Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-04-22

with an aggregate capital of many
billions.
It also referred to the rapid ex-
haustion of natural resources, and
said that the protective system has
been greatly influential in maintain
ing a too rapid rate of depletion OF
natural resources in order to satisfy
the constantly increasing demands or
a rising population is an unmistak-
abe fact"
For Revenue without Protection.
Discussing ne Democratic theory
of tariff revision, the report declared
for the establishment of duties de-
signed primarily to produce revenue
without thought of protection and for
the attainment Of this end by lesis-
Iation that would not injure or de-
stroy legitimate industry. In TINS
connection the report said;
ITO protect profits Of necessity
means to protect inefflciency. 1t does
not stimulate industry because a
manufacturer standing behind a
tariff wall that is protecting his
profits, is not driven to develop his
business along the lines of greatest
efficiency and greatest economy.
This is clearly illustrated in a COM
parison of the wool and iron and steel
industries. Wool has had a specific
duty that when worked out to an ad
valorem basis amounts TO tax OF
nearly 90 per cent. of the average
value of all wooden goods imported
into the UNITED States, and the duties
imposed have remained practically
unchanged for forty years During
that time the wool industry has made
comparatively little progress IN
the cost of its products
and improving its business methods.
ION the other hand, in the iron and
steel Industry theA tariff rate has
been cut every time tariff bill has
been written. ct the iron and steel
industry has not languished"
Some Articles Taken from Free List.
In a series of tables the report
showed that the articles, duitable I'M
der the Payne law, and placed on the
free list by the Underwood bill, in
the last year, yielded revenue of
s24, sos, 226 on imports of $102, 402,579.
The committee took from the present
free list and levied duties against
articles which IL Is estimated will
yield $4,647, 055 revenue on $42595,51o
during a twelve-month period under
the Underwood BILL
A computation by treasury experts
In the report shows that
the government revenue, from all
sources in 1912, was $93S522,4S1, and
the government Expenditures 1901 ,297,-
979. leaving a surplus of 1922, SOP.
The estimated revenue from all
sources for the first year under the
Underwood bill Is $926,00o,00O, and the
Expenditures 1894, 100000.
with q treasury surplus Of d,SS5,0oO
this would leave a deficit to be raised
by the income tax amounting to $685.
700, 900. The earning power of the
income tax the first year Of its opera
ton is fixed by the report at $780,
125, 900.
In its estimate of the amount to
be raised by the income tax the COM
mittee presents table showing that:
126, 600 incomes between $4,000 and $5,-
900 will pay 100000 tax; 17S000 in
comes between $1,000 and $4,000 will
pay 10000; $4,000 incomes between
$40, 900 and $4,000 will pay s4,240,000;
%. 500 incomes between $4,000 and
$4,000 will pay $S,1s5, 900; 10000 in
pay 100000; $1,000 incomes between
$25, 900 and $4,000 will pay $9,666,000;
8. 500 incomes between $4,000 and
$100,0 will pay 81, $50. 600; $500 in
comes between 100000 and $25O.0oo
will pay 81. $4,000; $50 incomes be-
tween $250,000 and 100000 will pay
Sc. $4,000; $50 incomes between $780,
900 and $1,00O,OOO will pay 1919, 900,
and 100 incomes of over $1,oOO,0OO will