The New York herald., 1921-03-15

for this afternoons conference, which
lasted about two hours. He said the
discussion took wide range and in
cluded an unofficial statement by Sec
retary Mellon as to the needs of the
Government for the ensuing year and
the state of the Treasury's finances
at the present time. Those figures were
not made public. but 1t was said the
Secretary gave an optimistic report on
the financial condition to the effect
that st was better than he had hoped
for
1t was stated also that the soldiers
bpnus bill was talked about and that this
bill is TO be passed early in the next
session. Possible sales taxes were men
toned, but no decision reached so far as
could be learned.
Penrose Gives Views.
"It is the purpose of the Ways and
Means Committee to report promptly to
the House an anti-dumping bill and a
bill providing for American valuation
of imports under the Underwood law"
said Senator Penrose. "These probably
will be in separate ptls. The conference
was unanimous on these two proposl-
tions. and think It can be put through
both the House and Senate with no
delay. ).
NO conclusion was reached about an
emergency tariff bill The drift OF opin-
ion seemed to be that tariff revision
should precede revenue revision, but
with the suggestion to press both meas
ures MY thought is that the Finance
Committee shall hold hearings on rev.
Il
pieting tariff revision. We intend to
get both these things disposed Of at the
earliest possible date SO az to afford
relief to the taxpayers. ] am hopeful
that the whole subject will be worked
out tremendously and promptly.
Senator Penrose admitted majority
OF these present were not in favor OF
the emergency tariff legislation advo-
Gated by Representative Fordney just
before Congress adjourned. It is be-
eyed the anti-dumping provision and
the change TO American values at the
port OF entry under the Underwood law
will be substituted for emergency tar
iffs.
It was said Senator McCumber IN.
ID presented estimates as to the cost
of the soldier bonus. and proposed to
spread it over many years. the drst
years cost to be s400. 100000. The al
tentative bonus provisions range in total
cost from $4,000 900 900 TO $4,000, ,000,-
600. II was said to-day.
Senator Penrose aaid a proposed sales
tax was discussed but not agreed upon
and that there are wide differences of
opinion on II which he hopes will be
settled amicably He would not ex.
press an opinion rs Q its advisa bility.
Protection Rather Than Revenue.
Several loose Estimates were made by
those attending the conference as to the
amount that could be realized from re-
vised tariffs Representative Fordney
said he thought new tariffs would bring
in from two to two and half times as
much as was realized last year from the
Underwood law. He placed last years
revenue from imports at 1891. 100000
and thinks this could be brought to
about $700,00o,0o
Both he and Senator penrose said pro-
lection 70 American industries is more
important to consider than revenues
from tariffs. and that the new tarff laws
will be framed for protection rather
than for revenue Treasury experts re-
ported. that enough revenue can be raised
under existing law TO meet current needs
of Government. according to Mr.. Ford
ney.
IT was intimated that very few more
hearings on the tariff win be required
BY the Ways and Means Committee. Mr..
Fordney estimated that by April IL, the
date OF the extra session, the Ways and
Means Committee could present com
plete tariff bill TO the House for consid-
GRAFTON provided the programme outlined
to-day by the joint conference Is APP
proved by President Harding.
II Is understood that before any leg
islation either for tariff or revenue re-
vision is presented TO the House the
committee Will first receive formal rec
concentrations from Secretary OF the
Treasury Mellon. That Is the custom
usually followed. II was said that Sec
retary Mellon made no recommendations
to-day.