New Britain herald., 1917-04-18
SENATE UNANIMOUS
 ON GREAT WAR BILL
Seven Billion Dollar Measure
 Passed by Vote of & too

their varying views on the proper American policy before war was de- clared against the German govern ment, united late yesterday to push. through by a unanimous vote the ad- ministration's first important measure for prosecuting that war. By S4 votes to o, the greatest bond bill In the history of the world, authorizing credit aggregating $7,0OO.OOO,OOO was passed after single days debate. AL though the vice president appointed conferees last night to expedite the final stages of the bill, 1t is believed that the house will accept the senate amendments without insisting upon a conference. The bill had already passed the house by a unanimous vote.
 The great measure carrying the provision for loan of $3,OOO,OOO.OOO to the Allies was under discussion for just seven hours. Whether a confer ence is held or not in a few hours the executive branch of the govern ment will have the great war chest at it's disposition to conduct the war. The dominant tn ought in the debate was that in the inability of the nation to supply men at once for the fighting lines, money should be Americas im- mediate contribution to her allies. The discussion was totally devoid of partisan expression. Every senator speaking announced staunch intention to aid the government in prosecuting the war to a speedy conclusion.
 While the debate was progressing Secretary McAdoo conferred with the advisory council of the Federal Re- serve Board about the bond issue. Among the members of the advisory council who were present was J. F. Morgan of New. York. MT. McAdoo told the members of the council that he would advise with the leading financiers of the country as, to the methods to. be followed in the fota- tion of the bonds.
 Committee Amendments Accepted.
 All the amendments recommended yesterday by the finance committee were adopted without division by the senate, as were other changes of a verbal sort. The substantive changes adopted were accepted for the com mittee by Chairman Simmons, so that they caused no division. One of these, proposed by MT. Weeks of Massachu- sets, a republican of the committee, gave the duration of the war as the time limit within which the author dzed bonds might be converted if sub- sequent issues carried a higher rate of interest. The bill had limited this conversion privilege to Dec. 31. 1913.
 Another amendment proposed by Mir. Weeks and accepted by Mir. Sim mons limited the amount of receipts from the bonds to be deposited in banks and trust companies, not af- filiated with the federal reserve sys- tenn, to the amount withdrawn from each of these banks for subscription to the loan. MT. Weeks explained that the proposal to deposit with non- member banks was intended to en- courage their participation in the loan and that his amendment simply would prevent financial dislocation.
 The committee also accepted an amendment proposed by MT. Pom creme of Ohio exempting the proposed bond issues from taxation byN munici- qualities as well as by state and federal governments.
 Divergent opinions Were expressed as to both the fiscal and international policies embodied in the bill. but those expressing these views agreed that they had no desire to thwart the ad- ministration's purpose and none of these major differences was forced to a vote. MT. Stone of Missouri, chair man of the committee on foreign re- latdons: MT. Borah of Idaho, and others thought that the amount of the needed war funds to be raised by immediate taxation should be in- creased, to tighten the burden on pos terity.
 Tho only light of the day came over two amendments proposed by Mir. Weeks with the same idea, one pro- viding for the termination of the bonded debt in twenty years and one in thirty years. The first amend ment was defeated by a vote of 70 to 40. the second by vote of 37 to 42. When the tie vote was announced, the vice president said:
 Without tho vote of the vice pres- ident, by the vote of 40 to 40 the amendment is lost. The vice pres- ident knows nothing about 1t and re- fuses to vote."
 No Discrimination in Banks.
 Both Mir. Stone and his colleague, MT. Reed, spoke against the commit tees amendment permitting the de- posit of bond receipts in banks not in the federal reserve system. MT. Reed said that the system had been created with great care and hopes had been built on the assumption that all banks ultimately would join 1t. He said that the system should be made attractive to outside banks by such favors as permitting the deposit of government funds only in member banks. This suggestion, however. was opposed by MT. Lodge of Massachusetts, repub- lican of tho finance committee, who said:
 '"The United States is now at war. This bill is drawn for the sole purpose of enabling the United States to pros- ecute that war with vigor to a success full termination. It is not intended