Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1917-05-02
ASSUMES DUTY OF ALLY BANKER
United States Makes First Loan of
$2OO,OOO,OOO to Great Britain.

washington, April 2o.-The Uni
ted States to-day stepped into Great
Britain's former role of banker for
the allies with a $2OO,O0O,OO0 loan
to Great Britain herself and the
promise of other speedy financial re-
lief to Italy, France and Russia.
The British loan was notable as
the first mdae by the American gov
ernment since its entrance into the
war and for the celebrity with which
it was negotiated, less than "a hours
after the 100000 war finance
measure had become law. The
loans to follow will be placed where
the money is needed most.
Whether Great Britain, Italy, Rus
sia, France Of Belgium is to get the
next loan had not been decided to-
night. Secretary McAdOo expects to
Immediately study the situation in
each country, as represented by the
visiting officials here, with view to
co-ordinating their reqeusts and for
mulating a definite programme.
AS soon as definite idea is OBJ.
tanned Mr.. McAdoo will place the
data before President Wilson for
his approval. The British loan made
to-day was authorized by President
Wilson yesterday, it was said.
The next loan will hardly wait for
the bond issue, but probably will be
made upon the proceeds OF another
subscription to treasury certificates
of Indebtedness, rs in the case Of the
loan made yesterday. There yet re-
mains $50,000,0OO Of the $25O,O0O,-
600 subscribed to the first Offering of
certificates.
The $20O,000,000 furnished to-day
is said authoritatively to be only in
the nature Of preliminary financing
Of Great Britain to enable her to
meet payments due or about to fall
due for munitions and other supplies
purchased in the United States. The
money was transferred by Secretary
McAdoo to Sir Cecil Spring-Rice, the
British ambassador, by treasury war
rant--the largest single warrant ever
issued by this nation and probably in
the history of the world-and after
endorsement was turned over to John
Burke, treasurer Of the United
States, by the ambassador with the
request that the money be deposited
in Federal reserve banks to Great
Britain's credit. 1t will be withdrawn
as needed.
In return for the treasury warrant
Sir Cecil delivered to Secretary Nc
Adoo the British governments note
for $20O.000,0OO, bearing interest at
per cent, the same rate as the cer-
tiftcates bear and the lowest at which
Great Britain has borrowed for many
day, due June 80 next, the date the
certificates will expire. On that date,
the certificates probably will be re-
placed with bonds ard the British
note replaced by British 1a per cent
bonds.
England is buying American goods
at the rate Of $S,000,000 a day;
within four months she will need
000,000.000. 1t is not unlikely
that she will receive approximately
this sum as loan.
Italy has presented an urgent plea
for consideration. Her needs are
said to be pressing, and indications
are that loan will be extended her
promptly.
A visit from one Of the French
commissioners within the next few
days Is anticipated at the Treasury
Department and soon thereafter the
government will have in hand an
equally clear idea as to what the
French government will require.
The American government will
step beyond the pale of major pow
ers to lend helping hand to Bel
GUM, If Belgium wants the aid.