The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1913-07-11
Amended Measure Will Aver
age About IA Per Cent I'm
der the Bill Framed in the
House.
COTTON SCHEDULE
is NOT AFFECTED
Claim Made BY Democratic
Senators That They Have
Not Impaired the Revenue
Features.
National News Association

(Natfonal News Associa tion)
WASHINGTON, July 1.-THE I'm
derwood- Simmons tariff bill introduced
! in the senate today is unique in the
history of American tariff making, in
that senate committee will recon-
mend even more drastic reductions
than the original bill contained when
adopted by the house of representa-
tives.
The senate amended measure will
average about IA per cent under the
duties prescribed in the Underwood
bill. The still further lowering of du-
ties affects every schedule passed by
the house with the exception of the
cotton schedule, which was revised in
such manner that the duties to be
exacted from the importation of cot
ton and cotton manufactures remain
practically the same as those speci-
fed in the bill when it was started
on it's way to the senate from the
house Democratic caucus.
Revenue Not Affected.
Democratic senators, however, claim
that they have not impaired the reve-
nue. producing qualities of the bill
through reductions favoring the con-
sumer. According to their figures this
e has been obviated by an increase in
the internal revenue law on brandies
used in fortifying wines from 3 cents
per gallon to $1.10 per gallon; through
tax OH so-called spurious wines, for
titled with chemicals, and through the
imposition of tax of one-tenth of
one cent pound on cotton futures
sold in trade and undelivered. A tax
of one-tenth of one cent per pound
also was placed on bananas, solely
for revenue producing purposes.
Estimates of the revenue to be de-
rived from these sources is about S.
100000 in excess of the 1857, ,000,0O0
revenue predicted from the Under
wood bill.
The Income Tax.
Revenue estimates on corporation
tax and the income tax amendment
which was re-drafted by senate place
ttha revenue from those sections of the
~Mil on about an equal footing with the
house estimates. The act figures are
as follows: Corporation tax, house es-
innate, $30,OO0,0OO senate estimate,
$37,000.000; income tax. house esti-
mate $4,000, 900; senate estimate,
innate 500 69,625.000: totals, house esti-
mate $100,0OO,000; senate estimate,
$1O6, 625,0o0.
An amendment has been made to
the income tax as introduced on the
floor of the senate by the finance COM
mittee, which places the date upon
.ho1
at March 1, 1913, instead of January 1,
1918. This will cut the 1913 revenue
from the income tax to about $685.
100000, and slightly decrease the es-
timated revenue for the current year
and that calculated for the original
house bill. This in part is counter
balanced by the extension of time
. granted the wool and sugar schedules,
during which the Payne-Aldrich rates
shall remain operative.
Was the Only Change.
The extension of time for the Payne
Aldrich bill was the only change made
in these schedules. In the sugar
schedule the old tariff rates are to be
continued until March l. 1914, and in
the wool schedule raw wool is to be-
come free on December /. 1918, and the
Underwood Simmons rates on wool
manufactures are to become opera
tive on January 1, 1914.
The sugar schedule retains May I,
1916, as the date upon which sugar
shall be admitted free of duty.
In the free list the principal addi-
tions were raw furs, works of art,
gunpowder, Angora goat hair and al
paca, cattle. sheep and other domes-
tic live animals, wheat, steel ingots,
Photographic and moving picture films,
ferromangese, fax. machinery used in
making books for the blind, cement,
text books used in schools, jute bag
ging, lizarine. castiron pipe and ,agri-
cultural implements.
The Chemical Schedule.
The chemical schedule was cut from
30 to 8 per cent. The earthenware
and glassware schedule suffered like
reduction. In the metal schedule a
number Of important changes were
made beside the free listing of iron
and steel products. These include a
decrease from IL per cent to 10 per
cent In beams, from Is to - per cent
in steel plate and iron forgings, and
from 10 to per cent in steel cast
angs.
Automobiles were re-classifed, those
valued up to $1,000 being made duti-
able at Is per cent; those from $1,000
10 $500 at 80 per cent, and auromo-
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