The Prescott daily news., 1916-05-23
CONGRESS HAS BEGUN
 TO DEVELOP SPEED
Predicted That Major Part of Legislation Program Will Have Received Attention When Conventions Meet.


 weeks off Congress begun to develop speed and it is being predicted that the major part of the administration legislative program will have re- ceived attention when the Chicago and St. Louis conventions assemble. Possibly the most important measure undertaken during this Congress is Rural Credits. The House passed the Senate bill in modified form on Mon day with but ten votes in the nega- tive. Under the bill Federal Farm Loan Board is created with powers and duties similar to those of the Federal Reserve Board. Twelve Fed eral Farm Loan Banks with a mini mum capitalization of $75OO0O each will be created with branch banks, farm loan associations, joint stock land banks corresponding to the member banks of the Federal Re- serve system. The government is obligated to take all unsubscribed stock in the Federal Farm Loan Banks. The Board will fix interest rates, standardize forms, and regu- late terms for repayments. The House amendments have improved the Senate Bill and while the principle is the same the methods provided for making loans and repayment are more liberal. The Indian Appropriation carrying an appropriation of nearly eleven million dollars is ready for the Presidents signature this week. The sum named is about one million less than the Senate bill and about two million more than the House bill.
 The newly created Committee on Flood Control has reported a fifty million dollar bill for the control of floods on the Mississippi and Sacra- mento rivers to which no opposition appears to have developed and it will likely pass early in the week when taken up under special rule The measure is calculated to take these streams out of the regular Rivers x Harbors appropriations with which they have been connected in the past. The Rivers and Harbors bill is being considered by the Senate where a handful of Senators have commenced a tilibuster to defeat it for a lump sum bill to be expended in the discre- tion of the army engineers.
 The differences of the two houses on the Army Bill have been com promised in conference and the House won out on the National Guard sec tion $75,00O,000 will be expended in cooperation with the several States in building up and maintaining the National Guard. The twenty million dollar item included by the Senate for the construction and operation of a nitrate plant was retained. A site will be selected on one of the south ern streams where cheap water power IS available and nitrogen will be manufactured in times of peace for fertilizer and converted into explo- sives in case of war.
 It is generally understood that the Ways and Means committee has reached at least a tentative agree ment on the revenue bill to raise money for the extraordinary expen- ditures on army and navy and in- ternal improvements. The principal source will be from increase in rate of tax on larger incomes and a fed eral tax on inheritances. The tax on munitions of war is still under con sideration but no tax will be levied by Congress on autos or gasoline.
 The Shipping Bill reported by the Committee on Merchant Marine will have right-of-way this week in the House and will be finished up before Saturday night. Under the bill in its present form fifty million dollars worth of unsold Panama bonds will furnish the fund with which the Shipping Board will buy, build, lease and charter vessels which 1t will sub lease and re-charter to private firms or persons to be operated in the for eign trade. The Board will have the power to regulate ocean freight rates and in conjunction with the Interstate Commerce Commission will make joint tariffs from interior points to foreign ports.
 The recent conferences between
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