Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-07-18
REDUCES UNDERWOOD BILL RATES
Measure Amended to Provide Rates 422 Per Cent Lower
Than Originally Fixed by House Bill-Averafe Reduc-
ton Of 27.64 Per Cent From Payne-Aldrich Tariff
Imports To Be Admitted Free Are Increased-House
Amendments to Administrative Features Considered
TOO Drastic

Washington. July 1s.-An average
reduction Of 27.s4 per cent under the
rates Of the existing Payne-Aldrich
tar.m law IL proposed by the demo-
cratic Underwood Simmons tariff bill.
upon which the senate began general
debate today. according to the report,
Of tho finance committee majority.
submitted by the chairman. Senator F.
NJ. 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 1t. together with other
government receipts for the fiscal year
ending June 80. 1914. there will be an
estimated surplus in the government
treasury Of $2.020.00o.
A salient feature Of this bill. 1t is
pointed out, u Q large increase Of i'm
ports to be admitted free Of duty. I'm
listed imports, on the basis Of 1912 Inn
portations. was 100000. whereas
tho democrats Of the senate In caucus.
by sweeping changes. proposed to Tree
list imports valued at $147. .3s7, 900. an
increase In undutiable imports over the
house bill Of @4s,3e7.00o.
Upon the basis Of ten months Tor tho
coming 1i1cal year the report estimates
that the receipts from customs alone
under the new bill will be S26e.730.00o;
from income tax for ten months. $6S.-
100000: corporation tax. $27.000,000;
internal revenue. including tax on cot
ton futures. 5000, ,0o0-$2o7 900. 900.
and that the revenue from all other
sources will bring the total for the fis-
cal year to 1896. SIC. 900. with disburse-
ments estimated for the committee by
balance as shown in favor Of the gov
ernment Of $2.202.000.
House Amendments Too Drastic.
In analyzing its changes In the house
administrative features Of the bill the
committee deemed the amendments
Of the house entirely too drastic" par
ticularly those authorizing examina-
toin Of books Of foreign manufacturers.
a per cent tariff discount on imports
in American ships and other like fea-
lures. which were stricken out. Par
ticular attention Is called to the SEN
ate provision designated to furnish
the president with power to impose
tariff of a retaliatory character upon
ali articles comprised in q specified
list which includes many agricultural
product1.
..For some years" says the report, In
referring to the retaliatory provision.
"there has been q development OF max
1mum and minimum tariffs abroad. and
in not few instances the government
of the United States has been COM
PEELED to SEQ its citizens subjected to
harsh and discriminating tarin treat
ment abroad, without being able under
the law to afford relief.
Protect American Interests.
.The provision now recommended. It
IL believed. will place In the hands OK
the president power which. tho expen-
siye in their sphere, are sufficiently
circumscribed to permit Of their be-
ing exerted within the limits assigned
them without disturbing the general
fiscal system Of the United States.
"Wise use Of the retaliatory power.
II fs reasonable to be expected, will
bring about equitable arrangement with
those countries which do not now af-
ford us fair treatment. and It II prob.
able that the weapon thus provided
win be 20 available and effective a. to
render its actual use entirely unneces-
sary under any ordinary conditions. :
Another important feature added by
.4he senate committee 10 . tax of l cent
Z pound on cotton sold thru stock ex-
changes for future delivery
Income Tax Changes.
Reduction of the basic exemption
from The income tax from $1,000 a. In
the house bill. to $1,000 for unmarried
persons. and the consequent rearrange-
mont Of this. the report comments upon
a follows:
.sYour committee reduces the amount
OF exemption Of net income to $4,000.
Ana allows on account Of marriage an
zadditional exemption Of $1,000 to either
the husband or wife where they are
liyine together. but not to both. In the
cass Of . minor child or children living
WITT ana dependent upon the parent,
such paYept Is allowed an additional
exemption OF $500 for one minor child,
ana up 20 $1,000 on account Of minor
: : ch;;;;asrs excer. where hcth parents are
taxable. IN which case no exemption u
allowable on account Of children. BY
tha amendment the lowest possible ex-
eaapslon to any one pesson would be
(4,ooo. ana the highest possible ex-
I 6Dil16a - any one peeoon o6.ee0.
- - nenament Snsay make nt