Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1914-07-24
CALAMITY HOWLERS
TAKEN TO TASK

Fortified by actual figures and by
estimates furnished by treasury
experts, Representative Oscar w.
Underwood, leader of the House
majority, has replied to the critics
of the Under Sood-Simmons tariff
law, who repeatedly of late had
declared that the new tariff was
not fulfilling the expectations or
the promises of those who ad-
vocated its passage.
Mr.. Underwood asserted that the
new law would bring in a revenue
of 1922, 100000 by the end If the
fiscal year, which occurs this week,
and that this would he S22, 100000
more than the estimate made by
the Ways and Means committee
while the legislation was pending in
Congress. He admitted that, with an
expenditure of S35 900, 900 on the
Panama canal this year in addition
to the ordinary disbursements, the
treasury probably would be abou,
SIS, ,000,0 900 behind in receipts. Surh
small deficit, he argued, was of
no Importance and he pointed out
that the end of one year of the
Dingley law there was a total de-
ficit of Sl18, 100000.
AS a matter of fact, Mr.. Speak
er," said Mr.. Underwood, Instead
of the law bringing a disappoint-
ment as revenue measure it has
exceeded the expectations of those
who wrote the law. When the
tariff bill was written the Ways
an1 Means committee estimated
that receipts from the custom dues
the first year woult amonnt to
270,000,000. That amount already
has been exceeded by the returns Of
the last eleven months, and the
treasnry's estimate of the moneys
that will be received from the Gus
toms for the fiscal wear amount to
1922, 100000, or an excess in Gus.
toms receipts of $22,OO0,OOO above
the estimate that we stated tn the
House when the bill became a law.
Under the last year of the Pay7e
law the receipts from customs dues
amounted to S3l8,000,0O0 so that
it is seen that the falling off in
customs dues between the prtse mt
law and the Payne law will amount
to the difference between $3lS,
100000 and s292, 200, 900 or about
SIC, 100000. We expected that
there would nc falling off IN the
receipts from customs dues to some
extent; if we had not we would not
have imposed the income tax.
The treasury reports at the end
of the fiscal year the internal
revenue will amount to about
$309, 100000 which is a falling off
Of SO, ,000,00 in our estimates. But
it is equal to the amount Of the
internal revenue taxes that were
received under the last year of the
Payne law, exclusive of the cor
poration tax, which in that year
amounted to s3O9, 900, 900, exactly
the amount the internal revenue
receipts will amount to this year,
so far as millions are concerned.
II seems to me that gentlemen
who have been criticisinH this bill
from the standpoint that it would
cause deficit in the treasury and
would not supply the government
with sufficient funds have bSeu
dreaming idle dreams and making
statements that were backed up by
wishes that sprung from political
antagonism and not from basic
facts, as shown by the reports from
the treasury.
Now rs to whether there will be
n deficit in the treasury, III, tItal
receipts will amount to S703,000,-
900 leaving n balance In favor of
the treasury of $50, 100000, with
only q half year in which the in
come tax was operated. But gentle.
men will say that this does not in |
cludc the expenditures for the
Panama canal, and it does not.
The treasury advises m" that it
will spend on the canal this year
sat, 600, 900. With $50, 900 Of |
surplus over ordinary receipts and
disbursements and $35,000,000 to
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