Daily capital journal. (Salem, Oregon) 1903-1919, 1910-05-27


country.
Many people in this country have
yet to discover the fact which /
stated to the huose just before the
final vote in this tariff bill--that we
had reduced the tariff on articles If
which $5,OOO,OOO,OOO worth were
consumed annually in this country
and increased it only on articles
such as were necessaries of life, Of
which only $500, 100000 worth were
consumed here. The statement has
never been controverted. 1t proves
that we revised the tariff downward
1T seems no be impossible to find
an article on which the duty was re-
duced that has been reduced in
price to the ultimate consumer. We
reduced lumber seventy-five cents 4
thousand, and there has been no re-
duction in price. On the other hand,
there have been reductions on arti-
cles on which we enhanced the duty
on shingles, for instance-the
duty was increased and the price has
been reduced"
Payne holds to the opinion that
much of the increased cost of living
has been due to the maryelously in
creased production in gold and i'm
proved and cheaper process Of
producing it. "The result is" he
explained, THAT a dollar now will
buy less than a dollar would previous
to this large production, and the
price, of commodities has been
raised the world over. Honest stu
dents of economy cannot ignore the
fact that for the present the demand
for the necessities of life has OUT
run the supply, and hence the condi-
ton is world wide"
Payne thinks that the insurgents
will be found in line supporting the
railroad bill and |
the other measures urged by Presi-
dent Taft. incidentally, barking
back again to the tariff (and that is
i favorite subject with the floor
eader) he mentioned that a large
majority of the House insurgents
lad voted for the conference report
asst summer.
From the date of the signature
If the bill" he added, "up to and in
,luding April 8, the entire revenue
lnder the law has exceeded the en-
ire expenses of the government and
Produced a surplus of more than
i22, 900. Ir these expenditures
here were included $22,OOO,O0O Of
Panama construction expenses, which
s not current expenditure, but is TO
,e reimbursed finally by bonds"
Gains Another Air Artist.
Representative Gaines (repubi-
an, w. Va) who helped frame the
ill, added this bit of information to
hat of Payne's, anent the remark
BILE misinformation spread broad
asst about the tariff bill"
Gaines received a letter from a
esident of Massachusetts who lived
I the center of a shoe manufactur-
lg district. The Yankee vented his
'rath on Gaines for what he termed
ne iniquitous shoe schedules. He
omplained that the duty on shoes
ad been increased. GAS a real mat
,r of fact" explained Gaines, "the
ingley bill put duty of 25 per b,
ent on boots and shoes wholly of
,ather cattle hides or cattle skin;
ne Payne bill put it at 10 per cent
so per cent reduction. Again, on
pots and shoes made of leather, the
in the Payne tariff bill =,
as from 25 per cent to / 5 per cent,
40 per cent reduction.
About National Banks. /
In futherance of his plans for OBJ
lining a more accurate insight into
lie condition of national banks,
of the Currency Murray
as developed a new system for the
lidance of the national bank ex- \
miners. By its means, if faithfully |
lrried out there will be established
the office of the Comptroller a
'gular credit bureau by which 1t
Ill be possible for him to keep tab
1 the financial transaction, not
lly of the officers and directors Of
e banks themselves. but of all the
g borrowers of the country.
Under this system the Comptroller
'lieves that should operations such
those which landed c. W. Morse
the Atlanta prison be tried it will
found impossible He has sent
It to every national bank examiner
series OF forms upon which they
Q required TO make returns on 4
lmber of important matters never
'retofore required of them The in
thus acquired will be held
confidence from the people, but
will be of so intimate nature.
id of such immense financial i'm
'rtance II ii should fall into tAe