The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1913-10-04

Continued from First Page)
senate did, the two houses would not
be in complete accord
Representative Underwood's motion
to recede from the cotton futures
amendment was carried without a roll
call and with practically no negative
votes.
This bill is of too vast importance
for the house not to clear UP any
questions of procedure" said Speaker
Clark. The measure must be put in
such shape that skilled lawyers can
not pick flaws In IT, This position
was endorsed by Representative
Payne, the Republican leader.
FAR REACHING PROVISIONS.
President Wilson's signing the I'm
derwood- Simmons bill tonight brings
into effect one of the most far reach
ing revisions of tariff rates and reve-
nue. laws enacted for many years.
A new income tax, applying directly
to the incomes of citizens; the abon-
ton 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 it's 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.
At every, port collectors of customs,
appraisers of merchandise and hun
dreds of other employees of the treas
ury department will plunge at once
into the task Of collecting the nations
revenue on q new basis, and with
hundreds Of new class1fcations and
new provisions of law to complicate
their activities.
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 in
congress predict that the rates will
raise SPAS, 200, 900 a year; and that the
income tax will raise $122,000,000 The
remainder of the governments great
income is made up principally Of in
terna revenue taxes and postal re-
ceipts
The income tax probably viii bring
the new tariff law most forcibly to the
attention of citizens. President Will
son and Democratic leaders in con-
gress believe, however, that the reduc-
ton of duties on clothing, 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 affecting business
prosperity.
SUMMARY OF NEW LAW.
A brief summary Of the new tariff
law as prepared for the senate fol-
lows:
Average percentage of tariff rates
La - Ill IT,
ported merchandise; old law 81 per
cent; new law q per cent.
Value of annual imports added to
the free list, s147, 1000, 900.
Estimated revenues from all import
rates; old law s3o5,ooO0o0; new law
SPAS, 900, 900.
Estimated revenue from corporation
and income tax; old law s37 200, 600;
new law s122000 900
Altogether, consumers in the United
States probably will receive from
abroad free of all tariff. more than
81 900, 00O,0 worth of merchandise
during the next year.
In 1912 the amount of free imports"
was more than $3.50. 000, 900, and when
the tariff is entirely removed from
wool, sugar, iron ore and cheap iron, |
and other important items, the total
Is expected 10 increase HOIdDly- = HuSE
the old law more than So per cent Of
all goods brought to the United States |
from all parts Of the world paid no
tariff, and that proportion will be in |
creased by the new law.
The free wool provision Of the new
aw takes effect December 1, 1913; and |
the free sugar provision May 1, 1916. |
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 |
n congress. Hearings were started /
January S by the house ways and |
means committee. Chairman Under |
wood introduced the tariff bill April |
!, Immediately after President Wilson |
had convened the new congress 1t |
passed the house May and the sen |
ate September g
In the opinion Of it's makers the |
Democratic leaders of congress. the |
most important features of the new /
arih are:
A reduction of nearly one half in /