Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-09-20
SENATE ADOPTS
REPORT ON THE
TARIFF MEASURE
Bill Now Goes to President
Harding; Act Will Yield
About 100000,
Annually in Revenue.

Washington, Sept, 19.-By a vote
Of 43 to 2S, the senate today adopt
ed the conference report on the
tariff Of 1922. Adoption of the re-
port marked final legislative action
on the measure, which now goes to
President Harding. 1t will become
effective the day after he signs it.
The vote came one year, eight
months and thirteen days after
work on the measure began on
what will be the first republican
protective tariff law in almost ten
years.
Treasury experts estimate that
the new act will yield about $780,
100000 a year in revenue, one half
from these sources: Sugar $S7,-
100000; raw wool, $60,000,000; to-
bacco, sS5,000,000, and laces and
embroideries, 100000.
Joseph S. McCory, actuary of the
treasury, figures that in actual op-
GRAFTON the effective equivalent ad
valorem will average slightly below
those in the famous Payne-Aldridge
act. The average of the rates, as
written, however, is declared to be
slightly above the average of those
in the 1909 act.
Some Rates Are Higher.
Rates in some of the schedules
are declared to be the highest in
the history of American tariffs,
while those in other schedules are
estimated to be lower than in any
other protective act In the highest
class are placed sugar, raw wool,
silk, laces and embroideries. cut
lery, agricultural products and pro-
visions, and dyes, synthetic chemi-
Gals, medicinals and other products
Of coal tar.
The flax, hemp and jute sched-
ule is estimated at only slightly
more than that of the existing dem
ocratic law, while the cotton sched-
ule is described by the experts as
the lowest in any previous protec-
tive tariff Also it is asserted the
duties on manufactured woolen ar
ticles are below those Of any other
similar act.
Comparatively low rates also
have been written into the wood,
earthenware. metal, paper and
books and sundries schedules, ac-
ocratic law, while the cotton sched-
cept FOR the coal tar products, the
chemical schedule also is estimated
at below that of the Payne -Aldrich
measure.
Flexible Feature
This bill marks distinct de-
parture in American tariff making,
in that the president is given broad
authority over taxes at the customs
houses. Upon Investigations, he
may incress- or decrease any rate
m the bill by so per cent should
that be necessary to equalize the
in the cost of production
at home and abroad.
In addition, the executive may
declare American valuation as the
basis OF assessing ad valorem
duties. In event such basis were
used the duties could not be in
creased, but the experts estimate
that the actual change from the
foreign valuation to the American
would bring about an
average increase of 100 per cent in
the rates. After declaring such
the president could. how
ever. reduce any duty by so per
cent.
The tariff commission is author
lied to assist the president in carry
Ing out these so-called flexible
tariff provisions and would make
investigations and hold
hearings at which all interested
parties would be given opportunity |
10 submit evidence and argument. |
This is the Scientific tariff" fea-
ture of the new bill.