The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1913-09-20
Consolidated Aug. 3, 1881.
$751; SUMTER s. G. SATURDAY sEpTEMRER 1919
TARIFF IN CONFERENCE.
LEVER OFFERS SUBSTITUTE FOR
CLARK AMENDMENT.
COnferces Push Through Sundry
Schedule, Reaching Agreements on
Most Of Its Provisions.

Washington. Sept. 16.-MOdification
OF the senate's cotton futures tax
anne ndment to the tariff bill to make
the provision acceptable to the house
will be considered by the tariff confer
ence committee within day or two.
Informal discussion OF the subject has
developed the fact that the house
probably would accept the plan of
taxing trades in cotton futures, If the
terms of the Clarke amendment
adopted by the senate were modified
A substitute for the Clarke amend
ment submitted to the conferees to-
day by Representative Lever of south
Carolina, chairman Of the house COM
mittee on agriculture, would provide
that the tax of SO cents per bale shall
not be assessed where the cotton con-
tracts call for the regular government
grades, and such grades actually are
delivered; or where the difference in
price Is paid If another grade is de-
livered. This and other changes will
be considered, in the belief that the
cotton futures amendment finally will
be retained as a regulatory provision
as well as revenue raising feature
The tariff conferees pushed through
the sundry schedule of the tariff to-
day, reaching agreements on most of
it's provisions. The differences be-
tween house and senate over hats,
Photographic films. works Of art, furs
and several other important items
were left for later action.
The house members accepted the
senate amendments putting gunpow-
der and Eliminates on the free list,
making changes in the method of as
sessing duties on laces, and putting
harness and saddlery on the free list.
The senate receded from it's amend.
ment putting chamols, calf skins and
similar feathers on the free list, and
accepted the house rates of is per
cent. The senate also consented to
a reduction In the rates 1t had fixed
on gloves.
Chairman Underwood or the house
conferees expressed the belief tonight
that there would be no great differ
ences between the members of the
two houses over the income tax sec
tion, In which the senate materially
increased the rates Of taxation on
large incomes.
Owing to the large number OF
amendments to the text Of the in
come tax section, however, 1t is ex-
pected that some time will be spent
by conferees in perfecting the measure
to prevent confusion in the admins
tration of the law.
Representative Lever said today
that his substitute for the Clark cot
ton futures amendment had the ap-
prOval of many Southern senators
with whom he had talked.
The proposal is In the nature of a
compromise and was drawn by Mr..
Lever after conferences with experts
of the department of agriculture and
Postmaster General Burleson. 1t Is
intended to regulate cotton exchange
contracts rather than abolish the ex-
changes.
Under the substitute, If actual de-
livery of cotton sold on exchange were
not made a settlement would be re-
quired on the basis of actual CONNER
cial differences as established i'm the
spot cotton market, for six days pre-
viously, between the grade rendered
and the basic grade named on the
contract which is usually middling
cotton. A nominal tax of cents per
bale would be imposed for monde
livery.
Representatives of the cotton ex-
changes have presented objections to
such a compromise and have explain
ed that small tax be levied-ap-
prOximately the same as that imposed
as IA revenue raiser during the Span
isk war--and u government commits
sion be cerated To study the taxation
of cotton futures as an economic
measure.
The cotton men who object to the
compromise declare that the taxing
of cotton, for which the government
has created standard types. will cover
only certain grades of white cotton,
and will exclude not only certain low
er grades of white cotton but also So
called tingcd and stained cotton
which normally constitutes about 20
per cent of the crop, and which they
claim i'm years OF storm is II much