The sun., 1917-04-12
House Leaders Inform Will
son War Measure Will
Pass Speedily.
REPUBLICANS IN LINE
Will Offer Amendments,
but Pledge Support What
ever Their Outcome.
REVENUE PLANS FOLLOW
81, ,85O,00O,00O Is Sought in
New Levies by Committee
In Charge.
REVENUE PLANS FOLLOW

WASHINGTON, April 11.--Assurances
that the $1,000. 10000 war revenue
measure will pass the House quickly
probably on Friday, without even q roll
call. and that consideration Of new tax
alton plans for raising part Of the none,
will begin Immediately were given Pres
ident Wilson and Secretary McAdoo to.
day by Congressional leaders at the Cap.
itol.
Introduction in the House Of the rev.
enue BILL authorixing a $4,000. 900. 900
bond issue and $4,000. 100000 In GER
tihcaies Of Indebtedness preceded an un.
expected visit OF the President to the
Capitol by a few minutes. Democratic
Leader Kitchin introduced the measure
with a favorable report from the full
committee. and announced that debate
would begin Friday morning al II
o'clock.
Various Republican members OF the
committee will offer amendments. which
were defeated in committee. but they
hs We pledged themselves to vote for the
measure whatever may be the fate OF
their proposals. one by Representative
l.ongworth OF Ohio to exempt estates
from Inheritance taxes under the meas
ure, is expected TO develop much debate.
Secretary McAdoo Is opposed TO II. and
in a conference with Mr.. Kitchir. Rep
resentativc Glass and other Democratlc
leaders, express sed the hope 4 would be
defeated. Other proposals expected to be
offered include one by Representative
Hill Of Connecticut to ra!se the interest
rate on both the bond AND certificate
issues from 3Is per cent. as the bill
now proposes, to per cent. and another
by Representative Sloan OF Nebraska l..
limit the life Of the bonds TO thirty
years. The bill would leave their tenur.
to the discretion OF the Secretary OF the
Treasury.
wide Latitude for Allies.
I. became known to-day that in ad-
mInistering the SO o0G, 10000 credit au-
thorized FOR foreign governments" the
greatest latitude would he permitted
heneAclaries as TO the application or use
Of the credit granted them. IN the hrs'
place, while not specifically bound by
the bond hill, the Administration in all
probability viii limit the use Of the fund
to Great Britain. France. Russia and
italy, but the credit so extended may ot
used BY those governments 70 make ne"
purchases OF supplies in this country OF
to pay for supplies already ordered OF
received or 20 redeem other bonds heio
in this country.
ANY attempt to dictate the exact
use OF the credit we may extend to Tor
eign Governments would be to defea'
the purpose OF the credit" said an Of
nc,ai who will play an important par,
In administering the terms Of the pro-
posed act. 1T will not be for US 10 say
how the credit shall be applied. We
are neither giving these Governments
money nor are We lending them money
without security: We are merely extend
Ing credit TO them that they may con-
tinue their fight against common
enemy.
"They will know best how this credi,
should be employed Their interest Is
more vital than our own in securing the
greatest possible returns. II would bt
worse than folly for us TO hamper then'
In the least. We are seeking to main
tain their credit In this country. II they
can do this best by paying overdue obli'
cations. or by refunding previous bond
issues. II is no concern OF ours"
Revenue Bill Next.
ON Monday the Ways ana Mean.
Committee probably will begin writing
a revenue bill by which It is hoped tt
raise $3.50, 100000 annually. The COM
mittee will cooperate and sub-com
mit,ee will not be appointed to draft 9
bill until the whole committee has de-
tcrmined upon the terms,
The report OF the committee. which
accompanied the bond bill as made
public to-day, says In part:
II at any time prior 10 December 81
~ +,
issued at a rate of interest in exces:
of 81 per cent, per annum, the bill
provides that the bonds issued under au
; thoritv Of this act may be convertible a
the option Of the holder into bonds bear
ing the higher rate of interest. Thi,
bill. also authorizes the Secretary OF tht
Treasury To Issue the remaining bond,
still available to be issued under tn,
Panama Canal bond provision Of Sectior
80 Of the revenue act of August S, 1903
! the bonds authorized for the construc
| tion OF the nitrate plant In Section l24
| OF the national defense act OF June 3
| 1916, the bonds authorized under Sec
ton I3 Of the shipping act Of Septem
ber :. 1916. the bonds authorized undei
, Section 400 Of the revenue act of Marci
8, 1917. and those authorized under tn,
public resolution OF March 4, 1917
bearing interest at not to exceed 2h
per cent per annum and subject to TN
, conversion privilege should a sunsequen
! series Of bonds be issued prior to De
cemher 81, 1918. bearing a higher rat
! OF Interest,"
."rhe Secretary OF the Treasury az tn
present time has authority to issue s472,
600, 600 worth OF bonds. s222, ,0OO, 90
worth are still available to be issue
under the Panama Canal bond pro
| visions OF the revenue act OF August