Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-12-01
UNCLE SAM MUST
OPEN PURSE AGAIN
Congress Faces Task of Rails
ing $5,00O,0O0,000 Before
Midsummer.
MORE BOND ISSUES FAVORED
Taxation Advocates Propose
Another Cut From Heavy
Incomes.

WASHINGTON, Nov. 30.-Congress
viii have to authorize. early i'm the
session conNening next Monday, means
OF collecting between now and July |,
about $1,000, 100000 in addition to
the $1,000 600 OO0 from Liberty bonds.
the billion collars or less expected
from var savings campaign and about
$1,000, 100000 from war taxes
Most congressional leaders believe
the $4,000, 100000 balance must be
provided principally Icy issue of bonds
and Secretary McAdoo has told mem
bers OF congress that lie heartily fa-
Vors this method Chairman kitchn
If the house ways and means commit
tee, on his return to Washington to-
morrow Will take up the question inn
mediately and the committee within
week or two is expected to frame a
new bond measure.
Two More Liberty Iss,ics.
II this plan is finally adopted. the
country probably Will be called on to
absorb two more Liberty bond issues
between February ! and July /, ag-
gresating more than $500. .O60,O 900.
Another big finance question when
viii receive the early attention OF
congress is the continuance of loans
to the allies. If the present rate of
NNttHhlnE tTtullS 10 Iile dllleS Is con
unued, the $1.000,000,000 authorized
credits will be exhausted by July |
and congress will have to decide
whether to continue the loans after
that time. Six billion dollars will be
required for the fiscal year beginning
next July ], If the rate OF n half bil
lion dollars month is kept up. Wild,
difference of opinion exists in con
2ress over the question of whether tn,
bulk OF the $4,000, ,000.0 .00e should b,
raised by taxation or bond issue. bu
those advocating the issue OF securi
ties expect strong support from tn,
administration. They are prepared tC
argue that the internal revenue bu
reau already is overburdened with tn,
immense task Of creating machinery
for collection of the $1,000. 900, 00t
war revenue expected before July 1
and that great confusion would resul
from imposition Of new taxes befor,
opportunity has been given for tn,
existing levies to adjust themselves
to the economic situation.
Incomes May 30 Hit Again.
Taxation advocates are expected t
new taxes on certain business line.
and for increase of income and ex
cess profits rates. Under the present
law, the estimated receipts from in.
comes is $1,000, 100000 and from ex.
cess profits s1,220.000,0 ,0000.
Treasury officials and congressional
leaders in charge of the finance pro
gram have no means Of knowing, al
this time, what success the war say
ings plan will meet, but most of them
figure on receiving between $500, 200,
600 and $1,000, 600. .0000 of the auth.
orized 100000 total before
July l2.
A number of other issues of treas.
ury certificates of Indebtedness may
he looked for Secretary McAdoo an
nounced tonight, in anticipation OF
lig tax collectors next May and June
but these so-called tax certificates
and also any which may be issued tt
prepare the way for future Liberty
loans, probably will be redeemed be
fore July |, and consequently pla,
only minor part in the finance prob
lens facing congress.