The New York herald., 1922-04-12
REVISED TARIFF BILL
REPORTED TOSENATE,.
INCREASES REVENUE
4,
Yield of 300 to $50 Millions
Expected, More Than
Fordney Plan.
)
SPECIFIC RATES UP
McCumbcr Declares Meas
ure Will Save Industries
From Foreign Peril.
FARM BLOC PROTECTED
Duty Placed on Hides and That
OIL Cotton Almost Double
Dyes Guarded.
SPECIFIC RATES UP
FARM BLOC PROTECTED

Special Dispatch to THE NEW York HERALD.
Washington. ID. c., April IL.
Senator McCumber IN. d., chair
man Of the Finance Committee, re-
ported to the Senate to-day the
amended Fordney tariff bill, which on
many commodities provides the high
est duties ever imposed by tariff
measure In the history of the country.
AS was forecast in THE NEW York
HERALD, the Senate committee dis
cardcd the American valuation plan,
as contained in the Fordney bill, and
adopted the foreign valuation as
basis for computing tariffs.
Because Of the change in making
the valuation on goods and commodi-
ties the rates in the amended bill are
lower for the most part than the rates
in the House bill. However, the spe-
cific rates where the valuation did not
figure In the computation are higher
In the Senate measure than In the
House bill. The bill will be taken up
by the Senate for discussion on Thurs
day. April 90.
Chairman McCumber declared in his
report that high rates were necessary
to protect American manufacturers
due to unusual conditions following
the war. He said quotations made by
foreign producers for export sale OF
late have been so extremely low that
they threaten the destruction Of Amer
lean industries and have consequently
demoralized American trade.
Rates to AFFORD Faiy Projection.
This condition exists at the present
time" added Senator McCumber, "and
II is believed will continue to exist until
rates are established that will afford
fair protection to American industries.
"At present European manufacturers
are able to sell their merchandise at
lower production costs than the Ameri-
can manufacturer. owing to much lower
wages. to subsidies granted by certain
countries, and to the fact that some
countries do not impose taxes as high as
the American manufacturers have to
bear
Treasury experts figure the bill will
raise from $500, ,000. 900 to $3.50, 900. 900
revenue annually. The Fordney bill. 1t
was estimated, would raise about $780,
900. 900 annually, while the Underwood
law yielded between $200,000.000 and
$500. .000. 900.
The House passed the Fordney tariff
bill on July 81. 1921. Since then the
measure has been in the hands OF the
senate Finance Committee. 1t is ex-
pccted that the completed bill will bo
before the Senate for two morths or
more for discussion. Republican leaders
announced to-day that they hope to have
the bill enacted by the Senate without
any material change, and an agreement.
was reached with the House conferees 50
that the bill can be in the hands of the
President for his signature by August
10. 1t will take the place OF the emer-
gency tariff act now In force and be-
come operative as soon as the President
affixes his signature.
Justified, Says watson.
.This is real protective tariff said
Senator Watson Und), one Of the lead
ing members OF the Senate Finance Com
nnittee. "while the rates are high In
Justify them. II Is expressive OF the idea
OF the Republican party that protec-
tive tariff is necessary to build UP Amer
ican industry and TO maintain the high
wage scale and better living conditions
OF American workmcn."
When told that Chairman Fordney oi
the House Ways and Means Committee
dissented from the conclusions OF the
Finance Committee concerning the re-
- r-o 1ttuf ffnV n a n
and changes IN many schedules Sena-
tor Watson said:
Joe would not import anything. He
would insist that we raise everything
here, even bananas
A soon as the Democrats in the SEN
ate got glimpse at the bill they raised
violent protests. as was expected. de-
claring tho measure aims TO build
wall around America and will cause
the cost OF living TO Jump pefceptibly
soon after II is put into effect II not
before. They charge that the bill will
work great hardships on every average
American family that the rates on
some forty 10 fifty items representing
things people eat and wear and use In
their homes are the highest over i'm
posed In the history OF the country. far
exceeding In many instances the rates
In the Payne-Aldrich tariff bill.
Advocated by Farm bloc.
Democratic leaders announce they wilt
nut up stubborn fight to have many
~ the schedules reduced. but X Is be-
lieved their protests will be unavailng.
as the Republicans are pretty we'll lined
IN behind the bill. Senators from the
agi icultural districts. many OF whom.
Like Senator Norris tNeb.) and La Fol-
rs,te (wis.). have kicked over the traces
repeatedly on Administration measures.
/. 10 believed win support the tariff bill.
since all the schedules are advocated
by the farm bloc OF the Senate. Those
schedules are higher on farm products
Continued on Page Nine.