The Denison review. [volume] (Denison, Iowa) 1867-current, 1913-10-08

After being under consideration in
congress for nearly six months the
new tariff bill is law. and for the
first time in nearly quarter Of CEN
fury the country has tariff law orig
mated by the Democratic party. The
bill will doubtless be known as the
Underwood Simmons bill. taking the
title from Chairman Underwood of the
ways and means committee OF the
house and Chairman Simmons OF the
finance committee of the senate.
The sponsors for the bill say that 1t
will raise ample revenue. Chairman
Simmons has been advised that it will
yield surplus Of at least $1G,OOO.OOO
a year above current expenses. IL 1t
does not meet the expenses of running
the government the expenses will be
reduced.
One remarkable thing about the pres
ent tariff bill, a precedent. in fact. is
that the senate cut the average rate
of duty carried by the bill below that
fixed by the house. Heretofore in the
making of tariff bill the house has
slashed the rates, while the senate has
then taken up the bill and readjusted
the rates on higher general average.
The house bill carried general av-
crage rate slightly below 80 per cent.
This the senate cut Il little over per
cent. The conference committee has
raised the general average duty but
slightly. The average ad valorem duty
carried by the bill as perfected is
about q per cent. The average under
the present law is about 81 per cent.
Many Changes Considered.
The conference committee had to
deal with 67G paragraphs on which
there were disagreements. Some OF
these involved only the change OF
word or question Of punctuation, but
a majority of them represented dlr-
ferences in rates and a few were fun
damental.
The house conferees also accepted
the senate amendment fixing dates
when the wool duties shall go into ef-
feet, which was one Of the final stun
bling blocks.
Raw wool will 60 on the free list on
Dec. l, and the reduced duties car
ried by the present bill will become ef-
fective on Jan. l. The house bill pro
posed to make the wool duties effective
immediately on the bill being signed
nv the president. The final action was
an important concession to the manu-
facturerS.
The senate won over the house also
on controverted paragraphs in the
schedule relating to cotton cloths anu
warns. BY this agreement slightly
higher duties are given TO certain
coarser grades of cotton cloths and
warns by changing the classiii alton,
Fur hats and frames. forms and 9th
er parts for the manufacture or such
hats received a rate Of As per cent
This matter affects the hat industry in
Connecticut The house fixed the rate
at 40 per cent the senate made it 40.
The silk schedule also was reopened.
and the rate on silk partially manufac-
tured from cocoons or wastes, not fur
ther advanced in manufacture than
carded or combed silk, and silk noils.
was reduced from 80 to 20 cents per
pound.
The Metal Schedule.
Probably no single industry covered
by the tariff bill suffered such reduc-
lions in duties as did the iron and steel
industry. The house cut duties un-
sraringly. and then the senate follow
ed by making still further reductions
and increasing the free list.
The house. for example. placed
duty Of 8 per cent on pig iron. spiesel-
sen. scrap iron and scrap steel and
ike products and made ferro-maganese
dutiable at Is per cent. The senate
free listed both Of them, and the con-