The New York herald., 1922-09-22
TARIFF BILL SIGNED
AS ships RACE HERE
TO BEAT HIGH DUTY
Customs Receipts Trebled
as Goods Pour In From
Foreign Countries.
$10,0OO,0O0 IN 3 DAYS
New Law, Now Effective,
Will Add $3,500, 100000
Yearly to Living Cost.
ELASTIC CLAUSE STANDS
President May Revise Rates by
Executive Order to Meet
Arising Conditions.
ELASTIC CLAUSE STANDS
Special Dispatch 10 THn NEW YORK HERALD.
New York Herald Bureau.

Special Dispatch 10 Tnr NEw YORK HERALD.
New York Herald Bureau.
Washington. ID. g.. sept. 81.
The Fordney- -McCumber tariff bill
became a law with the signature of
President Harding to-day. so that the
new duties on imports will become ef-
fcctivc IT 1901 o'clock tomorrow
morning.
Mr.. Harding signed the bill at 11:io
o'clock at the White House in the
presence Of the authors. Representa-
tive Fordncy tRep, Mich.), chairman
OF the Ways and Means Committee.
and Senator McCumber (Rcp.. y. d.,
chairman of the Senate Finance Com
mttec, and a group that included sew
eral members of Congress and en-
ployees Of the committees that had
the measure in charge.
This law has been long in the
making Mr.. Harding said as he tried
out the gold mounted fountain pen
Representative Fordney gave him 10
use in signing. II do not know how
many are In accord with me, but IL we
succeed, as we hope to succeed. In
of the measure, 1t will make the great
est contribution to tariff making in the
history of the Government"
Meantime. to beat the application of
the new rates, importers all over tho
country were rushing 20 bring goods
into the country. with the result that
customs receipts were far above nor
NAL to-day. In fact, since Saturday.
when 1t was evident that tho law
would become effective within very
than at any time within recent months.
Imports breaking Records.
Treasury officials said that on Satur-
day. Monday and Tuesday the customs
receipts at the port of New York. where
20 per cent. of all imports arrive.
amounted to more than $l0,o00,0 900.
Customs receipts. as an avers &c for
the entire country. amount to about
$l,000,000 a day.
Steamers with dutiable cargoes were
rushing TO ports in both the Atlantic and
Pacific. and customs offices were being
kept open until midnight TO receive the
goods. This Is a practice generally OBJ
served when a new tariff law goes into
effect. Applications in some instances
were made to enter goods before their
actual arrival but the Treasury ruled
that this could not be done.
while we have rush of imports
within the last few days" Chief Camp
OF the customs service said to-day, 1T
has not been so great as il might have
been under ordinary circumstances. The
fact that there has been considerable de-
lay In passing the bill has served to give
importers long notice"
That there has been flood Of i'm
portatiors into the country In recent
months is shown BY customs receipts.
Whereas. normally. under the Under
wood-Simmons law, the revenues have
been about $3.50 600, ,000 a year they
have for the last eight months been at
the rate Of $i50.0o0.000 year.
slump Now Anticipated.
Because OF the heavy importations in
advance Of the new rates this year Of
fcals anticipate a slump in customs re-
stocks are deple'od and further importa-
tons are required. When the new law
gets into fun swing IL Is anticipated that
the normal revenues will be around
5000, 900 year, the increase due
chiefly to the higher duties on sugar
and the fact that wool. which was on the
free list In the Underwood law. will be
taxed 81 cents a pound.
approximately 100. 900. 600 pounds Of
wool Is In customs warehouses awaiting
entry under the new wool rates, which
are, In fact. a reduction from the rates
Of the emergency tariff law of year
ago, enacted as a stop gap until the per-
mancnt measure could be perfected
The emergency rate was i5 cents a pound.
wheregs the new rate Is 31 cent?
pound. The emergency rate. however.
was virtually an embargo.
The duty on this wool, together with
duties collected on continuous imports
OF sugar. viii be about the only GUS
toms income until the stocks OF i'm
ported goods brought In under the old
rates are exhausted. Even after the
immediate situation Is cleared away II
II expected that tho duties on sugar
and wool viii be the two largest items
contributing 10 the annual collections
Of too.ooo.oco.
Increases Cost OF Living.
Tho Tordney- NJ McCumber law will in
crease protection for American indus
try from about $500. 10000 a year To
about sio.oco.ooo.coo year-.ln other
words. add that much 10 the value Of
American products at ordinary con-
sumption before foreign goods come
into competition. This Ia the basis for
the assertion OF the opponents " the
bill that the cost OF living will be in
creased by about $500. .ooo. 600 n year, or
around so each for every man. woman
and child In the country.
The outstanding feature of tho new