The Marion daily mirror. (Marion, Ohio) 1892-1912, 1909-08-06
REGULATIONS OF TOBACCO,
YACHTS, CORPORATIONS,
BONDS, AND DRAW
RACKS

a restriction on the. retailer, which
requires him to record every sale
amounting to 2 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 pre-
vent any frauds upon the internal
revenues and at the same time give
as much of local market as possible
TO the tobacco grower. The grower
had contended for unrestricted sale of
amounts up to 10 pounds.
Foreign built yachts are subject to
ian excise tax of 81 per gross ton,
which is to be collected annually on
the first day OF September. In lieu of
the excise tax the owner OF a foreign
built yacht or pleasure boat may pay
q duty of 35 per cent ad valorem on
his yacht. This will entltle him to
American registry. The excise tax
provision was adopted because of
the fact that some question had been
raised about the ability OF the gov
ernment to enforce collections OF i'm
portant duties.
Every corporation, joint stock COM
pany or association organized for
profit, and every insurance campany
Is required to pay annually an excise
tax OF per cent upon It's entire net
income over and above $1,000. This
feature was put into the bill to raise
additional revenues to apply on the
treasury deficit. The section was pre-
pared by Attorney General Wicker
sham, assisted by the other able law
yers in the administrative circle, and
great care was taken to guard against
double taxation. 1t provides form OF
publicity which will enable the gov
ernment TO exercise supervision over
corporations. The form of returns
which must be made by corporations
and other features of the corpora
tion tax law were made public in de-
tail during its consideration in the
Senate. II is estimated that from
500, 900, 900 to $30,OOO,OOO a year Will
be collected under this new form of
federal taxation.
The secretary OF the treasury is
authorized to issue Panama Canal
bonds to the amount OF s29O,56 $1,000
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-
tion. The bonds are to be payable fif-
ty years from the date OF issue and
will bear interest at rate not exceed
ing 3 per cent. When the bonds are
sold the secretary OF the treasury will
restore to the working balance the
$50 100000 paid originally for thGl
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, 100000 to s2OO,0OO,OOO. 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 con-
ference bill in lieu Of the drawbacks
of the House bill intended to permit
the substitution OF domestic material
in the manufactured article for export
to the same quantity that the import
ed material upon which a drawback
was obtainable was used in the manu-
facture of similar articles for domes-
tic consumption. An additional ro-
vision was adopted emitting users OF
domestic alcohol in the manufacture
Of perfumery and cosmetics to secure
a drawback OF internal revenue tax
to the amount Of alcohol used in an |
exported article.
S.htantfana 40 IL. |