Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1917-08-28
Belief Is That Nineteen Billions
Will Meet Expense but Two
Additional Will Be Held in
Reserve.
MUCH OPPOSITION
TO TAXING NEW BONDS
Secretary McAdoo Expected
to Explain Reasons for Ask
ing Such Huge Authorization
of Cash Outlay. 4

tsY soRNiss JOURNAL srsoiAL LHAsEp wips1
Washington, Aug. 27.-Two billion
dollars may be added to the total of
bonds to be authorized at the present
session of congress, making total of
approximately s21, 900. 100000 avail
able to the government during the
fiscal year ending June 80, 1918.
Democratic. Leader Kitchin said to-
night that estimates submitted to him
by the treasury department made il
appear that the additional authoriza-
tion probably would be necessary.
Secretary McAdoo will be asked to ex-
plain the situation when he appears
before the ways and means COMMITTEES
tomorrow to discuss the forthcoming
administration $11,53S, ,945,4 $50 bond
and certificate bill.
Present indications, according to
Mr.. kitchin, are that $4,000, ,000, 900
will meet the expense jnf the fiscal
year, but II is thought best to have a
2,O0O,OO0,000 margin for emergen-
cies.
$4,000, 100000 Needed.
1T now seems probable he said.
that the total amount of money
needed for the fiscal year will be
about $4,000, 100000. This estimate
covers about $1,000, 10000 for loans
to the allies, $4,000, 600, 900 of which
already had been provided. $780,
100000 for current expenses. exclu-
sive of war, leaving about 100000
100000 for war expenses. Included
in the war estimate is $4,000, 900
for the new insurance bill and 81 1,060,-
100000 for the shipping board
The $4,000, 900, 900 would be rais-
ed as follows:
How Sum VIII BE Raised.
Bonds for allied loans. $1,000, ,000,-
900; pending revenue bill, $4,000, ,000.-
900: war certificates, $4,000, 900. 900:
bonds for domestic purposes already
authorized, $4,000. 900, 900; proposed
new bonds. $4,000, 100000; war saw
ings certificates. $4,000, 900. 900. and
regular revenue $1,000, 100000. APP
proximately $1,000. 100000 of the
foregoing amounts are included in the
bond certificates bill which the ways
and means committee today began to
consider, The bill would authorize
$1,000. 100000 for allied loans, $4,000
100000 to be used in refunding 3h
per cent bonds already authorized,
$4,000, 100000 in war certificates and
$4,000, 100000 in war savings certifi-
Gates. 1t also contains a reauthoriza-
tion provision for taking over pre-
vously authorized bonds in the fol-
lowing amounts:
Bonds to BE ReauthOrized.
Panama canal, $225. 900, 900; naval
construction, sf5o,000, 900; Mexican
border control, Danish West Indies
and Alaskan railway. 100000. 900; 3
per cent Panama canal bonds issued
in 1916, $63,945.460.
No attempt will be made. Mr.,
Kitchin believed, to add the newly
suggested $4,000, 100000 issue to tha
bill now before the committee. 1t
will come in as separate measure.
If at all.
A brief meeting of the COMMITTEES
today to consider the bill made 1t OBJ
vious that hope of leaders to pass the
measure on "Wednesday could not be
realized. An insistent demand for
free discussion in committee and on
the floor created doubt IL the, bill
could be passed before the end Of this
week at the earliest.
Oppose Taxation Plan.
Several members indicated today
that they would oppose Secretary Nc
Adoos plan of taxing the bonds There
was no indication, however. of oppo-
sition to the general terms of the bill
and both democratic and republican
committeeman are expected to sup
port it.
The proposal to create a definite
bond issuance policy during consid-,
GRAFTON Of the present bill was barely
touched upon today.
Representative Hull of Tennessee
suggested his plan of making the
bonds subject to termination at the
discretion of the secretary after
brief period of possibly five years. He
also plans to suggest abandoning the
convertibility feature on all bonds
drawing more than per cent. Re-
ports that the war savings certificates
intended primarily as poor mans
investment would be issued in denom-
nations as low as 81 and be placed on