The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1914-07-14
CALAMITY CREW
CALLED To TASK
Representative Oscar Under
wood Shows New Tariff Law
a Success: Nails a Lie

Washington. July li.-Fortiend ~
actual hGures and ns estimates fur
nlshed by Treasury experts Repre-
sentative Oscar W Cnasrwood- leader
OF the House majority. has replied IL
the critics II the Jnderwaod-S.m-
mons tarlT law. Who repeatedly Of
late had declared thar the new tariff
was 40, fulfilling the expectations .r
the promises ~ those who had aaNo-
Gated its passage.
Mr. Underwood asserted th.Ai IA.
new law would bring IN a revenue Of
S-S2 100000 hy the end If the fiscal
year. which occurs inns week. and
that this would be So. o0o. 600 mar.
than the estimates made ny the Ways
and Means Committee while tn. legis-
iation WAS pending in Congress He
admitted hat. with the expenditure of
S3a,eee. oo0 on the Panama Canal this
year, In addition To the ordinary dis
bursements, the Treasury ely
would be about s.. ace. eea behind in
receipts. Such a small deficit. he
argued. was Of no imports nee. and lac
pointed out that at the end Of ON.
year Of the Dingley Law there was -
total deficit Of Sl1S.oGo, 0oe.
AS a matter Of fact. Mr.. Speaker"
said MIR. Underwood. instead sf th.
law bringing 4 disa ppointnent as -
revenue measure 1t has exceeded the
expectations of those who wrote the
law. When the tariff bill was written
the Ways and Means Committee e~ti-
mated that receipts rom the customs
dues the first year would amount t.
S2T0. Gee. eco. chat amount already has
been exceeded by the returns of the
last eleven months. and the Treasury-
estimate Of the moneys that viii be
received from the customs fer the lis
cal year amouR to s.92, geo. coo. Ell an
excess in customs receipts of $22.-
600 eco above the estimate that ".
stated to the House when the bill be-
came q law.
Under the hast vear Of the Payne
law the receipts from customs dues
amounted to S31S. 600, 600. SO tina it ia
seen that The falling off in customs
dues between the present Law and the
Payne law will amount TO he differ
ence between 1913. eco. coo and $292.-
coo, 000, or about sc. GOO, 600. We ex-
pected there would he i falling off in
the receipts from customs dues 10
some extent: If we had not we would
; not have proposed the income tax.
The Treasury repor-s mat at the
, end Of the fiscal year tn. internal rev
l enue will amount to arout s30a Goo. :
, 600. which is Il falling off Of So. coo. :
u 600 in our But II Is cqual
1 to the amount of the internal revenue
c taxes that We're rec wed under the
r last year Of the Payne law. exclusive
of the corporation tx, which in that
year amounted to Sat.9 coo 600, exactl,
the amount the Internal revenue re
ceipts Will amount to this year. So faI
aS millions are concerned.
Idle Political Dreams.
1t seems to me that gentlemen whS
have been criticisinS his bill from tn.
r standpoint that il would cause a defer
in the Treasury and would not suppl,
Il the government with sufficient fnnd'
have been dreaming idle dreams ans
making statements that were backes
= up by wishes that sprung from polit
ic1l 4ntlCanlcm and NOT from ha4t
facts. as shown by the reports from
the Treasury.
II Now. as to whether there Will b.
u a deficit in the Treasury. tie tota
y receipts will amount to S733, 00c.0o'
and the total ordinary disbursement
q for this year will amount to $7c3.
06G, 000, leaving a balance IN favor .
> the Treasury Of $50. 600, 600, with onl
n q half year in which the income ia
o was operated. But gentlemen VIII 81
j. that this does not include the expendi
le lures for the panama Canal. and
d. does not. The Treasury advises III
that it will spend on the canal tn
year SIS. Gee. zoe. With $50. zoe 900 {.
surplus over ordinary receipts and dis
bursements and s25. coo. 600 To be cN
pended on the Panama Canal. il leave
of $1,000. 600 to be raised.
Ks Il want to say that 5000. 066. an
re vastly more, is in the Treasury tod
te in the way of a surplus. and the go,
C. eminent of the United States does M
ks nave TO borrow from anybody to pa
in it. In the course of the next year -
Of p~enditureS 90 the Panama Canal vi
es practically pass away. and the mel
t. year following they will all he gcr
practically. and the receipts from II
canal Will be paying its running q
penses-
But there is nothing in having
2 deficit in the Treasury" said Mr.. II
a derwood. the end IF the 6se-
,-ea- Z lnQ "a 49, he ia u NO I'M 49,
al was q total deHclt OF llS.poo, ooe