The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1910-12-06


ree0riu1e en- icii the rsihfiye tnIpor
f9nee of the various projects found 20
be worthy of approval a1ld execution
Revenues
AS the treasury department g the
one through which the income OF the
government IS collected and It's ex-
pendItures are disbursed. this seems
uroper place to consider the OPERATION
Of the existing taFih bin. which be-
came law Aug. 9. 1909. AS an In
come producing measure the existing
tariff BIN has never been exceeded by
INV customs bill in the history OF the
country.
The corporation excise tax. proper
Toned to the net income OF every DuSl-
ness corporation in the country. mas
worked well. The tax has been easily
collected. It's 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. ana
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 pr4IvisIon was subsequently
amended hy congress and the matter
left TO the regulation OF the president.
I have directed flIe issue of the needed
regulations and have made It possible
forzthe public generally to know from
an examination of the record the re-
Turns of-nII corporations the stock OF
which is listed on any public stock
exchange ar IS offered for sale to the
general public 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
fnspectlon and examination of cred
ftors and stockholders of the corpora
ton whose record is sought. The re-
turns Of nil corporations are subject to
the inspection of any government OH
Ger or to the examination of any court
in which the return made by the cor
porntion is relevant and competent eHt-
dence.
The Payne Tariff Act
The schedules of the rates OF duty
in the Payne tariff act have been sub
1ected to n great deal Of criticism, some
of it just, more OF it unfounded, and to
much instrumentation The act was
adopted In pursuance OF a defamation
by the party which is responsible for
q
FOR the protection of home industries.
the measure OF the protection to be the
difference between the cost of produc-
ing the imported article abroad and the
cost OF producing it at home, together
with sucil addition to that difference
rs might give 4 reasonable p:otit 10 the
home producer.
The basis for the criticism OF this
tariff Is that In respect to a number or
the schedules the declared measure WAS
not followed, but higher difference
retained or inserted by way of undue
discrimination in favor of certain IN
dustrles and manufactures. Little II
any, of the criticism OF the tariff has
been directed against the protective
principle above stated, but the main
body of the criticism has hccn based
on the charge that the attempt TO con-
form to the measure OF protection was
not honestly and sincerely adhered to.
Tariff Board.
The time in which the tariff was pre-
pared undoubtedly was so short rs To
make it impossible for the congress AMI
its experts TO acquire tbs. information
necessary strictly TO conform to the de-
clared measure.
In order to avoid criticism OF this
Kind in the future and foF tic purpose
of more nearly conforming 10 the purity
promise congress at It's last session
made provision at my request for the
OF board created under
the authority of i:,r I:il imum and min
Imum clause of tx tariff and author
lied this board to expend the money
under my direction for
the ascertainnent OF the cost of pro-
duction ut home and abroad of the va
rious articles included in the schedules
of the tariff The thrift board thus
appointed and authorized has been dill
gent in preparing itself for the neces-
sary InVestIga tons.
The hope of those who have ndvocat-
ed the use OF this board for tariff pur-
poses is that the question of the rate
of n duty imposed shall become more
of a business question and less of
political question. to be ascertnined by
experts Of long training and accurate
knowledge The halt In business and
the shock to business due to the an
nounccment that n new tariff bill is to
be prepared and put in operation VIII
be avoided by treating the schedules
one by one as occasion shall arise for
a change in the rates of each and only
inter a report upon the schedule by
the tariff board competent to make
such report
1t is not likely that the board Will be
able to make a report during the pres
emf session OF congress on any OF the
schedules, because n proper exnmina-
l--,.i,.. n Of