Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-04-13

| Renra.an,.,,.S are we going to buy?" asked
.ar,resehtatire .ar Huddleston, OF A,,hanoa
inc bonds of what particuiar N,ana'''"'
| 49,, WIFI not care to mention Tho n,,io,
pa,r,,,'cularly." ,,, said Mr.. Kitchin '''''
| u,noerstand the Allies have rrouncd
Ara ,,. YES es together in financing this war
| nr ", Sung 10 buy the bonds OF ono na,io,
| ston. persisted Huddle-
sa,ara, u,I"h we will take, the bonds of 4,
| ui,"t.ae nation. not n srour," roni,oa
''hcTloN OF t. s. BONDS
| esch'atiNe McFadden of pe,noy,
| nar - a banker asked II the sale Of a.
| ta,, ,en' nonds would not have n had az.
per cent bonds vi "u's'ahdlnH
me per cent bonds have tho o,,,,,
| ah,a p,lVEege, which makes them vain.
go anu anu WIN steady their market value 7"
Sa,a Maiority Leader kitchin '"''e'
! iny ahn,'. auuen en sad there were outstand-
nns apout s6'l.o0o 600 in per cent honds
carried by the hanks of the cnun,r, ''''''
UNDERSTANDING Madden an Illinois Re-
| e""' asked now the United States vas
W protect itself If the bonds of foreisn
sonG,nnehts are selling far below par.
| S"cie doe Cannon. In n vein ~ sar
| casm, suggested the adyisabi,i,y ,,,, -
projecting the Allies from future schemes
v, bankers but of adding To the hin n
'iause making 1t an ex-post fac,n offensc
% w. nave prohted in financial transactions
with the Allies hitherto. ''''''
MOORE FOR BILL
:, Representative Moore. Of Pennsylyania.
republican. declared that he voted for tho
| war resolution and that he now fol, !, hi,
outE ioyahN to support all reasonable
measures asked for by the President "a
| prosecute to II successful termination the
war thus proclaimed" He continued.
| Inc Dill now under discussion con-
| 'alns no official information as to
| which foreign nations the pres'dent
purposes to favor nor Is it certain thar
he may limit the assistance Intended
| Tor foreign Governments" to those
| nations which are now actually at war
with Germany
" the hill passes with Section . I'M
| named the President will possibly
| nave power TO purchase the securities
oi nations at war, it, In his Judgment
| such assistance may contribute tn tho
| cary termination of hosti.itIes and Tn
victory satisfactory to the United
H'dteS' III was my intention to intro
| ""'c an amendment to Section limit
ils the powers of the President in the
arrangement to lie made with foreign
Governments to straight -out financial
loan transactions, free from possible en-
tahSitng alliances of political nv
| ecohom cal character hut | have been
ADVISED mat such an amendment would
not he agreeable to the Administration.
ana am persuaded it cou.d not he
| passed
| 40 not hesitate. however, to en-
| press the hope that such arrange
| ments" as the President NAV mnLa
| WIN foreign Governments at war with
| Germany may he 30 made that all
american rights may he securely safe
Eudrueh so that, when the war ceases
| the United States, with due considera-
tlOn ana regard for al 9th
whether in the past they have been cur
friends or nrr foes. may stand for the
iree and Independent. generous to all,
but crnglng to none.
Apparently the Administration is not
impressed with the thought that any
one of the foreign Governments whose
bonds may he purchased by the united
States, will not he amply able TO re-
| pay.
| may he privileged to say that the
matter or repayment of these foreign
loans, frankly speaking is not clearly
dehned. lf we are to send both men
| ana money to the belligerents apart
from our direct participation in the
war, it seems to me that. for the pres
ent at least. there Should be fixed a
limit of time for these foreign loans
TO run A thirty years period would
not IN my Judgment, be unreasonable.
BRING GERMANY TO TERMS
Republican asked Iiltchn If the money
to be loaned to the Allies was to carry out
the PRESIDENTS purpose of bringing Ger
many to terms and ending the war
THE question may seem sensational =
said Focht, but | want to know this: Do
you believe that this vast sum of money
We are able to lend is actually to he con.
verted into implements of war to brnr
Germany TO terms or are we just antici.
patng the close of the war and preparing
to rehabilitate the Allies financially in
time of peace"
IL think the M 5ney undoubtedly will he
used to aid in bringing Germany to terms.
responded Mr.. kitchin. II do not regarC
it as a loan anticipating peace and to re-
habiltatc the Allies"
Representative SABBATH, of Illinois. Demo.
crat, insisted that provision should he
made that the money loaned to the Allies
should be spent in the United States when
ever possible,
LIMIT TO POWER
Representative Kitchin opposed this
lis there any reason" aueried Repre-
sentative Lenroot, of Wisconsin. one of tht
Republican leaders why the authority
given to the Secretary Of the Treasury
should not be restricted to the period o.
the war with Germany? As it is the bill
would be permanent law long after peace
Is made"
The idea met with the approval of thu
Democrats as well as Republicans, but Mr.
Kitchn insisted that the necessities or thu
situation would be best met by imposins
, | unlimited confidence and discretion in th'
a | Administration.
= Opposition to unlimited Executive contro
: of the bond issue grew az the debate pro
II gressed Representative Hill. Of Connect
- cut thought that a financial committe'
should be appointed TO act with the Presl
dent and Secretary of the Treasury In ad
Is Is ministering the issue -
d BALK AT CoNsCRIPTIoN
There il no material et-down in the op
j. position to the Administrations selectiv
- draft plan, however. There is tendenc
" | to favor a compromise proposal for testin
II out the volunteer system to an even furthe
extent than the bill provides, and II thi
fails then resort to the selective draft.
President Wilson and Secretary Baker
however. will stand by their guns. ant
chairman Chamberlain, of the Senate Mill