Free trader-journal. (Ottawa, Ill.) 1916-1920, 1917-04-11
BONDS WILL BE ISSUED
TO FINANCE u. S.
AND ALLIES
REPORT UNANIMOUS
NO OPPOSITION TO CREATION OF
MONSTER CHEST TO BE USED
IN PROSECUTING STRIFE WITH
GERMANY.

LEAL TEL LEAD niarg H..
international News Service Staff Cor
respondent.
Washington, =. c., April Il The
administration won it's first victory
this afternoon in its battle to line con-
gress up for it's way OF conducting
the war with Germany. Following
somewhat lengthy session OF the Ways
and Means committee Of the House
that body unanimously agreed to ia
vorably report the bond and certificate
issue bill carrying with it an issue
of $1,000, 100000. The Republican op-
position which manifested itself ear
lier in the day in demand for addi~
tional facts regarding the necessity OF
such an enormous credit faded away
and the committee report was unani-
nous. Representative Tainey an.
nounced that the measure would be
taken up and undoubtedly passed on
Friday. Originally it had been Intend.
ed to seek action tomorrow but was
decided to postpone 1t an additional
day.
The bill as reported provided for an
issue of $4,000, ,O00,0 900 in bonds and
$500, 100000 in certificate of indebt-
edness the latter to be redeemed with.
in one year. Both bonds and certif-
Gates bear 31a per cent interest.
Bonds heretofore authorized but not
sold for the acquisition Of the Danish
West Indies, the construction OF the
armor plate and nitrate plant, the
Panama Canal. the speeding up Of the
naval construction the Alaskan rail-
way and the Mexican mobilization, at
an interest of per cent can be con-
verted into 31s per cent bonds. Under
the terms of the bill the President
and Secretary OF the Treasury are abb
solutely unhampered in making loan
Of So, 00,Go0, ,03e to the Entente Allies
as the securities which are to be pur-
chased are not stipulated. The Presi-
dent is only directed to acquire the
obligations of foreign governments in
an amount not to exceed three billion
dollars.
Washington, April 11-While con-
gress prepared today to speed up pas
sage of the initial war loan legisla
ton the United States government
took up the questions of its distribu-
ton. Secretary of the Treasury Nc
Adoo was in touch with the heads of
the finance department of the entente
by cable. 1t is expected that he will
be able to explain, II called upon so
to do, exactly where the money is to
go.
Under present arrangements, the
lions share of the $4,000, 900, 900 which
is to be set aside to assist the allies
will 20 to France. Russia and Italy
also will receive large sums. Wheth-
er. however, any part OF the loan VIII
20 to Great Britain has not been de-
cided. Officials here say it is very
likely that with the United States tax
ing care CT her allies Britain Will be
able to finance all of her own opera
tions.
Representative Claude Kitchin said
today that he expected speedy action
by the House. In reporting the bill
CARRYING the authorization for bond
issue of $4,000, 0,o00,SSS and $2,OO00O0,-
900 in one year treasury certificates,
to be redeemed by the revenues from
the proposed increased taxation the
majority leaders said that there was
no need for special rule at present.
The rules committee, however, Is be-
ing held in readiness to expedite pass
age by gag law" should that become
necessary through members attempt
ing filibuster
With the question of financing the
war even farther advanced than the
original plans called for the adminis-
tration today got down to work on
the methods to be utilized in avoiding
food famine The endorsement by
the National Agricultural society OF
the plan To conserve All ioou plouuS'S'
extend the vacant land cultivation and
the creation Of a federal food com
mission to be clothed with plenary
powers and to be authorized during
the period of the war to supervise
marketing and distribution OF all food
stuf(s and eliminate speculation abso-
lutely and, for Il most part, the MD
dleman profits has greatly pleased
President Wilson 1t has been realiz-
el by the President and his advisers
that the greatest opposition could be
expected to come from the FARMERS to
any proposition that carried with II
the question OF scientific marketing
Now, that the national association has
enforced the plan ii is expected that
the feared opposition will not mater