Alma record. (Alma, Mich.) 1878-1928, 1910-12-08
President Breaks Record For Length OF
Document.
DEALS WITH PANAMA CANAL
Postal Savings, Parcels Post and Conser-
walton.

toned 10 tie net Income OF every busi
ness corporation in the country, has
worked well. The tax has been easily
collected. Its prompt payment indi
Gates that the incidence of the tax has
not been heavy. 1t offers, moreover
an opportunity for knowledge by the
government of the general condition
and business of all corporations. and
that means by far the most important
part of the business of the country. In
the original act provision was made
for the publication of returns This
provision was subsequently amended
by congress and the matter left TO the
regulation Of the president. / have di-
rected the issue of the needed regula
tions and have made it possible for the
public generally TO know from an eX-
animation Of the record the returns OF
all corporations the stock of which is
listed on any public stock exchange or
is offered for sale TO the general pub
lie by advertisement or otherwise The
returns Of those corporations whose
stock is not so listed or offered for
sale are directed to be open to the in
spection and examination OF creditors
and stockholders OF the corporation
whose record is sought. The returns
OF all corporations are subject to the
inspection of any government officer or
to the examination of any court, in
which the return made by the corpora
ic rnIn nVNf
dence
The Payne Tariff Act.
The schedules Of the rates of duty
in the Payne tariff act have been sub.
jected TO great deal of criticism,
some of it just. more of it unfounded.
and to much misrepresentation. The
act was adopted in pursuance of a
declaration by the party which is re
sponsible for it that customs bill
should be a tariff for the protection
of home industries. the measure of the
protection to be the difference between
the cost of producing the imported ar.
ticle abroad and the cost of producing
1t at home, together with such addl-
ton TO that difference as might give
a reasonable profit to the home pro-
ducer.
The basis for the criticism OF this
tariff is that In respect to a number
of the schedules the declared measure
was not followed, but a higher differ
ence retained or inserted by way Of
undue discrimination in favor of GER
tain industries and manufactures.
Little, if any, of the criticism Of the
tariff has been directed against the
protective principle above stated. but
the main body Of the criticism has been
based on the charge that the attempt
to conform TO the measure Of protec.
ton was not honestly and sincerely ad
hered to-
Tariff Board.
The time in which the tariff was pre-
pared undoubtedly was so short as to
make it impossible for the congress
and its experts to acquire the informa.
tion necessary strictly to conform to
the declared measure. In order to avoid /
criticism Of this kind in the future and /
for the purpose of more nearly conform |
Ing to the party promise congress at Its !
last session made provision at my re-
quest for the continuance of a board Gre |
ated under the authority of the maxi /
mum and minimum clause Of the tariff |
bill and authorized this board to expend
the money appropriated under my di- .
rection for the ascertainment of the
nf OF nh
)f the various articles included in the
schedules of the tariff. The tariff .
board thus appointed and authorized
has been diligent in preparing itself for
he necessary investigations. The hope
)f those who have advocated the use
,f this board for tariff purposes is that
he question Of the rate of duty i'm
posed shall become more of business
question and less of political ques-
ion, to be ascertained by experts of
ong training and accurate knowledge.
The halt In business and the shock TO
business due to the announcement that
new tariff bill is to be prepared and
'ut in operation will be avoided by
reating the schedules one by one as
'ccaslon shall arise for a change i'm the
ates of each and only after a report
lpon the schedule by the tariff board
to make such report.
1t is not likely that the board will be
lble to make report during the pres
mt session Of congress on any of the
because a proper examina-
ion involves an enormous amount of
letail and a great deal Of care, but I
lope to be able at the opening. of the