Show TARIFF TARIFF REVISION According to the Washington corre correspondent correspondent of the New York Times the Payne tariff bill has been heen practically completed and will undergo under o but few changes before being presented to the house at the special session of congress to be called by President Tan Taft t March arch 15 The correspondent says the different schedules have been printed separately and an while it Js Is not believed that any anybody anybody anybody body outside of the Republican close corporation at the head of the commit committee tee has seen more than two or three of the schedules It Is known that th t the con consultation consultation of the Republican leaders with the leading g men in the various arIOus lines of ot business affected by the bill has gone to the extent of submitting the printed copies of the schedules to them for con consideration consideration consideration and possible suggestion We TC are also Informed that assurances continue to come steadily from the few sources in real tuch with the Republican Republican lican leaders of the house to the effect that the Payne bill will provide for tor a general and sweeping revision down downward downward downward ward in schedules There Is also a hint of the restoration of some of the war faxes and possibly of an Income and in inheritance Inheritance tax in view of the fact that the deficit must be provided for There Is excellent ground for believing how however however however ever according to the Times man that the full fuU effect of the new bill blU will be beI while reducing the percentage rate ac actually sc c I to increase the total amount of duty paid by a change in the system of valuation on which the rate of duty is assessed Under the present trade agreements with several European countries the appraisal of Imported goods Is ts made on the basis of the wholesale selling price In the tho country countr of their origin as fiad by b the United States consuls in that country The scheme with the new newbill newbill newbill bill is to do away awa entirely with these trade agreements and to make the basis of ot valuation for appraisal the wholesale soiling sailing price in this country A single illustration will show how that would work The rate of duty dut un under under under der the Dingley law aw for pottery is I 60 GO GOper per cent cont On the basis of the selling price abroad a set of imported table china valued at 15 5 now no pays 3 duty Suppose the Payne bill cuts the rate of duty to 30 per cent but set on appraisal at the wholesale ale selling price here is valued a at 15 The new rate of duty will be only on I half halt the old rate but the new duty will be an actual in increase Increase Increase crease of 50 O per cent This Is the house program The sen senate senate senate ate has a say In the matter and accord according accordIng accordIng ing to the best Information obtainable Mr Aldrich and his colleagues will witt finally frame the measure upon which President Taft will ivill be called to pass judgment It was the senate it will be remembered that bedeviled the Wilson bill in the administration of Cleveland Cleveand Senator Frye has written to toa toa toa a constituent that he will remain in Washington all summer bummer so 60 it is evi 01 evident en dent a wrangle over oer the schedules be between between between tween the two houses bouSe Is la expected The situation is summed up by the corre correI I 1 as fOIl Mr Taft has given givert very ery clea I dence lence of an Intention to veto any an tariff bill which does docs not net conform to his idea of this the kind of revision promised In the Republican platform of last Jast year ear It was pointed out this evening however that Mr Taft will be facing a serious dilemma when wh n the time comes omes for him to pass p ss upon upon the tile tariff bilL To veto that bill blU will viiI be to continue the unset unsettled unsettled tied condition of cf business Ss generally gene which cannot be expected to readjust itself entirely y from the effects of the panic until the he tariff tarU is settled And the continuance of the present business conditions means certainly certain i ithe the sale of some kind of f securities by bythe b bythe I the treasury either Panama bonds or 3 per par cent certificates of indebtedness in order to meet the running expenses of the government Under such circum circumstances stances stanceL Mr Taft ft It is argued would be constrained to sign the bill however much it failed to satisfy him or at least permit It to become law Jaw as Cleveland did the Wilson bill blU Mr Cleveland made a few fa forcible remarks rem about perfidy and dishonor I when the Wilson bill bm after having been touched up by Senator Gorman Corman was presented to him for signature and it a law without his active actie aid ald aldr Mr r Taft however will wil probably take bike his medicine in silence under similar circumstances |