Arizona republican., 1917-04-18

That, in the ability of the nation to lines, money should be Americas im- mediate contribution to her allies, was the dominant thought expressed dur ing the debate. Few senators partici- pated in the discussion, which was to- tally devoid of partisan expression. Ev cry senator speaking announced staunch intention to aid the govern ment in prosecuting the war to speedy conclusion. Only two, Senators Borah and Cummins, declared opposition to the proposed allies loan. A few favored raising larger proportion by taxation of the present generation and less>up- on bonds.
 Amendments adopted by the senate include provisions:
 Limiting deposits of proceeds from the bonds in banks to the amount sub scribed by the banks and their deposi- tors; permitting deposit of proceeds in state banks and trust companies as well as federal reserve banks: provid- l ing for exchange by subscribers of the issues authorized for bonds subse- :, quently issued, during the war at high i CT interest rates: requiring the secre- 1 tary of the treasury to report eXpendi- ! lures of the bond proceeds December | 31 and annually thereafter; and ex- empting the $2,000,000 900 of treasury 1 indebtedness certificates authorized from all taxation, except estate and in- 1 heritance levies.
 By mistake, it was announced, that S3 senators had voted for the bill. A corrected tally showed the vote S4 with, as the vice president announced, l: "the nays being nay
 Secretary McAdoo held an informal conference with the advisory council | of the federal reserve board including J. P. Morgan. Mir. McAdoo announced his intention of taking counsel with fi- nancial experts of the country as to the best methods to be followed in the flo tation of the issue.
 Representations made to the secre- tary were that the country is in eX cellent condition to absorb virtually the entire amount of the issue. It is unlikely, however, that the full s7,000-- 000,000 in bonds and certificates will be issued at one time. A more prob able course will be the offering of the entire s5,000, 900, 900 in bonds at one 1 time and the withholding of the s2,- ! 000,000,000 in certificates until the money is needed.
 In the case of the bond issue, the
 government is desirous of reaching the
 
 country, rather than placing large
 blocks of the bonds with financial in-
 stitutions. There is a strong likelihood that they will be issued in denomina- tions as low as S25.
 Senator Shoot during the debate on l the bill said he had not the slightest
 doubt the s3,000, 900, GOO loan to the all
 lies would be paid, but if it were not
 every penny will be expended in de-
 fense of the principles we believe in
 and are fighting for" He declared that if the president saw fit to advance
 Russia a billion dollars and take in re-
 turn obligations, if it woulc establish a
 republican form of government, he
 would favor it's advancement even
 though the United States were not to i get back cent.
 While these amounts are large said Senator Shafroth, land this the
 greatest appropriation of money ever
 made in the history of the world, there are things to come out of this wal
 that will make us satisfied with ouI - votes today
 General discussion ceased and vot- ing on amendments began shortly be- fore six o'clock tonight. An amendment by Senator Hitch } cock changing the bills phraseology to } make certain that the treasury certif-
 Continued on Page Seven)