The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1913-07-18
Than Those Provided by the
Tariff Bill When Il
Left the House.
REDUCTI0N
From the Payne Aldrich Tar
ilf Law is Stated as
27.64 Per Gent.


CAV 6sseeiArEp pRxss
W5AsEIINGToN. D, c.. July Is
An average reduction OF 1884 psr
cent under the rates OF the existinE
Payne-Aidrich tarlf law is propossd
by the Democratic Underwood sim
mons tarin bill, upon which the
Senate began general debate today.
according to the report df the
finance COMMITTEES maioFity eubmlt-
ted by the ehairmani senator n. r.
Simmons.
The report alos shows Ehat the
bill as reported to the Senate pro-
vides rates 4.22 per cent lowSr
than the Underwood bill as It passed
tho House and that from Il together
with other government receipts for
tho fiseaI year ending June 80.
1914, there Will be an estimated
surplus In the government treasury
OF $2,02O,OOO.
In Analysing the changes in the
House administration featnres OF
the bill, the committee deemed the
amendment OF the House entirely
too drastic, especially those author-
fzIng examination OF books Of for
eign manufacturers, ave per cent
tarif discount on imports In Atneri.
can ships and other like features"
which we're stricken out.
Particular. attention is called g
the Senate provision designated to
furnish the president with power to
impose tariT duties Of reactionary
character upon all articles com
prised in a specific list which IN
cludes many agricultural products.
Another important feature added
by the Senate committee isa tax Of
.O1 a pound on cotton sold through
stock exchanges for future deliy-
cry.
Reduction of the basis exemption
from income tax from $4,000 as in
the House bill to $1,000 for unmar-
ried persons and the consequent re-
OF this, the report COM
ments upon as follows;
~Your committee reduces the
Of exemption OF net income
to So 200 and allows on account OF
marriage an additional exemption
of $1,000 to either the husband or
wife where they are living together
but not to both. In thecase OF NIL
nor child or children living with
and dependent upon the parent such
parent is allowed an additional ex-
emption OF $5O0i for one minor
child and up to,f$ 900 on account
of minor Oh ldFen except where, both
parents are taxable, in which case
no. exemption Ia allowed on account
of children. BY the amendment
the largest possible a<emption to'any
person would be- 5000 and the
highest possible 10 any person So
OOO."
Concerning the general revision.
the Senate committee says that fol-
lowing the lead OF the House It hRs
sought in the amendment 1t pro-
poses to the House bill to further
carry out and protect the theory OF
a revenue producing
tariff upon the basis of competitive
rates as just and fair interpre-
tation in the light Of existing condi-
tions Of the latest authoritative ut
terances OF the party in power upon
that subject and now submits the
results OF It's IabOrs with che conf
dert belief that the enactment into
law Of the House bill as amended
will result in a more equitable dis
tribution Of the burden and incl
dental benefits of our system Of Gus
toms taxation. that Il will tend to
disintegrate the monopolies built up
under the present system, that 1t
viii enlarge opportunities through
Individual EFFORTS, reduce the cost OF
living and relieve the people from
the burdens OF the protective s=stsm,
strikIngly exempltfed in the social
ed Payne-Aldrich bill, which this
measure is intended to super
cede."