AMERICAN POLITICS.

Otago Witness, Issue 2883, 23 June 1909, Page 26

AMERICAN POLITICS.

NEW YORK. June 15.

The Democrats are strongly opposing the clauses in the Tariff Bill proposing Freetrade between the /United States and tho Philippines.

The Secretary of the American Treasury (Mr Franklin MacVeagh) proposes to introduce in Congress next December all the departmental appropriations in a single Budget. Hitherto the individual beads of the various bureaux .have been responsible, and their haphazard methods nave resulted in annual deficiencies of from four to five millions sterling. "June 16. President -Tart favours a tax of 2 per Vcent. on the net earnings of coi-porations. ■ This is estimated to bring in to the 'JLYe'asury 50,000,000d0l annually.

June 17,

Senator Root made an eloquent plea in the .Senate against the Finance Committee whittling down the advantages conceded to the Philippines in connection ■with their exports to the United State? while insisting on the free entry of American products to the Philippines The committee which was appointed by Mt v Hughes (Governor of New York) to investigate tlie question of speculation in securities and commodities in New York lias issued a moderate report, declaring that "speculation in forne form is a necessary incident in production. The co-opera-tion of the country is tending to make steady prices for the merchant and manufacturer, and is practically tantamount to insurance.

The committee recommends that the governors of the Stock Exchange be empowered to " fix' the price of any cornered commodity, also that legislation be introduced to prevent the pretended purchase or sale of securities for a customer or the '"selling of customers' securities ior a broker*! own benefit. - ,

Mr T,aft, in a Message to Congress, recommends a 2 per cent, tax on the net earnings of corporations, and an amendment to the 'Constitution enabling the jCTnited States povejenment to levy an. income tax. He aflds that an income tax is undoubtedly a proper tax, which the. Government ought to have, and one that might be indispensable to the nation's life in a great crisis*

WOLFE'S SCHNAPPS A perfect spirit — unvarying in quality