Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1917-03-03
Republican "Filibusters" Arrayed In Fight
Against $10O,OOO,O00 defense Credit" Bill
Text of "Defense Credit" Bill

WASHINGTON Feb. 2S.-The text of the bin drafted by {
nate Foreign Relations Committee to out President Wi
ms policy OF armed neutrality is as follows:
Be it enacted by the Senate and House of Representa-
ves Of the United States of America, in Congress
bled:
That the commanders and crews of all merchant
sells of the United States and bearing the registry of the
United States hereby authorized to and defend
such vessels against unlawful attacks, and the President
of the United States is hereby authorized and empowered
to supply such vessels with defensive arms fore and aft
and also with necessary ammunition and means of max
ing of them and that he be- and is hereby authorz
ed and empowered to employ such other instrumenates
and methods may in his judgment and discretion
necessary and adequate to protect such vessels and the
citizens OF the United States in their lawful and peaceful
pursuits on the high
The sum of $l00000,000 is hereby appropriated to be
expended by the President of the United States for the
purpose of carrying into effect the foregoing provisions
the said sum to be available until the first day Of January
1918
For the purpose of meeting the expenditures herein au-
horzed the Secretary of the Treasury under the dree-
on OF the President IS hereby authorized to borrow
bt credit 9 the United States and to issue therefor bonds
OF the United States not exceeding in the aggregate $780,
Vooo SAID bonds to be IN such form and subject to such
terms and conditions the Secretary of the Treasury
may prescribe and to bear interest exceeding
per cenutm per annum Provided that such bonds shall
be sold at not less than shall carry the circulation
privilege and that all citizens of the United States shall
be given equal opportunity to subscribe therefor but no
commission shall be allowed or paid thereon: that both
principal and interest shall be payable in United States
gold of the present standard of voue and no
from all taxation and duties of the United States as well
as from taxation in any form of all state municipal or
local authorities that any bonds issued hereunder may
Ai'~O
may prescribe be convertible into bonds bearing higher
rate OF interest than centum per annum any bonds
snail be issued by the United States at higher rate than
per centum per Provided that such bonds shall
or before December 81, 1918
In order to the necessary expenses connected with
the sad issue OF bonds conversions thereof sum
not exceeding onefh Of per cent of the amount
OF bonds herein authorized to be issued which may be
converted IS hereby appropriated out of any money in
the Treasury not otherwise appropriated to be expended as
the Secretary of the Treasury may direct.
The President is authorized transfer so much of tha
amount herein appropriated he may deem necessary
not exceeding $25O00000 TO the Bureau of War Risk In
surance created by act Of Congress- approved Sept q
1914 for the purpose of nsuring vessels their freight
passage moneys and against loss or damage by
the present risks of war -