The Oskaloosa herald., 1917-04-19
BILLIONS VOTED
BY THE HOUSE
TO AID ALLIES
$1,000, 100000 Bond Issue APP
proyed-None Against 1t.
BILL NOW GOES TO SENATE
Plan to Remit All Interest to France
FaVored-"onIy Way in Which /
We Can Help Is to Pro-
vide Money" Declares
E.u.. Mann. ....

Washington, April 1G.-The house of
representatives passed the $7,000,D00,
900 war revenue authorization bill. 1t
now goes TO the senate, where 1t is eX-
pected to be passed by Wednesday ut
the latest. There was not a vote east
in opposition in the house. Minority
Leader Mann demanded yea and may
vote. Three hundred and eighty-nine
affirmative votes were cast. Meyer
London, New York Socialist, voted
present"
Majority Leader Kitchin and Mr..
Mann then announced that all of the
nbsentees of all parties were ia favor
of the bill.
Provisions Of Bill.
Under the terms of the bill bonds
to the sum Of S5,0G0,00O,000 will be is
sued, and if found necessary the gov
erHmcnt is authorized to issue certifi-
cafes of Indebtedness to the sum Of
$2,000,GO0000.
Both bonds and certificates are to
bear 3A per cent interest. The date
of their maturity is left TO the deter
mination of the president and Secre-
tary of the Treasury McAdoo.
They also will decide the denOmina-
ton Of the bonds. 1t is probable many
bonds of small denominations will be
issued in order that all of the people
of the country may share in the loan.
An amendment by Representative
Fitzgerald of New York, which was
nnn-Hfth of |
per cent to one-tenth Of l per cent the
proportion of the proceeds of the bonds
which may be used for the purpose of
flOtatiOn.
Huge Fund to Allies.
Three billion dollars of the bonds
will be used TO take up like amount
of bonds of the nations with which
the United States now is Joined in
prosecuting the war against the Ger
manic allies.
The nations which are to benefit by
this huge loan are not named spe-
officially, but an amendment written
into the bill by the administration rep
resentatives and passed provides that
none of the money shall go 20 any
nation which is neutral at this time
and that authority 20 make loans shall
q use at the close of the war.
This amendment was forced by Rep
resentative LenrOOt, who asserted that
some of the South American govern
ments might enter the war in order to
share in the credit.
Must Sell at Par.
The bill fOrbids the sale of the
United States bonds mt less than
par" and permits the purchase of the
foreign bonds "at par"
The other two billions of the bonds
will he used to finance the part which
the United States will take in the
war. The two billion dollars in GER
tlficates also will be used for this
purpose if it is found later that they
are necessary.
The certificates really are L. o. US
issued by the federal government.
They will be issued to banks and
will be payable when the special taxes
to be raised by the Forthcoming rev.
enue bin are available.
out of the debate in the house stood
two big facts-America, regardless Of
politics, proposes to help the allies as
much as possible and as soon as pos
sible, for it's own interest and theirs !;
France, godmother of the suffering
American colonies during the revolu-
ton, can have almost anything she
really needs that we can give her.
In this connection there is strong
and growing sentiment in congress for
RENTING all interest on any loan made
to France. Some members even sug-
gest that the amount sent to France
be made gift instead of loan.
"onIy Way We Call Help"
Representative Fitzgerald, chairman
of the house appropriations committee,
and frequently referred to as "the
watchdog of The treasury" announced
that he would not care if the money
handed over to the allies was never
paid hack.
eve loan this to conduct our own
war" said Representative Fitzgerald.
Il would loan S6,O00O0O,000 if we new
or got back a cent"
I'VE are not prepared to put men in
the field" said Minority Leader Mann.
"There is only one way we can help
by loaning money to the allies"
A proposal by Representative Moore
Of Pennsylvania to limit the life of
the bonds to fifty years was over
wllelmingly defeated.
When Representative Rainey of Illi-
nois, who was In charge of the bill on
the floor, stated that any time limit
would be Objectionable, Representative
Moore said:
"That gives ground for the claim
that because Great Britain and France
are fighting our battles we should bear
the cost"
Representatives Copley, Madden and
JUL OF Illinois NIL spoke IN favor Of
the bun. 1t was Mr.. Juui's first speech
In the house.