The Bridgeport evening farmer., 1913-07-18

Washington, July 1s-An average re-. duction of 27.64 per cent. under the rates of the existing Payne -Aldrich tariff law is proposed by the Da1no- upon which the Senate began general debate today according to the report of the finance committee majority sub n1itted by the chairman, Senator c. F. Simmons.
 The report also shows that the bill as reported to the Senate provides rates 4.22 per cent. lower than the Underwood bill as it passed the House and that from it, together with other government receipts for the hscal eiEd- ing June 90, 1914, there will be an es- tinnated surplus in the government treasury of s, ,O2O, ,OOO
 A salient feature of this bill it is pointed out is the large increase of imports to be admitted free of duty. Under the House bill tine value of free listed imports, on the basis of 1912 i'm portations was $103, GOO, 900, whereas the Democrats of the Senate in caucus by sweeping changes, propose to free list imports valued at $147, ,S67, ,oOo, an in- crease in undutiab1e imports over the House bill of $43, S67, 900.
 Upon the basis of ten months for the coming fiscal year the report esti- mates that the receipts from customs alone under the new bill will be $266,- -73o, 900; from increase tax for ten months $53, 330, 900; corporation tax $37, 500, GOO; internal revenue including tax on cotton futures S, 0OO, 900, $297,- 100000, and that the revenue from all other sources will bring the total for the fiscal year to 1896, ,810, ,O00. With disbursements, estimated for the com mittee by treasury experts at $994, 790,- 00O, a balance is shown in favor of the government of s202O, 900.
 In analysing it's changes in the House administrative features of the bill, the committee deemed the drastic" particularly those authoriz- ing examination of books of foreign manufacture ask 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 provision 'desig- mated to furnish the President with power to impose tariff duties of a re- taliatory character upon all articles comprised in specified Iist,'' which includes many agricultural products.
 For some years,'' says the report in referring to this retaliatory provfs- ion, f'there has been a, development of maximum and minimum tariff abroad and in not a few instances the i government of the United States has been compelled to see its citizens sub jected to harsh and discriminating |
  able under the law to afford relief. The tariff act of 1909 recognizes this sit 1 uation and established a, general maxi imum schedule of duties 9 per cent. | higher than the general or minimum rates of the law. This maximum ! clumsy and inadequate and the situa- ton under it has been less satisfac- tory than that which previously ex- isted. No material advantages have been derived from it but on the con- trary it has stood in the way of suc- cessfuI coInmer with other coun- tries
 s"Tne provision now recommended will, it is believed, place in the hands of the President powers which, though extensive in their sphere are sufficient " circunascribed to permit of their be- ing exerted within the limits assigned them without disturbing the general 1 fiscal system of the United States. Wise use of the retaliatory power will, it is reasonably to be expected, bring those countries which do now afford thus fair treatment and it is probable that the weapon thus provided will be so available and effective as to reh- der V'1ctual use entirely unnecessary lzsafsr any ordinary conditions.' : Of another important feature added by the Senate committee a tax of one tenth of a cent a pound on cotton sold through stock exchanges for future the report says:
 ''The committee believes the subject matter to be one fit for the imposition 9f a proper tax, not only because of it's indirect inuf1nece in eliminating a parasite which has afflicted the busi- ness Of dealing in purchases of cotton for future delivery, but because it will result in the collection of consid-t