The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1913-10-04
TARIFF BILL NOW
Law OF THE LAND
Measure Receives Approval
of The President.
HURRIED THROUGH HOUSE
Speaker Clark OverruIes All Points of
Order Against Methods Of Procedure
and the Final Action of That Body
Follows Immediately.

and the Final Action Of That Body
Follows Immediately.
Wilson's signing of the Underwood
Simmons bill at 8 o'clock last night
brought into effect one of the most
farreaching revisions of tariff rates
and revenue laws enacted for many
years.
A new income tax, applying di.
rectly to the incomes of citizens, the
abolition of all tariff on scores OF
items of immense Importance to
American industry and American con.
sumers and heavy reduction of tar
iii rates on most of the articles in gen.
eral use in this country are its chief
features.
While certain portions of the new
law do not take effect at once, most
of its provisions and almost all the
direct tariff reductions do.
The federal government has been
spending nearly a billion dollars a
year and the new tariff law will raise
less than one-third of that sum.
Recent estimates by tariff experts in
congress predict that the rates viii
raise s249, ,00O, 900 a year; and that the
income tax will raise S122, ,000,0 900.
The remainder of the governments
great income is made up principally
of internal revenue taxes and postal
receipts.
May Reduce Cost of Living.
The income tax probably will bring
the new tariff law most forcibly to
the attention of the citizens.
President Wilson and Democratic
leaders in congress believe, however,
that the reduction of duties on cloth
ing, foodstuffs and other necessaries
of life, and the complete removal OF
the duty from many like articles, will
eventually bring a reduction in the
cost of living" without materially af.
fecting business prosperity.
A brief summary of the new tariff
law as prepared for the senate fol-
lows
Average percentage of tariff rates as
compared to the value of all imported
merchandise, old law, 81 per cent;
new law, n per cent.
Value OF annual imports added TO
the free list, STAT 100000
Estimated revenues from all import
rates, old law, s305, 100000; new law
s249, 100000.
Estimated revenue from corporation
and income taxes, old law, $37, 900, 600;
new law, 122,000,0OO
Much Merchandise Free.
Altogether consumers in the United
States probably will receive from
abroad, free OF all tariff. more than
$1,000, ,000,00v worth of merchandise
during the hext year.
During 1912 the amount of free i'm
ports" was more than $SS0,000, ,000 and
when the tariff is entirely removed
from wool, sugar, iron ore and cheap
iron and other important items the
total is expected to increase notably.
Under the old law more than So per
cent of all goods brought to the Unit
ed States from all parts of the world
paid no tariff and that proportion will
be increased by the new law.
The free wool provision OF the new
law takes effect Dec. l, 1913; the
free sugar provision May 1, 1915.
The new tariff law, passed four
years after President Taft signed the
existing Payne-Aldrich law, is the re-
suit of more than nine months of work
in congress.
Food Stuffs Lower.
In the opinion of it's makers, the
Democratic leaders OF congress, the
most important features of the new
tariff bill are:
A reduction of nearly one-half in
the average tariff on foodstuffs and
farm products.
The placing OF raw wool on the
free list and reduction of nearly
two-thirds in the tariff on woolen
clothing. especially of the cheaper
grades.
A reduction of one-third (average)
on cotton clothing.
Reduction of the sugar tariff and
its ultimate abolishment In 1915.
A reduction of one-third (average)
in the tariff on earthenware and
glassware.
Adjustment of all tariff on meats.
fish, dairy products, -four, potatoes.
coal, iron ore, lumber and many
classes OF farm and Office machinery.
General tariff reduction on all i'm.