Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1914-08-10
CONGRESS TO Do
BIG LOT OF WORK
Many Problems Growing Out q,
General European War VIII
Have to Be Settled
STAMP TAX TO BE PASSED
Trade, Neutrality, and BANKING A.
fairs Must Also Be Adjusted
Before Adjournment.

Washington, Aug. 10.-Congress and
the executive departments Of the z,-
ernmen. will be rushed this week Vii.
legislation and emergency ordsr
growing out of European war CONF.
cations.
Here is the business before them
Passage OF the bill removing "a
strictions of the American ship regis.
try law so as to permit the purchase
by American capital of foreign built
ships of any age from any power.
Organization Of the federal ress-vs
board to take over control Of distrsbv.
ton of the emergency currency for tbs
relief of banks and the continuation 0,
free circulation. Also to complete n.
organization of the district resery,
banks and put into effect the new fed.
eral bank plan contemplated by tie
Glass-Owen currency law.
Stamp Tax Planned.
Development by the federal reserrs
board of plans TO prevent depletion q.
the gold reserve of the treasury through
settlement for securities dumped on
this country by foreign holders with
reopening of the stock exchanges.
Consideration by the house ways and
means committee of a bill levying an
internal revenue stamp tax to make
up the estimated S100,000,000 annual
loss to the treasury because of the
failure to make collections from i'm
port customs duties.
Regulations for handling OF the
wheat and cotton products prior to
the opening of foreign markets and es.
of an American merchant
marine to carry the crops. This is to
be arranged at conferences between
and congressional lead.
ers.
Try to Avoid War.
PRONUNCIATION of a perfected system
of neutrality regulations to prevent
the possibility of involving this coun-
try in any way in the European con-
hict.
Development in the department Of
commerce of plans to aid in the ex-
tension of trade between the United
States and South America
Discussion in congress of the Weeks
bill to use vessels iof the navy in the
establishment of regular mail and pas
senger steamship lines with South
American countries.
Much pressure has been brought on
congress for the immediate passage
If the bill removing restrictions in
The registry law so that foreign ships
may be bought Immediately for car
rage to foreign markets of the wheat
which is piling up in the elevators.
The cotton crop will begin soon TO
flow toward the Atlantic seaports.
Preliminary work of the federal re-
serve board will have to do with the
of the reserve banks in
he IL districts. Election of directors
# these banks by the board, and ap-
prevail of the bank directors and the
BUSINESS directors selected by the
member banks is expected this week.
This is to be followed by the paying u4
If the capital stock of the reserve bank
md its organization for business.
New Revenue Law.
Chairman Underwood Of the house
ways and means committee announces
hat before the close of the present
ession there will be put through con-
.ress the additional internal revenue
aw to make up the shortage in Gus
oms receipts. He estimates this snort
se will run for eight or ten years, the
var costing this country through loss
f revenue about $1.000000, 600.
Congressional leaders favor stamp
Ak such as was levied during Inc
panish-American war. 1t will have
D be continued in force until import
ecsipts are restored TO normal tnst
efficient revenues may be maintained
Or the support CT the government