The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-25
REVENUE DECLINES
UNDER NEW TARIFF
Latest Treasury Figures Indi.
cate Twice the Esti-
mated Deficit.
FALLING OFF PROGRESSIVE
February Showing Is Worst.
and Drop Of 90 Per Cent.
Is Predicted.


Is Predicted.
WASHINGTON. Feb. ei.--Annoutc.me,,
by the Department OF Commerce tina, tb,
imports under the new tarln law p.
January were lower than those OF ,os
corresponding month OF the preylou, yo,.
has directed serious attention to the rev.
enue producing ability OF the Underwood.
Simmons act
Republicans all along shave commended
that the revenues derived under this nay
law would fall far under the estimate,
made by the Democrats, and IL was only
few days ago that Representat.ve Serene
Payne Of New York predicted that tho
Democrats already were facing the c.r.
tainty OF a deficit
The customs receipts under the new
tarih seem likely to produce a deficit
about twice as great as that .s,I.
mated by the trainers OF the law. Tn.
majority report OF the Ways and Mean,
Committee on the tariff bill said that ao.
cording to expert computations the bill I,
the form submitted on April 2t. 1911,
Of customs realized In 1912 by s37.sssooo
ORicial Treasury Fisares.
The oficial figures OF the Treasur,
show that the falling on In revenue .ne.
the new law went into effect has amounted
to S20.ooo.00o when compared With tina
corresponding period OF the preceding
year. and that practically all OF iris ha,
| occurred since the beginning OF Noyem.
Der.
The total customs receipts from octo.
! Der I, 1913. to February 81, 1914, both
| inclusive. the entire period In which the
| law has been In operation. compared with
the corresponding periods OF the proceed.
| ing year, are, as shown by Treasury De.
partment figures, as follows:
9s;oSsf to 'i...,..';s:s.Ss:. ':,G9siem
November '''''''''''' sssss'SsS &ili1S.
december. ..'....... E',.th lbl slelVlN
F. .Sqssyy to ',;,?s,
| II will be seen that October was the
| only month In which the recelp equailed
or even Appropriated those of the core
spending period OF the preceding year
under the old law, and when II Is CousId-
cred that the m rchlnd!s. Withdrawn
| from bonded warehouses IN October tdnd
the du paid In that month"; amounted 10
| 335. 200. 900, while the dutiabi- merchandise
| imported Ia that month Was but $1,000.
| 600. II would appear that approximately
| 40 per cent OF the DC ODER customs ic-
celpts must have been from mel rt tlliss
| imported prior 10 that month. This seem.
to Justify the omission of October figures
| In an attempt to estimate the real edtains
/ power OF the new tariff
Falling ON of 90 Per Cent.
The receipts under the new law 81 tra
months OF November. Dec, mber. January
and February twenty-one days., 'l-
| which figures are available. amount N
round figures to $50 600 900 agslns slun.-
| 100000 In the corresponding period ~ he
prectd ding year. Indicating that the r,,
falling on In revenue under normal CuI-
| oitions Is at the rate Of about 20 per cent
The customs revenues of the fiscal year
| 1913 were S3ls.0 900. and this fail o.
20 per cent. which has occurred ~ What
| may be considered as the normal period
| of the new law tNovember ! to February
2D therefore suggests reduct on Of ape
proximately sG3.0o0,o 900 per annum in
stead OF the s37.s96.0o0 estimated by n.
| trainers OF the new law
| Moreover an exam nation OF the above
figures OF receipts month by month shows
that the deficit il increasing In Novem-
December s2.750,000 in January. Si.75o-
900, and in twenty one days OF February
$1,000. 900. suggesting that the deficit for
the fourth normal month of the new ldu
viii be twice as great as that OF the FRS
month OF It's approximately normal opera
ton.
The experience under tho new law 'a.''
| to sustain the theory OF the low tarir 80
vocates that reduction OF the rates 20,
duty would So Increase importation -
actually to Increase the revenue In i1f'
the importation OF dutiahe mcrchpud -
has fallen off approximately S40.0'n 400
in value In the four months Of the 100
law for which official returns are avail
able, while the unofficial figures OF Feb
ruary imports indiCat. that ~ total WI
he much below February Of last year
Reasons for Accci~rntiou.
The figures OF tho New YORK Custom
House for tho first half OF February 'et
about $4,000 900 below those ~ the fast
half Of the sam. month last year sIs'
costing that the Ave months ending "an
| February will probably SHOW i,U ~
approximately $50 900, 600 in imports or
dutiablc merchandise. while IN" Iu'',is'
in imports OF free merchtuiisr is tut
10000. 900 for the four months ending
with January.
This accyleration Of the dpwnpa-.
speed OF the revenue producing power ',
the new law is doubtless due ~ some rH'
to the fact that |, has gone into operation
I intervals as the month"; have passed
The removal Of the duty On raw Wool '..
not become effective until pcCemnrr "''
that on wuo,l.n goods became tntt.'t
With the month OF Jluu1ry.
The fact that the shortage In rev 'H'
has Increased step by step rs ADJ '.n.1'
'ctions of the law became ~ c''e ''-
""t"s. IN the opinion OF many. Intf mo
worst Ia yet to come"
n" D'mocrats have been G'nfHl.t
al along on the income tax % Hh" N'
'or the loss in the customs lc'.
hut II begins to look now 90 " lO.
eature Of the taritt law VIII NV. '' '''
Is full estimated return II tho |'.'
Gratis are to have any hope o' urI N-
even. Many Republicans INSIST mat '.'
Democrats will be- DISAPPOINTED .v ..'
's,imatrs which they have Wl'r "t gro
rcome tax as a reVenuc pTodL .r TITO.
a-''""d on about $50 mo- 600 fu le }.'.
which ended December q.