The review. [volume] (High Point, N.C.) 1908-19??, 1915-02-25

1t is charged that the Underwood
act is failure as revenue pro-
ducer. There is no truth in this
charge.
THE fact is, that from October 3.
1913. date of its enactment, to Aug
ust /, 1914, the beginning of the
European war. the Underwood act,
with its income tax; and other reve-
nue.. produced $4,000, 900 more rev.
enue than the Payne act, with its
corporation tax, and other internal
revenue, for the same months in its
last year, and over 50 ZOO, 900 more
than the same months of the pre-
ceding year under the Payne act---
that is, the next to last year of Payne
act.
= If no European war had occurred,
at same rate of collection prevailing
up to August 1, 1914; and the same
rate of increase in impcrtations as
was the annual average increase dur
ing the four years of the Payne act
even if reduced tariff Of Underwood
act had not added to the Increase
for the fiscal year ending June 30,
1915, we would ha\ e collected with
the Underwood act, income tax, and
other International revenue, over
$50 900, 900 more than for any year
under the Payne act, or any year in
history of the government.
The authors of the Underwood
act, at its passage, estimated that,
for the fiscal year ending June 80,
1914, with three months, July,
August and September, 1913, of the
Payne ac,, it would weld in custom
receipts $40, 900. 1t actually
yielded $292, 100000. 1t exceeded
expectations by 100000.
1t is charged that it has injured
our export trade.
There is no truth in this charge
THE fact is, that from October
3, 1913, to August i, 1914---the life
of the Underwood act up to the be-
ginning of the European war (when
at once the slump in our
export trade began)-our export
trade was larger by over $780,
100000 than, with one exceD-
ton, in any year III the history of our
country! 1t was $193 900, 900 larger
than for same month uneers Payne
act for the year ending August l,
1912, and $465 ,OOO,O larger than
for same month of the first year OF
the Payne act.
"From March 4, 1914, the first
eighteen months of Wilson's ad-
our export trade was
larger by many millions than for any
other similar period in the history of (
the government!
I'm the "Protectionist of February.
1915. an organ OF the protection
it is stated that before the
European war began the country
was losing $50, 900, 900 a month in
its foreign trade. This is being per-
repeated by the standpat
throughout the country,
including some members of Con-
gress. ,
1.-The fact is, that for the two {
June and July, immediate
Iy preceding the European war, un-
der the Wilson administration and ,,
act, our foreign trade ,
was larger by over $4,000, 900 than
in any June and July in history of
the government. Furthermore more
tonnage of vessels entered and clear
ed at the ports of the United States
in June and July, 1914, than in any
other June and July in the history
of the government.
ct is charged that Democratic ad-
and the Underwood act
have caused deficits in treasury.
''There is no truth in this charge.
"The fact is, that dt the beginning
Of the European war, the treasury
was in a better and stronger condition
than at the same time in any year
under the Taft administration. On
August l, 1912, there was a deficit
of 1922, 900; on August 1, 1911,
there was deficit Of S15,534 ,935;
on August l, 1910, thereawas de-
felt of $1O,O55,348; on August l,
1909, there was a deficit of $14 ,OO5,-
564.
but on August l, 1914, the (be-
of the European war; under
the Wilson administration and the !
Underwood act, there was surplus
of 81 ,484, 685.
ct it be noted that on August l,
1910, the first year of the Taft ad'
ro;nietration and Pavne act. there
was deficit of over $40, 100000,
while the first year of the Wilson
administration and Underwood act
there was a surplus of ST ,484 ,685.
HtIIe.A1 ho.,t Tho ho lonca in the h