The commercial. (Union City, Tenn.) 190?-193?, 1913-10-03
MAY DROP COTTON TAX.
May Be Revived as Separate Meas
ure at Regular Session.

Washington, Sept. 29.-The Demo-
cratic tariff revision bill, first on the
programme Of reforms mapped out
when President Wilson came into Office,
advanced to its last congressional stage
to day when it was brought back to the
House from the joint conference COM
mittee with the unanimous Endorsement
of the Democratic conferees.
Leaders in both horses Of Congress
were confident tonight that the bill,
now practically complete, would be
signed by President Wilson before the
end Of this week. 1t scarcely will leave
the center of the stage before the-cur-
rency bill will be forced to the front,
and coincident with its consideration
will begin the administration work on
the antitrust and railroad control pro-
grammes which are to be brought for
ward when the December session opens.
President Wilson is satisfied that with
the tariff bill out of the way, Congress
will take up the currency question, pre-
pared to dispose Of it before adjourn
ment. The course to be followed in the
Senate has not been mapped out, but
there is growing belief among support
ers Of the administration bill that the
Senate will take up the currency ques-
ton at an early date, even though its
banking and currency committee has
not settled the details of the bill.
The cotton futures tax is still in dis
pute, the House refusing to accept the So
called Clarke amendment adopted by
the Senate. Expressions from the
White House and from congressional
leaders to-day, however, indicated that
in the final conference over this feature
the whole plan might be dropped from
the tariff bill and taken up as separate
measure next winter.
ESTIMATE OF REVENUE.
Senator Simmons, chairman OF the
Senate finance committee, gave out to-
night the first complete estimates on
federal revenues and expenditures under
the new tariff bill, as computed by ex-
perts of the Treasury Department, who
have been working with the joint tariff
conference committee.
The total estimates are as follows:
For the year ending July /. 1914:
Receipts. 81 ,O29, ,OOO, 900; expenditures,
81, ,O1S, 900; surplus, sic, 900, 900.
For the year ending July /, 1915:
Receipts, 81 ,O26, ,ooO,o 900; expenditures,
81, ,0oS, 900, 900; surplus, $1s, 100000.
The estimated receipts under the GUS
toms tariff, the income tax and the cor
poration tax, embraced In the new tariff,
are given as follows:
For 1914-Customs revenues, $780,
600, 900; income tax 40 rnonths), $780,
600, 900; corporation tax, $3S, 900, 900.
For 1915-Customs revenues, $249,-
600, 900; income tax, $S3, 900, 900; cor
poration tax, $39, 100000
INCOME TAX COLLECTIONS.
THE customs revenues will be larger
for the current fiscal year 1914" said
Senator Simmons, because the rates OF
the Payne-Aldrich law have been in
force for the first quarter and win con-
tinue in force on wool and wooden goods
until Jan. /, and on sugar until March
/.
When the next fiscal year begins,
July /, 1914, all the rates OF the new
law will be in operation, and the tariff
duties collected will be smaller.
The income tax, which is collected
for the calendar year, can be collected
for only ten months of the present year,
as the law specifies that collection shall
not go back OF March /, 1918. The
estimated decrease in fhe total expendi-
lures of the government for 1915,
So, 900, 900, is based on the fact that
smaller expenditures are expected for
the army and navy establishments. !"
The balance Of the total income OF
the government as given in the treas
ury estimates is made up Of postal re-
ceipts, internal revenue receipts, the
profits from public land sales and other
sources OF federal income.
Notice.
The West Tennessee Synod OF the
Presbyterian Church will
meet in annual session with the congre-
CATION at Union City Tuesday evening,
October 81, 1918. We want the min |