Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1917-04-19
WAR FINANCE BILL |
PASSED BY SENAT|
Provides for Issuance of SIEVE
Billions in Securities-De.
bated Seven Hours.
NO DISSENTING VOTES.


Washington. April 1.-THE war finland
Dill providing for issuance of 37,OOO, 90.
OO0 In securities-the largest single ws
oudget In any nations history was passd
unanimously tonight by the Senate.
AFTER seven hours Of discussion, the ad
ministration measure which was passe
by the House last Saturday and Wild
provides FOR loan to the allies Of 81. 0OO|
100000 was approved by the Senate. wild
few changes in record time The amend
ments may necesstate a conference,
the Senate changes may be accepted
the House.
In either event the executive brand
OF the government conducting the wa
with Germany will. within a few hour
have authorization for the great wa
chest at its disposition. To expedite a.
ton. the Senate tonight appointed cor
ferees to act II the House should not cor
trary to expectations. accept the Sena
changes.
or the "a senators present tonight ever
one, including all those who voted again
war except Senator Lane of Oregon VIII
was absent because of illness, recorde
themselves in favor of providing the fund
to prosecute hostilites. Nearly all
the u absentees were i'll.
That, in the inability Of the nation
supply men at once for the fighting line
money should be Americas immedia$
contribution to her allies was til
dominant thought expressed during tn
debate. Few senators participated in tn
discussion. which was totally devoid I
partisan expression. Every senator spea
ing announced staunch intention to
the government in prosecuting the wa
to speedy conclusion. Only two, Senator
Borah and Cummins, declared oppositio|
to the proposed allies loan. A few favore|
raising a larger proportion by taxatio|
OF the present generation and less upo
bonds
AMENDMENTS.
Amendments adopted by the Senate id
clude provisions:
Limiting deposits of proceeds from tn
bonds in banks to the amount SUBSCRIBE
by the banks and their depositors pc [
hitting deposit Of proceeds in State bank|
and trust companies as well as federa|
reserve banks; providing for exchange b|
| subscribers Of the issues authorized I'D
bonds subsequently issued, during TIL
war, at higher interest rates, requirinI
the secretary of treasury to report cd
penditures of the bond proceeds, Decembe|
81. and annually thereafter: and exempt
ing the $2.OOo,0OO,000 of treasury indebted
ness certificates authorized from all taxa
ton except estate and inheritance leviesl
By mistake. it was first announced thai
So senators had voted for the bill A cor|
rected tally showed the vote "a with, al
the vice-president announce, the nay|
being nay
With the passage of the bill accom-
plished. treasury department official
turned their attention to the details OIL
policy yet to be settled in the actual issu
ance of the bonds.
While the Senate was still debating TIL
measure, Secretary McAdoo held an in|
formal conference with the members o|
the advisory counsel of the federal rel
serve board. including J. P. Morgan. wh(
were holding their quarterly meeting herd
To the members of the council Mr. Md
Adoo announced his intention of takinl
counsel with financial experts of the counI
try as to the best methods to be FOLLOWED
in the flotation of the issue.
The council discussed the issue at it'll
afternoon meeting and will continue TIL
discussion tomorrow.
Later Mr.. McAdoo announced that h|
would invite representatives of the lead
ing bond and investment houses of TIL
country to confer with him here beforj
Offering any part of the issue. 1t II
likely that the first of these conference
will be held within a few days. TIL
term of the bonds. the manner in which
they shall be offered. whether by publi|
subscription at par or competitive biddinI
or both the nature of the bonds an,
many minor details yet remain to be sed
tied.
Representations made to-day to the sed
rotary were to the effect that the countr]
is in excellent condition to absorb with
out disturbing normal business virtuallj
the entire amount Of the issue. 1t is uni
likely. however. that the Iull 1000, 0O0 cd
in bonds and certificates will be ISSUED
at one time. A more probable coursl
will be the offering of the entire IS, COOL
600. 600 in bonds at one time and the with
holding Of the 81, 200. OOO,O 900 in certificate
until the money is needed