The Monmouth inquirer., 1922-09-28
PRESIDENT SIGNS
TARIFF BILL
Harding Hopes It VIII Prove ''the
Greatest Contribution Tow
ard Tariff Making.
INCREASED PRICES DENIED
eordney Insists the New Law Gives No
Ground for Higher Retail Charges.
Importers Withdraw Goods Worth
Millions to Escape Higher Rates.

Washington.-The Fordney- -McC Cum
Der tariff bill, officially known as the
Tariff act OF 1922, was signed by Presi-
dent Harding and went into effect at
midnight Thursday.
AS. he signed the measure the Presi-
dent turned to the members Of Con-
gress who witnessed the signature and
pronounced the laws elastic provision
that gives the executive power to raise
and lower rates affected by changing
valuations the greatest contribution
toward progress in tariff making in the
nations history"
The Treasury Department estimates
that the annual revenue under the new
duties will average between $350,000,-
600 and $4O0.O00,000 or approximately
$1OO,OOO00O above the annual returns
of the Underwood law, which now
goes into history.
Treasury officials expect that the ad-
ministrative features of the new law
will require a large increase in the
customs personnel, notably at New
York. Another expansion brought
about by the act will be In the Tariff
Commission, which is entrusted with
carrying out the elastic provisions,
and at the next session Of Congress a
special appropriation will be asked for
this purpose.
Collectors Of customs of all ports
have been notified that the new law
goes into effect tonight and to appraise'
tomorrow's imports accordingly. Full
instructions have not yet been sent to
custom houses, for additional regula-
tions interpreting the law are now be-
ing worked out at the Treasury De-
partment.
1t was reported here that there was
an unusually heavy number Of with
drawals Of goods from bonded ware
Houses by owners anxious to take a
last-minute advantage of the lower
Underwood rates. There also has been
large increase in tariff revenue dur
ing the last few months. of tariff de-
bate. caused by importers bringing In
quantities OF goods under the old du-
ties.
The bill was signed In the Presi-
dents Office in the presence of Chair
man McCumber of the Senate Finance
Committee, Chairman Fordney Of the
House Ways and Means Committe and
several representatives and other Off
cials. AS the group assembled around
the Presidents desk, Mr.. Fordney
said
"Mr. President, here are some of the
men who have come here to have the
pleasure of seeing you put your sig
nature 20 the accomplishment OF their
Efforts
Mr.. Harding then signed the bill
with a gold-mounted fountain pen that
was given to Representative Fordney.
'Thank you for coming. gentlemen"
said the President. 'This law has long
been in the making. don't know
how many are in accord with me, but
IL we succeed In making effective the
elastic provisions of the measure 1t
will make the greatest contribution TO
tariff making in the nations history
Besides Senator McCumber and Mr..
Fordney, those who witnessed the sig
nature of the tariff act included: Rep
resentative Hawley. Oregon; Timber
lake. Colorado; Hadley. Washington;
Watson, Pennsylvania Young. North
Dakota and Green, Iowa, all members
of the Ways and Means Committee,
and George A. Sanderson. secretary
the senate; William Tyler Page, clerk
of the house; Robert w. Farrar. clerk
of the Senate Finance Committee;
Clayton F. Moore. clerk of the Ways
and Means Committee; John e. Walk
er, drafting clerk OF the senate; Mari
on Devries, president judge Of the
Court of Customs Appeals. and Harry
Parker, messenger Of the Ways and
Means Committee.
In the house session today, devoted
to political stock-taking, Representa-
tive Fordney, chairman of the Ways
and Means Committee, declared that
the tariff law would not Increase the
cost of living.