The Red Cloud chief., 1914-04-30

What shall we do?' asked Secre- |
tary Daniels.
Tell Fletcher to seize the custom
house." replied the president without
Good night" said the secretary.
The telephone conference ended and
in few minutes wireless dispatches
were on their way to Rear Admiral
Fletcher. He received the message at
10 a. m. and an hour later American
marines had landed and taken posses
sion of the custom house.
No War Tax for Six Months.
Washington. - The governments
finances are considered to be in ex-
cellent condition. The treasury off,
cials informed the house leaders that
there will be no occasion for six
months, at least. to worry about rails
ing war revenue.
Chairman Underwood Of the ways
and means committee said:
"No plans are being considered for
raising a war fund. I have consulted
with the secretary of war and the Sec
retary Of the navy and they both as
sure me that the current appropria-
tions for the army and navy will bs
sufficient for the present needs. SEQ
retary Daniels told me that It would
cost no more TO maintain the navy
and the marine corps In Mexican Wa
ters than In the waters Of the United
States.
III we are forced into . prolonged
war with Mexico. which do not be.
lieve will happen. We can easily ar.
range to raise the revenue necessary
to finance It BY the Same measures -
were taken during the spanish,Amer-
ican war; The extraordinary taxes
then imposed increased the revenues
Of the government approximately
500. 100000 year. and the same
taxes applied today would yield even
q larger return"
5000, 900. 900 Of bonds out Of the au.
thorized issue Of $240. 100000 Panama
canal bonds. which are still in the
treasury. but Secretary McAdoo au.
thorized the statement that no such
action was planned. The bonds are
available at any time and can be 10
sued at the pleasure Of the president,
without any further action by con.
gress.
It was pointed out that President
Wilson has authority under . section
of tho Payne-Aldrich act Of 1909.
which has not been repealed BY the
Underwood tariff act, to raise $780,.
100000 from bond issues. II necessary.
to defray the expenses of war. On
der section 80 Of the Payne-Aldrich
act, the secretary of the treasury can
use $3.50. 100000 Of tho bonds "to re-
coup the treasury for moneys used In
the building Of the Panama canal"
which have never been issued.
Wilson Could Raise e2o0. 900 900.
Under section 20. also. the secre-
tary can issue 8 per cent bonds up to
$500. 100000, It being specified that he
may take such action II he deems Il
necessary. The section OK the law per.
mitting the secretary Of the treasury
to raise S200.000.o0o for emergencies.
reads a. follows:
THAT section 81 Of the act providins
ways and means to meet war expendt
lures. approved June 81. 1898 (ths 20.
called Spanish war stamp act). be and
the same 10 hereby amended TO read
- follows:
THAT the secretary Of the treasury
Is authorized to borrow from time 30
time at q rate Of interest not exceed.
ing 8 per centum per annum. such
sum or sums a.. In his Judgment, may
be necessary to meet public sxpendi-
lures. and to issue therefor csrtifl-
Gates Of indebtedness In such form ~
he may prescribe and In dsnomina-
tions Of $50 or multples thereof. and
each certificate shall be payable with
the interest accrued thereon at such
time. not exceeding one year from the
date Of issue. a. the secretary Of the
treasury may presCy1be; provided.
that the sum Of such certificates out
standing shall at no time exceed $780,
100000 and the provisions of existing
law respecting counterfeitins and oth-
er fraudulent practises are hereby s1.
tended to the bonds and certificates
OF indebtedness authorised By this
act"