The Ontario Argus. (Ontario, Or.) 1???-1947, 1913-10-09
NEWS FROM OUR
NATIONAL CAPITA
President Wilson Signs Under
wood Simmons Tariff
Bill.

y '"' 'O"Shout tue COuutry ny tue treds-
ury department, putting into actual
operation the first democratic tariff
revision since 1894.
A happy group of legislators, mem
bers of the cabinet and friends encir-
cled the president as he signed the
bill, using two gold pens. He pre-
sented to Representative Underwood
the pen that had written the word
Woodrow" and the one which had
completed his name to Senator Sim.
mons.
Many Tariff Rates Abolished by Bill.
The Underwood.Simm bill brings
into effect one of the most far-reach.
Ing revisions of tariff rates and rev.
enue laws enacted for many years.
new income tax, applying directly
to the incomes of citizens; the aboli-
tion OF all tariff on scores of items of
immense importance to American In.
dustry and American consumers, and
a heavy reduction of tariff rates on
most Of the articles In general use in
this country are its chief features.
While certain portions of the new
law do not take effect at once, most
of It's provisions and almost all the
direct tariff reductions do.
The federal government has been
spending nearly a billion dollars
year and the new tariff law will raise
less than one-third of that sum. Re.
cent estimates by tariff experts I'm
congress predict that the rates will
raise S2i9.0O0OOO year, and that the
! income tax will raise $4,000, 900. The
remainder OF the governments great
income Is made up principally OF inter.
nal revenue taxes and postal receipts.
New Bill Summarized.
A brief summary of the new tariff
law as prepared for the senate follows:
Average percentage OF tariff rates
as compared with the value OF all i'm.
ported merchandise: Old law. 81 per
cent; new law, "a per cent.
Value OF annual imports added to
tHc lTtt uSt, VIZ St,VuV,uUU.
Estimated revenues from all import
rates: Old law, sS05.000.000; new
law, S249,OO0.O00.
Estimated revenue from corporation
and income taxes: Old law, s37.000..
000; new law. sl22.OO0.00O.
Altogether. consumers In the United
States probably will receive from
abroad. free from all tariff. more than
$1.000,OO0,ooo worth of merchandise
during the next year. During 1912 the
amount OF free imported was more
than $3.50, 100000, and when the tariff
Is entirely removed from wool. sugar
iron ore and cheap iron and other i'm.
portant items, the total is expected 10
increase notably. Under the old law
more than SO per cent OF all goods
brought to the United States from all
that proportion will be increased by
the new'law.
The free wool provision of the new
law takes effect December /. 1913. and
thc iiSc ouboi Pio'ioioh haS - iSio.
Congress at Work Nine Months.
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. Hearings were started
January 6 by the house ways and
means committee. Chairman Under
wood introduced the tariff bill April 7.
Immediately after President Wilson
had convened the new congress. It
passed the house May 8. and the sen.
ate September Q.
National Capital 6revlties.
June has been designated as Faith |
ers day, in resolution introduced in |
the house by Representative Moore of |
Pennsylvania. He would make the |
rose the emblem.
bill for the creation OF public |
land court is TO be advocated in con-
gress by Senator Walsh OF Montana. |
The court is designed to save time in
land cases and TO decide all points of |
law at issue.
Representatives OF small banks of |
the middle west and south protested |
against the currency bill before the
senate banking and currency commit
tee. The chief objection was against
the provision preventing the smaller
hanks charging for the collection of |
out OF town checks.
On the heels of the failure of con-
gress to legslate in the tariff bill to
prevent gambling in cotton futures.
Representative Harrison of Missis-
sippi introduced resolution provid-
ing for an international campaign
against such speculation.
A new counterfeit, a $40 National
Bank OF New York. has been discov- /
cred by the secret service division OF
,ho traa c,,,.v danarfmant II ia a DhO- |