Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1917-08-20

MORE POWER ASKED.
In addition to authority to float a
$7,56S,e45,4 ,46O 4 per cent bond issue to
care for previous $4,000, ,o00, 900 and a
future $4,000, 100000 allied loan au-
thorization, the secretary desires pow
er to issue additional certificates of in.
debtedness to the amount of $2,000,-
100000 and an equal mount of war
savings certificates in form available
to small investors.
Lives of the certificates of indebt-
edness and war savings certificates
would be limited to one and FIVE years,
respectively, and they would be sub
ject to discount on payment in the
discretion of the secretary.
He also would fix the interest rates
and regulate interest payments. They,
like the bonds, would be subject only
to super tax war profits and excess
profits taxes.
Will Safeguard Treasury.
Inclusion of the two additional cer-
tihcate proposals, not mentioned here
tofore by administration leaders in
connection with the bill is understood
to be principally for the purpose of
providing against sudden demand
for money which the treasury might
not be able to meet.
AS congressional leaders under
stood the situation, it may not be
necessary to issue many of the certi-
6cates, but they would prove the
means of getting money quickly If it
r were needed .-... = ....
Authorization to issue the certifi-
Gates would prove particularly valu-
BILE, it is pointed out, if congress
should not increase the revenue. bill
now under discussion, by $500, 600, 900,
as proposed by McAdoo. 1t is by no
means certain that this proposed in
crease will be secured.
In the war savings certificates pro-
poSal, administration leaders think they
have discovered means of appealing
to the patriotic man of small means.
In Small Denominations.
Purchases of these certificates would
be limited to $100 worth at time
and no individual would be permitted
10 hold more than 81 900 worth OF
them. Plans also are being made
to accept very small payments on
them, the bill providing the secretary
may, if he deems advisble, issue
stamps to evidence payments.
Under such an arrangement pay
ment of such amounts as ST. or less
might be made and noted as are postal
savings bank deposits.
NJ feature of the entire loan scheme
will receive greater or more careful
attention than this one. Leaders feel it
is'essential to the success of the war
that every one be- made to feel that
he is doing his bit, particularly in
financial way.
Interest Not Determined,
Although the interest rate has not
been determined, it doubtless will be
ample TO attract investors.
In general respects the bill is SINH
lar to the budget of last April, which
authorized $5.0OO000,000 worth of
bonds and $2,OO0,000,000 in certificates
of indebtedness. The new per cent
bonds could not be sold for less than
par. and the secretary would be au-
thorized to purchase allied bonds at
par, but their rates of interest must
not be less than the highest rates
paid by the United States bonds.
Convertible at Higher Rate
The new bonds also would be con-
yertible if later the United States
should issue other bonds at higher
rate of interest. None of the bonds
would bear the circulation privilege.
Indications tonight are that the bill
will not be taken up for passage until
after the revenue bill passes the senate
: probably late next week