The sun., 1917-04-18
BIG WAR CREDIT
PASSES SENATE
Not a Dissenting Vote Is Cast
Against $7,OOO,OOO,OOO
Measure.

WAsHIHGroN. April 11.-Bv a unani-
nous vote the Senate to-day passed the
war credit bill authorizing national
loan of $1,000. 900 900 for the prosecu-
tion of the war
Eighty-three Senators ho were pres
ent when the roll was called voted aye.
Announcements were made that the alb
sentees would have made similar re-
sponsc had they been there. In the Sen-
ate there was not one discordant note.
no hint Of opposition to the purpose to
he achieved by the great war credit. the
largest ever approved by a parliament
tary body.
There were differences Of opinion over
the details of the financial plan. Some
Senators proposed that provision should
be made for the payment of a larger
. portion OF the debt by immediate taxa
ton. thus making lighter the burden
upon pQsieri,y. The plan OF issuing fiat
currency found at least one advocate.
. A proposal by Senator Weeks that
provision be made for the gradual re-
duction of the debt by issuance OF serial
bonds running from one to twenty years
was rejected by a tie vote, 40 to 10.
Goes to Conference.
Such amendments as were adopted
were accepted without opposition and
| sentially In the form in which II was
passed by the House. Because Of the
minor changes II will go to conference,
but II is probable an agreement will be
! reached speedily by the representatives
{ of the two houses. and that the bill will
I go to the President for his signature as
I soon as the parliamentary requirements
can be complied with.
Only three amendments to the bill AS
rtaA I,.t h.
tee were adopted by the Senate. One
offered by Senator Weeks In modification,
OF the committee amendment limits the
money which the Secretary OF the Treas
ury is authorized to deposit with banks
and trust companies to the amount with
drawn for bond purchases. This il
largely a precautionary step taken witT
a view to preventing serious disturb
ance of the financial system ny the sud
den withdrawal Of huge amounts from
repositories. 1t is expected that tho
money paid for the bonds will take the
form In some measure of an extension
of credit by the banks and trust com
panies to be drawn upon by the Govern
ment from time to time as the needs ol
war may require.
Limited to War PeriOd.
The second amendment offered by Sen
ator Weeks and accepted without otjec
ton limited the preferential character
of the bonds to the duration of the war
II provides that the authorization to thu
Secretary of the Treasury to increas'
the interest rate on the bonds above /.
per cent. to conform with any highe
rate that may be fixed for subsequent is
sues shall not extend beyond the decla
ration of peace as determined by proc
lamatiOn of the President.
The third amendment offered by Sen
atoH Curtis merely requires the Secre
tary of the Treasury to make an ac
counting to Congress in December q"
each year Of expenditures under the act
The Senate went about its task wit
tho obvious determination TO finish IL a
soon as possible. The debate was almos
perfunctory In character.
Only at times was there suggestion
or the gravity OF the undertaking. TN
momentous consequences that lay behin'
II ana the determination Of the Unite
states to give OF its resources and of il
power without stint TO bring the war T.
| a succcssful conclusion.