The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1909-08-05

cites were increased to $1.25 per
1000. A prohibition against the use
Of coupons or special gift pledges y
incorporated In the new Law.
The provision granting farmers the
free sale Of leaf tobacco places .
restriction on the retail dealer which
requires him to record every sale
amounting to two pounds or more to
one person in one day. "A number Of
other ironclad requirements are in
cluded in the redraft OF this section
adopted by the conference committee.
by which 1t was intended to prevent
any frauds upon the internal rev
enues, and at the same time give a.
much of a local market as possible to
the tobacco grower. The grower had
contended for unrestricted sale OF
amounts up to ten pounds.
Foreign-built yachts are subject to
an excise tax Of even dollars per
gross ton, which 10 to be collected an.
nually on the first day OF September.
In lieu Of the excise tax the owner
of a foreign built yacht or pleasure
boat may pay . duty Of IS per cent.
ad valorem on his yacht. This will
entitle him to American registry. The
excise tax provision wal 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 n per cent. upon its entire
net income over and above IS. 900.
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
a was taken to guard against
double taxation. 1t 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 is estimated that from $40, 0OO, 900
to $30,0O0,00O a year, will be collected
under this form Of federal taxation.
The secretary Of the treasury IL
authorized to issue Panama canal
bonds to the amount of $29O,5 $50 900,
which sum, together with that already
expended, equals the estimated cost
of the Panama canal. 1t 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 q rate not exceeding
three per cent. When the bonds are
sold the secretary Of the treasury will
restore to the working balance the
$~5O.OOO.0OO 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
500. 900, 900 to 100000, 900. A large
number Of other provisions that are
IN force under the existing tariff Law
are included in the conference bill.
with q few changes insSphraseology III
several cases.
The drawback provision Of the Ding.
ley law is incorporated in the confer.
ence bill in lieu Of the drawback az
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 =
drawback was ,obtainable, was usedsi Il
the manufacture Of similar articles
for domestic consumption. An addi.
tional provision was adopted entitlinp
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 alcoho,
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
c%onferees. They include a new maxi.
mum and minimum feature. a como.
ration tax law instead of the inheri.
lance tax adopted by the house. au.
t%horization for a bond issue to raise
money to build the Panama canal. a
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 26
per cent. ad valorem is to be added
automatically Al the maximum duty
The president is authorized to apply
the minimum rates, however, to i'm.
ports from a country which gives til
best rates to the products of the
United States and Is made the fudge
rs to whether q foreign country &C.
cords to the United States treatment
which Is reciprocal and equivalent
When he finds that this condition ex