Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-04-08

dress goods ......... 99.7O $500
Sewing SILK ......... $500 1900
Wrapping paper ...... $500 25.o0
| Books .,. .t.s........ 2a.VO 1900
Brooms ............. 1000 1900
Matches ............ 2159 1900
Harness saddlery. other
than leather .... $500 1900
Indian rubber manufac-
lures OF ..........+. $500 1000
Lead pencils .......... $500 25.00
The new rates are estimated to rc-
duce the customs revenue approx-
mately SSO.000,0O0 n year This IS
expected TO be made up by the income
tax.
Protection TO the farmer would be
cut throughout by more than so per
cent in an effort to reduce the cost
of food.
Protection TO the steel ana imple-
ment manufacturers would be cut by
fully as wide "a margin.
The free wool proposal. backed by
President Wilson and accepted by the
house committee Is expected 10 pro-
woke a severe fight within the demo-
cratic ranks OF both houses. IL had
not become clear today whether the
democratic opponents Of free wool
and free sugar in the senate would be
able 10 force a compromise on one
or both of these provisions.
The income tax. which will transfer
indirect taxes levied through the tar
iff into a direct tax upon the incomes
of individual citizens and corpora
tions, exempts all sums below $4,000.
Incomes in excess Of that amount
viii pay 1 per cent tax up to $50. O00
. per cent from $40, 600 to $50. 900;
per cent from $500 to 100000,
and 4 per cent above that figure.
The present corporation tax, levy
ing ! per cent on corporation in
comes above $4,000. would be re-
tanned as part Of the income tax.
TO encourage trade with foreign
countries. the bill would reverse the
maximum and minimum provision OF
the present law The new tariff rates
would be the maximum tariff, and the
president would be given authority
TO negotiate reciprocity treaties and
make concessions to countries that
grant favor to American exports.
In statement accompanying the
bill, Chairman Underwood said the
measure, in the opinion of its maxi
ers would revise the tariff ito n basis
Of legitimate competition. such as will
afford "a wholesome Influence on our
commerce, bring relief to the people
in the matter Of the high cost of liv-
ing and at the same time work no
detriment TO properly conducted
manufacturing industries.
an its tariff revision work the
committee has kept in mind" he
said, 'the distinction between the
necessities and the luxuries of life,
reducing the tariff burdens on the ne
ccssities TO the lowest points commen-
surate with revenue requirements. |
and making the Injuries of life bear
their proportion of the tariff respon-
sibilitics. Many items of manufacture
controlled by mOnopolies have been |
placed on the free list"
Chairman Underwoods statement
giving the changes in detail continues
as follows
In the chemical schedule the |
rates on certain commodities show
heavy reductions. For instance. boz |
acic acid is cut from 1910 per cent
to 21.43 per cent. Moderate reduc-
tions have been made on medicinal |
preparations, which are cut from Is
per cent to ! 3 per cent; blacking from
rs per cent TO / 8 per cent; drugs from |
l2.55 per cent to 10 per cent, and /
olive oil from 35.1S per cent to 2l.O5
per cent. The schedule contains
number Of articles on which either
no reduction has been made or an ad
vance provided for.
Rates on all brick have been cut
on the average from SO2S per cent
to 1928 per cent. tile from asa per
cent to 1886 per cent. asphalt from
1906 per cent to 1862 per cent. Or-
dinary earthenware, which already
was relatively low, being subject to
an average duty Of 2467 per cent,
has now been cut to 1 per cent, while
window glass has been given an aver
age reduction on all glasses Of from
46.SS per cent to 1854 per cent. Plate
glass, which may be considered a lux
ury. still retains a duty Of nearly 40
per cent.
pig iron and slabs, which were
1876 per cent and 1919 per cent
have been cut to per cent in each
case; beams from 1920 per cent to
- per cent and forgings from 30 per
cent to 15 per cent.
'The idea of the large extension of
the free list for the manufactured
products has been the fundamental
while the effort has been
made to improve the status OF the
lumber. Thus sawed
boards other than cabinet wood, have I
been carried to the free list while
sawed cabinet woods which were
1915 per cent in 1912. now are 10
per cent and house furniture, which
was S5 per cent now is is per cent
Tobacco and spirits nave been
found TO be good producers of reve-
nue. and have, therefore, been left at
The same rates as in the present law.
In the effort to relieve the con
sumer and to mitigate the high and
rising cost of living Schedule G. I
which deals with agricultural pro
iucts has been thoroughly revised I
and important reductions have been [
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