Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1917-08-29
SEES2l BILLIONS
NEEDED FOR WAR
Kitchin Forecasts An Additional
$4,000, 100000 Bond Issue.
SEVEN BILLIONS FOR ALLIES
Years Bond Issue Expected To Total
$1,000. 600, 900 Project For
War Saving Certificates.

$II, U.UUU,OO Project For
War Saving Certificates.
Two billion dollars may be added to
the total of bonds TO be authorized at
the present session of Congress, maxi
ing total of approximately $2l 900, :
100000 available to the Government
/ during the fiscal year ending June 80,
1918.
The House Democratic leader, Mr..
kitchin, said that estimates submitted
to him by the Treasury Department
made it appear that the additional au-
thorization probably would be neces-
sary. Secretary McAdoo will be asked
to explain the situation when he ap-
pears before the Ways and Means
Committee to discuss the forthcoming
Administration $11,53S, AGO Bond
and Certificate bill
Present indications, according TO
Mr.. Kitchin, are that $4,000 900. 900
will meet the expenses of the fiscal
year, but it is thought best to have a
$2,000,000,000 margin for emergency
use.
ut now seems probable" he said,
that the total amount of money need
ed for the fiscal year will be about
$19 1000, 100000 This estimate covers
about $7,0000 100000 for loans to the
sAllies, $3,000,0OO000 of which already
has been provided; 81 1,300,000,000 for
current expenses, exclusive of war,
leaving about $10,000,0 900 900 for war
l o1x 1,I IL
mate is $176,000,000 for the new in
surance bill and 81 900 100000 for the
Shipping Board"
The $4,000, 100000 would be raised
as follows: Bonds for allied loans,
$1,000, 100000; pending revenue bills,
$4,000, 100000; war certificates, $4,-
1 900 100000; bonds for domestic pur-
poses already authorized, $2,000,000,-
900; war savings certificates, $2,000,-
000,0 and regular revenue, 81 .300,-
100000
Bond and Certificate Bill.
Approximately $11 900 100000 of the
foregoing amounts are included in the
Bond and Certificate bill, which the
Ways and Means Committee began to
consider The bill would authorize
| $1,000 100000 for allied loans, $3,000,-
100000 to be used in refunding 33 per
cent bonds already authorized. $2.000,-
100000 in war certificates, and ST.
O00,000,0O in war savings certificates.
1t also contains a re-authorization
provision for $2.OO0,O0O00 in war
certificates, and would provide for
taking over certain other previously
authorized bonds.
No attempt will be made, Mr.. Kitcnin
believes, to add the newly suggested
$4,000, 900 900 issue to the bill now be-
for the committee IT will come in as
separate measure, if at all.
brief meeting of the committee to
consider the bill made it obvious that
hopes of leaders to pass the measure
today could not be realized An in
sistent demand for free discussion in
committee and on the floor created
doubt if the bill could be passed be-
fore the end of this week at the
earliest.
Several members indicated that they
would oppose Secretary McAdoo's
plan of taxing the bonds after he ap-
pears before the committee to explain
the measure. There was no indica-
ton, however, of opposition to the
general terms of the bill, and both
Democratic and Republican commit
teemen are expected to support If once
1t reaches the floor
Want To Hear Finaneiers.
Leading fnanciers of the country
may be asked to come to Washington
TO discuss before the committee the
present financial situation. and what
the future holds in store. Members
of the committee who met to take up
the Bond and Certificate bill adjourn
ed early because of the absence OF
Secretary McAdoo, but considerable
sentiment developed against rushing
bill to the House without expert adj
vice
Chairman Kitchin, while not OPP
posing the idea of hearing the finan-
cial views of New York bankers, adj
vised the committee against public
hearings He is of the opinion that a
frank and open discussion of the pos
sibilities of selling billions of dollars
worth more of bonds may injure the
sale in advance, and that some pes
simistic note as to the country's credit
in the future may be sounded.
Reports that the war savings GER
tificates. intended primarily as a poor
mans investment, would be issued in
denominations as low as 81 and be
placed on sale at all post Offices
aroused interest Details of disposing
of these certificates would be left by
the bill to Secretary McAdoo, save
that single sales to one person would
be limited to 800, and total sales to
an individual $1,000 The amount OF
interest to be borne by these certifi-
Gates. as well as by the war certifi-
Gates, also would be left to the Secre-
tary. Both would be liable under the
bill to the same taxes as the bonds.
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