The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1910-12-06


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.
haye directed the issue OF the needed
regulations and have made 1t possible
for the public generally to know from
an examination of the record the re-
turns Of all corporations the stock Of
which n listed on any public stock
exchange or 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
inspection and examination OF cred
itors and stockholders Of the corpora
ton whose record is sought. The re-
turns Of all corporations are subject to
the inspection Of any government OFF,
Ger or to the examination OF any court
In which the return made by the cor
poration is relevant and competent evil
dence.
The Payne Tariff Act. ...
The schedules Of the rates Of duty
In the Payne tariff act have been sub
jected to a 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 II responsible for
IL that customs bill should be tariff
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 II at home. together
with such addition to that difference
ms might give a reasonable profit to the
home producer.
The basis for the criticism Of this
tariff Is that In respect to n number OF
the schedules the declared measure was
not followed. but n higher difference
retained or inserted by way OF undue
discrimination In favor Of certain In
dustries 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 been 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 as to
make IL impossible for the congress and
its experts to acquire the information
necessary strictly to conform to the de-
clared measure.
In order to avoid criticism Of this
kind I'm the future and for the purpose
Of more nearly conforming to the party
promise congress at Its last session
made provision mt my request for the
continuance Of n board created under
the authority Of the maximum and min
imum clause OF the tariff and author
lied this board to expend the money
appropriated under my direction for
the entertainment of the cost of pro-
duction Mt home and abroad Of the va
rious articles included in the schedules
OF the tariff. The tariff board thus
appointed and authorized has been dill
sary Investigations.
The hope of those who have advocat-
ed the use of this board. for tariff pur-
poses IL that the question Of the rate
Of n duty imposed shall become more
Of business question and less Of a
political question. to be ascertained by
experts Of long training and accurate
knowledge. The halt In business and
! the shock to business due to the an
nouncement that a new tariff bill is to
be prepared and put in operation will
be avoided by treating the schedules
one by one as occasion shall arise for
change In the rates of each and only
! after 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 report during the pres
ent session OF congress on any Of the
schedules. because a proper eXamina-
ton Involves an enormous amount Of
detail and great deal Of care. but l
hope to be able Mt the opening Of the
new congress. or at least during the
session Of that congress, to bring to its
attention the facts In regard to those
schedules in the, present tariff that
may prove to need amendment.
The carrying out Of this plan, of
course. involves the full cooperation
of congress in limiting the considera-
ton In tariff matters to one schedule
at a time. because IL a proposed amend.
ment to tariff bill is to involve a
complete consideration Of all the
schedules and another revision then
we shall only repeat the evil from
which the business OF this country has
in times past suffered most grievously
by stagnation and uncertainty. pend
ing n resettlement Of a law affecting
all business directly or indirectly. and
the effect of which no wise business
man would ignore in new projects and
new investments.
! cannot too much emphasize the
Importance and benefit Of the plan
above proposed for the. treatment OF
the tariff. 1t facilitates the removal
OF noteworthy defects in an important
law without disturbance Of business
prosperity. which is even more impor-
tant to the happiness and the comfort
OF the people than the elimination of
instances Of injustice in the tariff.
The inquiries which the members of
the tariff board made during the last
summer into the methods pursued by
other governments with reference to
the fixing OF tariffs and the determine
ton Of their effect upon trade show