Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1913-07-18
TARIFF DEBATE
IS STARTED
TODAY
DEMOCRATIC MEASURE CONTAINS
AVERAGE REDUCTION OF 27.64
PER CENT. FROM Rates or PRES.
ENT PAYNE.ALDRICH LAW.
BILL ANALYzED BY
SIMMONS REPORT

OoIJluVlO1VV Vku OV
Washington, D. c., July 1S.-Ar
average reduction of 2764 percent un
Aldrich tariff law is proposed by the
Democratic Underwood-Simm tar
if bill upon which the senate began
general debate today, according to the
report of the finance committee ma
jority. submitted by Senator F. NJ.
Simmons
The report also shows that the bill,
as reported to the senate, provides
rates 4.22 percent lower than the I'm,
derwood bill as it passed the house
and that from it, together with other
government receipts for the fiscal
year ending June so. 1914, there will
be an estimated surplus in the govern
ment treasury of $2.02000O
A salient feature of the bill, it is
pointed out, is the large increase OF
imports to be admitted free of duty.
Under the house bill the value of free
listed imports, on the basis of 1912.
importations, was s1O3O0O0O0, where.
as the Democrats of the senate in eau.
Gus, by sweeping changes, propose to
free-list imports valued at $147367-
900.
Upon the basis of ten months for
the coming fiscal year, the report es.
Inmates that the receipts from Gus.
toms alone under the new bill will be
S266,730,000; from income tax, $685.
100000; corporation tax, s37,OOO,000. |
internal revenue, including tax on
cotton futures of s5,0O0,O00, $297,000..
900, and that the revenue from all
other sources will bring the total for
the fiscal year to $996,S10,000 Dis |
bursements were estimated for the
committee by treasury experts at
1894, 100000
In analyzing the bill the committee
"deemed the amendments of the house
entirely too drastic" particularly
those authorizing examination OF
books of foreign p. 7nufacturers. five
per cent tariff discount on imports in
American ships and other like features
which were stricken out Particular
attention is called to the senate pro.
vision designated to furnish the pres. I
ident with power to impose tariff I
duties of retaliatory character upon I
all articles comprised in specified p
list which includes many agricultural
products. b
OF another important feature added t.
BY the senate committee, tax of one \
enth of one cent a pound on cotton il
sold through stock exchanges for fll- Il
ure deliveries, the report says: Il
"The committee believes the sub.
ect matter to be one fit for the i'm Il
position of a proper tax not only be- a.
ause of its indirect influence in elm. p
mating parasite which has afflicted VI
he business Of dealing in purchases st
# cotton for future delivery. but be-
ause 1t will result in the collection III
f considerable sum OF revenue from III
business that is not susceptible of 81
lst taxation in any other way" II
Reduction Of the basic exemption r.
rom income taxes from $4,000 as in III
he house bill, to $4,000 for unmarried
ersons and the consequent rear Z
angement of this, the report com.
tents upon as follows:
"Your committee reduces the
mount of exemption of income to
1000 and allows on account of the
arriage an additional exemption of
900 to either husband or wife where ne
ley are living together, but not to to-
9TH. In the case of a minor child to
: children living with and dependent TIL
'on the parent such parent is allow hi,
an additional exemption Of $500 fof hi
le minor child and up to $1,000 on
count of minor children. except irs
here both parents are taxable, in tiy
hich case no exemption is allowable va
account of the children. BY the fra
nendment the lowest possible exemc. tu,
IN to any one person is $1,000"
OF agricultural products, many of
lich were transferred to the free list Al
addition to those put there by the
use, the committee has this to
Y: niv
'The house bill and amendments yes
ade by the committee on finance fue
lced agricultural implements of ev. orc
kind and description, fence and off
ling wire. cotton bagging and ties, the
v priced blankets, boots and shoes, he
ment, nails, lumber, coal. harness, fen
1dles, cotton gins. wagons, carts, VOC
gging for grain, wool and other N
ss' sewing h'acni.es' anu many MOI
Ter products of daily utility on the H..
70 list In common with the rest ,.h,
our people, our agricultural rapu. ,os
ion will share in the benefit brought 49, 49,
,ut by the reduction of the duties on ~
,ar and it's eventual elimination.
g substantial reductions made all Mn
ng the line on cotton and woolen
IDS, wearing apparel of every de- S;
iption, on crockery, household fur. the
hings and utensils, hardware and city
lilar products of our factories will Ekn
eP . considerable part of the first
E 9of tariff taxation now horne bail.
4 farmer as well as the dweller rela
Y Pity and the laborer in the fac kille
DIS and Mines" Frar
1g reductions in the metal Ito c