The Wenatchee daily world. [volume] (Wenatchee, Wash.) 1905-1971, 1909-03-17
MAY ISSUE PANAMA BONDS
TO AMOUNT Of $40,O00,O00
New Tariff Measure introduced in Con-
gress Today Provides For Replenish
ing the Treasury in Case of Deficit
Provides for Increase in Tariff on
Many Necessities
(By Associated Press.

(By Associated Press.)
Washington, March 17.-Represen-
tative Serene Payne, chairman OF the
house ways and means committee,
who introduced the tariff bill, gave
out the following statement: Zone
problem that confronted the commit
tee was a question of revenue. The
business of all commercial nations has
been decreased for nearly two years,
and thus has affected our commerce
ani greatly reduced our. revenues so
that we have large deficit, but the
revenues under the present law are
improving from month to month as
business conditions are becoming bet
ter. The last normal year of imports
was the fiscal year ending June 30,
1906. The year 1907 was unusually
prosperous and the revenues for GUS
toms exceeded those of 1906 by $780,
100000. The committee therefore
has taken the year 1906 as basis
for the estimate of the revenue for
the new billsz Should the next fiscal
year prove prosperous and the noraml
conditions of 1906 return on account
of the large increase in the population
Az xeverncs OF so1xrnuIti Hhnvzssaa
derable increase over the estf-
8 of the committee. With the re-
of anything like normal condi-
lions during the next fiscal year, it is
safe to predict that the deficit would
be entirely wiped out, but in case 1t
is not, the bill provides for an issue
of Panama canal bonds to reimburse
the treasury for $40, 1000, 900, paid out
in the original purchase of the canal.
This would more than make up any
probable deficiency.
'.There is also reenacted the pro-
vision for the issue Of certificates to
run one year to replenish the treas
ury. raising the amount now $4,000
600 to $3.50, 100000, an amount suf-
hcient to provide at any time against
two or three years of depressed bust
ness conditions"
The downward revision, with maxi
mum provisions which impose an ave-
rage maximum duty of 20 per cent
in excess of the present tariff and nu-
merous provisions by which 1t is estl-
mated that the revenue to the govern
ment will be increased from forty to
ffty millions of dollars, are salient
features of the new tariff bill which
was introduced in the house today by
Representative Serene Payne, chair
man of the ways and means commit
tee. The recommendations made by
President Taft, that the inheritance
tar be provided and that limited
amount of tobacco and sugar should
he admitted free from the Philippines,
was included in the bill. while no duty
"a messed on coffee, and tea Is taxed
Is when imported from country
where 1t is produced ana 9 cents when
from other than producing countries.
An internal revenue tax on cigarettes
ia materially increased, while the tax
on beer and whisky is undisturbed
A 20 per cent increase is made in
steel and lumber schedules. Iron ore,
hides. tallow, cotinseed oil and works
NJ art more than twenty years old
are placed on the free list. The tar
~ on boots and shoes is reduced 40
ner cent and on other leather manu-
factures in proportion. The pottery
schedule remains about the same, but
.he 5uties on window and plate glass
IN the smaller sizes is increased while
+he duties on larger sizes Is reduced
The tariff ON wool on first and second
class. used in clothing principally, is
not disturbed. but on wool OF the
third class, known as carpet wool, II
!. reduced on the hceaper grades. A
per cent reduction is made in the
duties on shoddy and waste white
wool tops and it is assessed 6 cents
raMnound more than the duty on
81 red wool, which is unchanged.
Recommendations placing wood pulp