The San Francisco call., 1909-03-18
Inheritance Exemptions

The inheritance tax provision eX-
empts from taxation any property be-
queathed to any religious. educational,
charitable. missionary, benevolent, hos
pital or infrmary corporation. dis
count of FIVE per cent is provided for
il the tax is paid within six months
from the time it is due. Interest viii
be charged at the rate of 10 per cent
a year If the tax is not paid within
Is months from the time it accrued.
In order TO prevent the confusion
attending the enforcement of the
Dingley bill on the day on which 1t be-
came a law, the Payne bill will not
take effect until the day after it is
enacted. One of the new provisions
in the bill extends to the vessels of
war Of any nation, in ports Of the
United States. the privilege of pur-
chasing supplies from public ware
houses free of duty when such coun-
tries give like privileges to American
warships.
The men employed in the iron and
steel trades fear the effect OF the
Payne tariff bill, according to a state
ment issued here tonight by L. Lewis,
vice president, and John Williams of
Pittsburg. secretary of the
Amalgamated Association of Iron. Tin
and Steel Workers Of North America.
PAYNE
MAKES STATEMENT
Representative Serene Payne. chairman of
the house ways and means committee, in intro
ducing the tarin bill, gave out the following
statement:
''One problem that confronted the committee
was the question Of revenue The business of
all commercial nations has been decreased for
nearly TWO years and thus has affected our
commerce and greatly reduced our revenues,
So that we have large dehcit hut the reve-
mn rrwFa 4ha Ian fr,T,r -fr7rr
from month TO month. business conditions
are becoming better.
The last normal year of imports was the
fiscal year ending June 80. 1906; 1907 was
an unusually prosperous year and the reve-
nues from customs exceeded those of 1905 by
So. .O00. 600 The committee has therefore taken
the year 1906 the basis to form their esti-
mate Of the revenue producing qualities of
the new bill. Should the next fiscal year
prove prosperous and the normal conditions Of
1906 return. on account Of the large increase
Of population. the revenues for 1910 would
show considerable increase over the estimates
Of the committee.
with return 10 anything like normal
conditions during the next fiscal year. il is
safe 10 predict the deficit would be entirely
Nlpsu out' GuI N case II Is not the Dii pro
Fides Tor the issue OF Panama canal bonds
10 reimburse the treasury for the $40 600. 600
paid out in the original purchase Of the canal
This would more than make up any probable
deficiency. There is also re-enacted the pro-
vision for the issue Of certificates TO run one
year TO replenish the treasury, raising the
amount from 500 0O0 600 TO $3.50. .000, 600, an
amount sufficient 10 provide at any time against
two or three years Of depressed business con-
ditions'
The statement gives the rates in the present
law, the Dingley tariff, and shows the changes
that the Payne bill proposes. The abstract
Of the bill continues:
ticles from the free list TO the dutisble. and
has increased duties on others for sole purpose
ticles which duties have been increased are
luxuries. which have been increased as follows