The searchlight. [volume] (Culbertson, Mont.) 1902-current, 1909-08-13

Forsign-built yachts are subject 70
IN excise tar Of seven dollars per
gross ton. which 10 to be collected an
nuaily on the first day Of September
In lieu Of the excise tar the owner
Of . foreign built yacht or pleasure
boat may pay = duty Of IS per cent.
nd valorem on his yacht This win
entitle him to American registry. The
excise tar provision was adopted be-
cause of the fact that some question
has been raised about the ability Of
the government to enforce collection
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 5000.
This feature was put inD 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. II provides q 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 IL estimated that from $4,000. 900
to $30.000.000 year will be collected
under this form Of federal taxation.
The secretary Of the treasury 10
authorized to issue Panama canal
bonds to the amount Of $500. 569. 900,
which sum. together with that already
expended. equals the estimated cost
OF the Panama canal. II 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 Mt q 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 tho
canal property and tho canal &c .e.
The re-cnactment OF the provision
authorizing the issuance Of treasury
certificates for money borrowed to
meet public expenditures, increases
the amount OF the authorization from
&lo0.0oo.o00 to 320o.O00.000. A large
number Of other provisions that are
In force under the existing tariR law
are included In the conference bill.
with few changes In phraaeology in
several cases.
Tho drawback provision OF the Dtne.
ley law Ii Incorporated In the confer.
ence Dill In lieu Of the drawback OF
the house bill which intended to per.
init the substitution OF domestic ma.
terial In the manufactured article for
export to the same quantity that the
imported material. upon which a
drawback was obtainable, was used in
the manufacture OF similar articles
for domestic consumption. An addi.
tional provision was adopted emitting
users OF domestic alcohol In the man.
ufacture OF perfumery and cosmetics
to secure a drawback OF Internal rev
enue tax to the amount of alcohol
used In an exported article.
Senate Ideas Accented,
Practically all the administrative
features OF the bill which were adopt.
ed In the senate were accepted by the
conferees. They include new maxi.
mum and minimum feature. a corpo-
ration tax law instead of the inheri.
lance tax adopted by the house, au.
thorization for q bond issue to raise
money to build the Panama canal, q,
well as numerous other features.
The maximum and minimum provi
sion prescribes duties In accordance
with the rates named In the dutiable
list until March 81, 1910. when rs
per cent. nd yaDrem IL TO be added
automatically ~ the maximum duty. |
The president IL authorized to apply
the minimum rates, however. to i'm.
ports from Q country which gives It's |
best rates to the products Of the
United States and 10 made tho Judge |
n to whether a foreign country &C.
cords 70 the United States treatment
which II reciprocal and equivalent.
When he finds that this condition ex-
lists he IL to issus proclamation put. |
ting In effect the minimum rates and
until the time Of the proclamation the
maximum rates will apply.
The president IL empowered b en-.
ploy such persons - may be required
to secure Information 70 assist the
president In the discharge Of tho du- |
ties imposed upon him and informa- |
tion which will be useful to the ofii- |
GERS OF the government In the admin
istrstion of the customs laws. The
reciprocity treaty with Cuba Ii noA at. |
fected by the maximum and minimum
provision.
The president IL empowered also TO
abrogate those reciprocity treaties
which can be terminated by diplomat.
q acstou II In made his dufv IN vivo