The Caucasian. (Clinton, N.C.) 188?-1913, 1910-09-29

1910. Of $4,000. 200. From . reve-
nue. standpoint. then. there can be no ]
controversy over the effectiveness oi
the new Law. Increased revenue In
dicateS increased imports. and an Ell
animation Of our imports during the
past year will disclose a most sub
stantiaf increase in manufacturers
material, from which. in the making
of finished products. whether for ex-
portation or home consumption. mas
come a larger volume OF employment
| for our wage-earners, larger pur-
chasing power and greater con
sumption OF the products OF our
farms and fabrications OF our fac
tories. So far, then. as such impor-
tations do not displace home produc-
ton, they must be OF benefit TO all.
Generally speaking, fun measure
OF industrial activity In production,
transportation and distribution has
accompanied the operation OF the
new law. Under the maximum and
minimum provisions We have con-
cIuded treaties with all foreign ma
tons, gaining the best possible terms
for entrance TO their markets with
out sacrificing our own. By the
Payne tariff law we have at last done
justice to the Philippines by allow
ing the producers of those islands the
benefit OF our markets, with such linn
itations as to prevent injury to our
home Industries.
Again, thep resent law in its cor
poration tax imposes a new kind or
tax which has many OF the merits or
an income tax. 1t taxes success, not
failure. Unlike a personal income
tax, 1t is easily and exactly collected,
and by an increase or decrease in
the rate enables Congress with exact
ness to regulate its income to its
necessary expenditures. More than
this, it furnishes an indirect but eff
fective method Of keeping the Gov
eminent advised as to. the kind OF
business done by all corporations. 1t
Is one of the most useful and impor-
tant changes in our revenue laws, as
the future will show. In spite Of the
criticisms heaped upon it at it's pas
sage, no party responsible for reve-
nues or anxious to retain every
means of legitimate supervision of
corporations will repeal it.
Interstate Commerce.
The next most important work of
the present Congress was the pas
sage of the amendment to the. in
terstate commerce bill. The Repub-
lican platform favored amendment
to the interstate commerce act with
a view to giving greater power to the
Interstate Commerce Commission in
regulating the operation of railroads
and the fixing of traffic rates, and
also favored such national legisla-
ton and supervision as would pre-
vent the future 0ver-issue of stocks
and bonds by interstate carriers. At
ter the adjournment of the Congress
at it's extra session, I invited two Of
my Cabinet and a member of the In
terstate Commerce Commission and
a member of Congress to make rec
concentrations as to the needed
amendments to the interstate COM
merce act. These gentlemen report
ed to me, and in September last, in
a speech in Des. Moines, foreshad-
owed their recommendations as I in
tended to make them to the Congress
for the amendment of the interstate
commerce act:
First, by the establishment of a
commerce court; second, by empow-
ering the Commission to classify mer-
chandise as we'll as to fix rates for
classes; third, by giving the right to
. shipper to designate the route by
which his goods shall be transported
, beyond the line of the initial carrier;
fourth, by empowering the Commits
, sion to consider the justice or injus-
, tice of any rate without the COM
plant or initiation of shipper; fifth,
, the empowering the Commission to
= suspend proposed increases of rates
, by carriers until the Commission
f shall have chance to pass upon the
: reasonableness of the increase; sixth,
by provisions for the Federal regula-
ton of the issue of stocks and bonds
f by interstate railways; seventh, by a
clause forbidding an interstate COM
| merce railway company fran acquir-
q ing stock in a competing road !;
eighth, by a section permitting the
making Of traffic agreements be-
n tween competing railroads limited in
o point Of time and subject matter, and
: subject to the approval of the Inter
! state Commerce Commission.
Il These amendments were in accord
s ance with the text Of the Republican
g platform. Subsequently, bills were
i drawn embodying this recommended
y legislation, in which, while the prin.
d ciple was maintained, there were linn.
n itations introduced, as justice sug
+ gested, after a conference with al
II the parties interested. The bill wa:
d submitted to the Congress, and aftel
% great deal of discussion, both il
N the House and the Senate, it was en-