Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-08-21
U. S. Valuation Big Issue

y 4uSSI Lux II COIl1cISICc.f
U. S. Valuation Big Issue.
American valuation will be biggest
issue. but the general belief at the
capitol is that the house will yield
on this accepting the senate 'fsxi-
bic" tariff plan Is a substitute.
Chairman Fordney said Saturday
he would hold out for American valu-
alton, asking instructions from the
house. Under this plan. the house
would decide the issue by a direct
vote and the conferees would then
proceed with their work Of adjusting
the 5000 odd points in dispute be-
tween the two houses.
There still was gossip at the CAPT
tol that the bill might get into a
deadlock in conference and there die,
but majority leaders declared the
conferees would report the measure
out and that 1t probably would be
ready for the president next month.
Expect Third Rewriting.
The general judgement of leaders,
however. is h a it would be rewrit-
ten in conference. If so it will be
the third rewriting since 1t passed
the house in July, 1921.
With the approach of 4 p. m. when
debate and amendments automatic.
ally were cut OFF under a special
agreement, half a dozen senators
clamoring fof recognition to Nofer
proposed changes. AS these were
presented they were voted down by
swelling choruses Of no" Each
chorus was greeted with general
1t was with difficulty that the senate
was brought to order for the final
and decisive roll call.
The measure. the first Republican
protective tariff to be written in thir-
teen years, became even a greater
storm center in the senate thai did
the Payne-Aldrich bill Of 1909.
To Yield $4OO, 900, 900.
Chairman McCumber Of the finance
through the senate, said in a formal
statement Saturday reviewing it's pro-
visions, it \ was estimated that it
would yield more than $780, 0O, 900
in revenue dHring the first year 1t
was in operation. This is a half
million more than has been yielded
by any tariff in the history of the
country.
'The application of the rates in this
act to the imports that will come in
during the first twelve months of its
life" said Senator McCuinber, lis esti-
mated to show a lower average equiva-
lent ad valorem rate of duty than un-
der any recent Republican tariff.
Comparing the bill as it does into
conference with the bill as it came to
tho senate (fromf the house) it will
be shown that the rates imposed by
the house bill have been greatly re-
duced.
1T is true also, that while wool and
other agricultural products are given
! greater protection than in any other
Tariff bill, manufacturers have been
given a lower compensatory rate of
duty than in n previous protective
Outlines Effect of Bill
Summing up, Senator McCumber
said the bill a. passed by the senate
will:
"First-Insure employment for
American labor and the payment of a
living wage.
'Second.-Permit the establishment
and continuance of industries vital to
the welfare OF this nation.
""Third.-Protect alike the producer
OF raw materials and the manufactur-
ers.
''Fourth-Permit the readjust,nen en-,
OF rates without general tariff revision
I o meet changing economic conditions
"Fifth.-Require the ascertainmen
And submission to congress OF facts
containing competitive conditions"