to issue proclamation p
at ting in effect the minimum rates a
100 until the time of the proclamation
maximum rates will apply.
eco The president is empowered TO e
sw- ploy such persons as may be requiI
nts to secure information to assist
in president in the discharge of the
gh- ties imposed upon him and inferr
100, ton which will be useful to the {
rs GERS of the government in the adm
sar- istration of the customs laws.
per reciprocity treaty with Cuba is not
use fected by the maximum and minim
is provision.
The president is empowered also
the abrogate those reciprocity treat
which can be terminated by diplon
itch ic action. 1t is made his duty to G
sale 10 days notice after the bill beech
} to a law of his intention to bring tn
r of treaties to an end. All other trea
in which contain no stipulation in reg
ton to their termination by diplomatic
A r