The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1914-10-14
FEDERAL BOND
ISSUE To TAKE
OVER COTTON
PLAN FOR RELIEVING THE DIS
TRESSED COTTON SITUATION
BY HAVING GOVERNMENT TO
TAKE OVER 100000 BALES.

Washington, Oct ia federal
bond issue sufficient to take over
100000 bales of cotton at &c pei
pound is the latest plan for reliev
ing the distressed cotton, being work
ed upon by southern members of the
senate, and probably will be offered
as a rider amendment to the wal
tax bill now being considered by
the senate. Under the tentative plans
which are being gone over tonight,
the bonds are to run two, four and
six years, bear per cent, and
issued in denominations from So to
$500. 1t is proposed that the gov
ernment buy the cotton at sc, hold
it for three years, then sell it for
sufficient to pay the interest, retire
the bond issue and meet all of the
expenses OF the venture. If the mar
ket at the end of three years was
not sufficient to meet the require
ments, the deficit is to be met by a
direct tax upon the ensuing cotton
crop. Some of the senators believe
that this would have the effect of
reducing the 1915 production, but it
may be decided to link with it a
direct tax feature, otherwise the
amendment might go out on a point
of order. With a direct tax levied,
it would assume the guise of pro-
ducing revenue, and stand the chance
supreme court were it called into
question.
to fix Thursday as the time to vote
on the war tax bill, Senator Over
man of North Carolina objected with
information that the bond issue plan
was in prospect and while it might
be possible to vote on the date in
dicated, the soutehrn members want
ed time to formulate their provision.
A definite announcement is expect
ed tomorrok. If the rider were adopt
ed by the senate and successfully
weathered the house and senate con-
ference committee on the bill and the
white house, it would become a law
within two weeks From gossip in
the corridors and cloakroom the idea
is not being taken kindly and it is
safe to predict that the southern
farmer may indulge himself in no
hope that the bond issue would be
sanctioned
Beseged with kilograms.
The southern members, daily al
most buried under an avalanche of
kilograms and letters from their con-
stituents pleading for some action
by congress that will relieve their |
are searching every avenue
for an opening to meet the requests
BY the bond issue amendment being
offered they have a chance to make
a record effort,
On the house side no reliance is
placed in the scheme of the southern
senator's. Those of the house are
badly divided between the direct loan
and the bank transaction idea, with
he latter the most popular To-
nirrow Mr.. Henry will have meet
ng OF the rules committee to report
On three currency bills, the cotton
warehouse act and the cotton con-
ference bill calling for direct ad-
rance by the government to the cot
on and tobacco producer. If the
iule is adopted it places all the
measures before the house, and when
he direct loan bill is reached an
attempt will be made to substitute
either the bill by Howard of Geor-
ya or the bill by Vaughn of Texas,
)cth of which contemplate a bank
with the government only
placing sufficient funds with the
banks to meet the requirements. The
Howard bill proposes that the money
shall be placed only with those banks