Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1910-02-17
PRESIDENTS ANSWER TO
WALL STREETS PROTEST

Certainly it was not promised that
the rates on luxuries would be re-
duced. The revenues were falling
of, there a deficit was promised, and
it was essential that the revenues be
increased 1t was no violation OF
the promise to increase revenues by
increasing the tax on luxuries, pro-
vided there was a downward revis-
ion of all other articles. The one sub
stantial defect in compliance with the
platforms promise was the failure to
reduce woolens. Does that defect so
color the action of the republican
party as to make it breach OF faitn
leading to it's condemnation? l don't
think so. Parties are like men. Re-
visions are the work of men-they
are not perfect. The change which
this tariff effected was a. marked
change downward in the rates of du-
ties and recognition by the party
that the time has come when insteaa
of increasing duties they must be de-
creased, when the party should rec
ognize that the proper measure or
protection is a difference in cost OF
production here and abroad, includ-
ing fair profit to the manufacturer
There was dispute as to what that
difference is, and whether 1t was
recognized in the change of all du-
ties downward. Particularly was this
the case on paper materials and pa
per itself. The reduction ON print pa
per was from Sc to $3.75.
The Paper Tariff.
"A difference Of opinion on whether
the new duty correctly measured the
difference in cost Of the production
of print paper abroad and here invIt-
ed the attention of the newspaper
proprietors, who associated together,
like other interests, for the purpose or
securing a reduction Of the tarifr.
The failure to make larger reduc-
ton showed itself editorially in a
great number of newspapers. The
amount of misrepresentation to which
the tariff bill, as downward revision
bill, was subjected never has been ex-
ceeded in this country 1t will take
several years to show the country ex-
actly what the legislation and it's eff
feet are. It is too early to institute
the fairest comparisons between the
Payne-Aldrich bill and the bill which
preceded it, but figures are at hand
from which one may make reason
able inference whether it is revision
downward and as to it's capacity for
producing revenue.
During the first six months of the
operation of the Payne law the aver
age duty paid on all dutiable imports
was 21.09 percent ad valorem The
average rate on all imports the same
six months for the four preceding
years under the Dingley law was
2403. This shows a reduction in the
Payne law of 2.94 percent of the
goods value, or reduction below the
previous tariff rates of IL percent.
But this is not all. Under the Payne
law 51.6 percent Of the gross imports
the last six months have been entered
free; under the four years preceding
for the same six months the free list
amounted to 1916 percent; so there
is not only a reduction of duty on du-
table imports of IL percent, but also
an enlargement of about the same per-
centage of the free list
A Revenue Producer.
For the production of revenue the
Payne law is even more of an i'm
provement. During the six months it
has been in force, customs receipts
have amounted to $166,002,S56. Under
the Wilson-Gorma tariff the semi
annual average was $S3,147,625. I'm
der the Dingley tariff the semiannual
average was $13O,265,S41. The month
ly average of the Payne tariff has
been a hundred percent greater than
that of the Wilson tariff and twenty,
six percent greater than under the
Dingley tariff. Even considering pop
ulation, the increase in receipts has
been marked. Under the Wilson tariff
the average annual customs receipts
per capita was $2.3S; under the Ding
ley tariff 1921 and under. the Payne
tariff 1911.
For six months of the Payne tariff
the expenditures exceeded the receipts
from both customs and internal reve-
nue. only SS,884,051, with no collection
yet from the corporation tax For a
corresponding period last year the ex-
penditures exceeded the receipts over
forty million. This indicates that I'M
der the present customs law the def
icit will be promptly wiped out.
i therefore venture to repeat the
former remark that the present Gus
toms law is the best ever passed, and
is significant in indicating the policy
of the republican party to change
from increasing duties to reduction
and effect an increase in revenues at
the same time.
.The maximum and minimum claus
es have furnished the executive pow
er to secure additional concessions in
respect to impositions on our foreign
trade; has done justice by giving the
Philippines free trade with the United
States, and provided for securing I'M
partial evidence for accurately deter
mining the difference between the cost
of production abroad and here. Taken
as a whole, the party substantially
complied with its tariff promises ana
set itself strongly toward fixing lower
tariffs.