The Caucasian. (Clinton, N.C.) 188?-1913, 1909-06-24
A ACORPORATlON TAX
An Important Conference
Held at the White
House.


yer Platform-Free Paper Voted
Down in the senate-Tayior Takes
Position Against Free Raw Mate.
rials.
Washington, June 22.-Details oi
the proposed measure for the taxa
tion of net earnings Of corporations
were arranged tonight at the most
important conference that has been
held at the White House since Mr..
Taft assumed the Presidency.
There were present as the Presi-
dents guests at dinner Attorney.
General Wickersham and Senator
Root, who are charged with the task
of drafting the measure; Secretary
of State Knox, Senators Aldrich,
Burrows, Penrose, Hale. Cullom,
Flint, Smoot, MsCumber and Lodge,
constituting the Republican member
ship of the Senate Finance Commit
tee; Speaker Cannon, Representative
Payne, Chairman of the House Com
mitee on Ways and Means, and Rep
resentative John Dwight, of New
York.
For two hours after the dinner the
corporation tax measure, which had
been prepared in the form of an
amendment to the tariff bill, was
viewed from every angle.
The terms of the measure as final
ly agred upon, although not yet
whipped into form, provide that all
corporations having capital stock and
organized for profit shall pay a tax
Of 2 per cent upon their net earn
ings. Corporations coming within
the designation will be compelled to
make returns to specially named
agents of the Bureau of Internal
Revenue of the Treasury Depart
ment, giving the amount of their
gross Indebtedness and all other Wis
ible debts. Separated from these re-
turns the corporations will be COM
PEELED to report the amount of their
receipts, after deducting their gen.
eral and ordinary running expenses,
interest on bonds up to the amount
of the capital stock of the corpora
ton, interest on notes and other
forms of tangible Indebtedness, and
any actual loss that may have been
incurred in business, which loss was
not made up by insurance, salvage
Or other form of return.
New Lumber Schedule.
Washington, D. c., June a.
Late to-day the Senate reached the
voting stage on the hide schedule,
and after several amendments had
been defeated, the amendment of the
Finance Committee fixing a duty of
Is per cent ad valerem on hides was
agreed to, 46 to 80. This is the rate
of the present law, but under the
rulings of the Treasury Department
is applicable only to hides weighing
more than 25 pounds. The House
placed all hides on the free list, but
the committee restored the Dingley
policy by adding them to the non
dutiable list. The Senate sustained
it's committee.
Just before adjournment at seven
o'clock Senator Aldrich, on behalf OF
the Finance Committee, presented
the committees new lumber schedule
and also a number of amendment re-
lating to lino1eum and oil cloth. The
committee proposed rate of $50
per thousand on sawed lumber
which is SO cents increase over the
House rate. Neither the lumber nor
/ Flinoleum schedule were acted upon.
One of the failures of the day was
speech by Senator Bob Taylor, oil
Tennessee. Mr.. Taylor pleaded foI
tariff for revenue and took a de-
cided position against free raw ma
terial.
Simmons Not For Tariff Reform.
Washington, D. c., June 18.-Fol
the second time since the inaugura
ton of the tariff debate Senator
Bailey has openly announced his in
tention of boiling the platform Of
his party adopted at Denver. To
day he took a decided stand agains
the proposal to put wood pulp and
print paper on the free list and late
| when called upon to vote went OF
record as opposed to the amendment
of Senator Brown, of Nebraska, tt
| make print paper free and also a.
| opposed to the amendment of Sen
ator Stone, OF Missouri, to make boil
print paper and wood pulp free.
RidicuIed Democratic Platform.
Senator Bailey a few days ago vot
ed against free lumber and intimatet
that those who put into the Demo
cratic platform the plank declaring
for free lumber did not know wha
they were about. He said they ha'
demanded that logs be put on tn
free list when logs were already ol
the free list.
| "As I was not willing to follow tn
platform in respect to free lumber,
said the Texan this afternoon, meth
er will I follow it in respect to WOO
pulp and print paper"
Mr.. Bailey said that IL all the ia
Il riff on paper and pulp were remove
lit would remit $1,000 I'm revenu
which the Government now collect
and the people who would be benefit
j ed constitute small, particula
class.