The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1909-08-14

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entitle him Nerican registry. The
excise tax provision was adopted be-
cause of the fact that. some question
has beSn riisep s6oltf the liability Of
The kQjeypA eni I'd s6force} collectioA
Of import duties.
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!, Every corporation, Joint stock COM
pany or asyociation organized fof !.
profit, and every insurance company
10 required to pay annually an excise
tax of one per cent. upon, its entire
net income over and above 5000.
This feature was put into the bill to
raise additional revenues to apply op
the treasury dsdeit. The ssotion was
prepared by Attorney General Wicker
sham. assisted BY other able lawyers
in the administrative circle. and great
-oaSe-sWas-stakear~-t guard against
-doubls- taxation. It. provides o form
Of publicity which will enable the gov
ernmentsto exercise supervision over
corporations. q The form or returns
'whfchl 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 $4,000 900
to $30,000.000 year will be collected
under this form Of federal taxation.
The secretary of the treasury IL
authorized to issue Panama canal
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 en-
cept as needed to provide money to
carry on the work of canal construo
ton. The bonds are to be payable 50
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
$10o,000,000 to $500. 0O0.00 A large
number Of other provisions that are
In force under the existing tariff law
are included in the conference bill,
with a 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 of
the house bill which intended to per-
NIT 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 Accepted.
Practically all the administrative
features of the bill which were adopt.
ed In the senate were accepted by the
conferees. They include a new maxi
mum and minimum feature, corpo-
ration tax law instead of the inheri-
lance tax adopted by the house, au-
thorization for bond issue to raise
90 h.xfl hA Do
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. ad valorem Is to be added
automatically as the maximum duty.
The president Is authorized to apply
the minimum rates. however, to i'm
ports from q country which gives its
best rates to the products Of the
United States and is made the Judge
as to whether foreign country &C
cords to the United States treatment
which is reciprocal and equivalent.
| When he finds that this condition ex-
| lists he is to Issue proclamation put
| ting in effect the minimum rates and
until the time of the proclamation the
maximum rates will apply.
| The president 10 empowered to en-
ploy such persons as may be required
to secure information to assist the
president in the discharge of the du-
ties imposed upon him and informa.
ton which will be useful to the ON.
GERS Of the government in the admin.
istration of the customs laws. The
reciprocity treaty with Cuba is not af.
fected by the maximum and minimum
provision.
The president Is empowered also to
abfoeAte those reciprocity treaties
which can be terminated by diplomat
10 action 1t 10 made his duty to give
10 days notice after the bill becomes
I law Of his intention "a bring those
treaties to an Spd. Alls6tAer treaties
which cpnteA = stiyulktion in regard
20 their SeJnln0 tien by diplomatic &C
ton shall tssi bto e6ted iby q notice OF
those soulAAz, sshs Hstice dating
IRON April 80. 1909. on which date
Secretary Knox notified foreign gov,
.rrrarter fhaf hel fI1nitedt StAte1