Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1917-04-18
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Washington, April 1.-THE war FL
nance bill providing for issuance OF
$1,000 GOO. 900 in securities-the Iarg-
est single war budget in any nations
history-was passed unanimously by
the senate tonight.
After seven hours of discussion. the
administration measure, which was
passed In the house last Saturday and
which provides for loan to the al
lies of $4,000, 900, ,OOO was approved bv
the senate with few changes, in record
time. The amendments may necesst-
tate a conference or the senate
changes may be accepted bv the
house, In either event the executive
branch of the government will. within
a few hours, have authorization for
the great war chest at it's disposition.
OF the eighty-four senator's present
tonight, every one, including all those
who voted against war, except Sena-
tor Lane, Of oregon, who was absent
because of illness, recorded them
selves in favor of providing the funds
to prosecute .hostilities. Nearly all of
the twelve absentees were ILL.,
Money to Be Used Now.
That, in the inability Of the nation
to supply men at once for the fighting
lines, money should be Americas i'm
mediate contribution to her allies, was
the dominant thought expressed dur
ing the debate. Few senator's partici-
oated in the discussion, which was to-
tally devoid of partisan expression.
Every senator speaking announced
staunch intention to aid the govern
ment in prosecuting the war to speedy
conclusion. Only two, Senator's Borah
and Cummins, declared opposition to
the proposd allies loan. A few ia
yored raising larger proportion by
taxation of the present generation and
less upon bonds.
Amendments Adopted,
Amendments adopted by the senate
include provisions:
Limiting deposits OF proceeds from
the bonds in banks to the amount sub
scrbed by the banks and their depost-
tors; permitting deposit of proceeds i'm
state banks and trust companies. as
well as federal reserve banks: provid-
ing for exchange by subscribers of the
issues authorized for bonds subse-
quently issued, during the war, at
higher Interest rates; requiring the
secretary of the treasury to report ex-
penditures of the bond proceeds De-
cember 81 and annually thereafter,
and exempting the $4,000, 900 900 of
traa ir,l 10 20 H.,
thorized from all taxation, except es-
tate and inheritance levies.
BY mistake, it was announced that
eighty-three senators had voted for
the bill. A corrected tally showed the
vote eighty-four with, as the vice pres
ident announced, "the nays being
nay"
Confers With Financiers,
Secretary McAdoo held an informal
conference with the advisory council
Of the federal reserve board, including
J, p. Morgan. Mr.. McAdoo announced
his intention of taking counsel with
financial experts of the country as to
the best methods to be followed in the
flotation 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 ST.
100000, 900 in bonds and certificates
will be issued at one time. A more
probable course will be the offering
OF the entire $4,000. 100000 at once
and the Withholding of the $1,000
600, 600 in certificates until tho money
is needed.
In the case of the bond issue the
government is desirous of reaching
the millions of individual investors in
the country, rather than placing large
blocks of the bonds with financial in
stitutions. There is strong likelihood
that they will be issued in denomina-
tions as low as $25.