Bonners Ferry herald. [volume] (Bonners Ferry, Idaho) 1904-current, 1917-04-17

WAR LOAN PASSED
HOUSE OF CONGRESS VOTE CASH
TO HELP THE ALLIES
IN WODLD WAR.
SENATE MAY ALSO APPROVE
Bonds of $4,000, 900, 900 Soon Available
Democrats and Republicans Sat
isfed to Leave Details to
President Wilson.

Neutrality-suspicious. a dissenting
voice the house, amid plaudits of men,
bers and the galleries, Saturday pass
ed the 100000, war revenue all
thorization measure
The Formally of a roll call would
have been dispensed with if several
members who voted against the war
resolution had not insisted upon the op
portunity of recording themselves in ia
vor of providing money to carry on hos
Titles now that the nation is at war.
Senate to Approve.
The bill authorizes S5,OOO,OOO in
bonds, of which 100000 will be lent
the entente countries, and the issuance
of treasury certificates for S2,OOO,OOO.-
600, ultimately to be met by increased
taxation. Favorable action by an over
wheming vote is assured in the senate.
1t probably will be signed by the pres
ident by the middle of this week.
Discussion in the house was confined
Chiefly to proposed amendments. Five
of these were adopted. The two most
important, drafted by Representative
Lenroot of Wisconsin, would confine
the proposed S3,00O,O0O,OOO allied loan
to countries at war with Germany and
permit loans only during the war. 9th
ers would prohibit the sale of the Uni
ted States bonds at less than par, per-
NIT the purchase of foreign bonds "at
par" and limit the cost of disposing of
the S5,000,000,000 worth of bonds TO
one-tenth of per cent of their total.
Keep Down Cost
Representative Fitzgerald, New York,
chairman of the appropriations commit
tee, made the proposal to cut in half
the cost of disposing of the bonds, orig
inally fixed at one-fifth of per cent.
eDmocrats and republicans alike de-
clared they were satisfied to leave the
details to the secretary and the presi-
dent
Considerations fthe ways of pro-
ducing new taxes TO meet in whole or
in part the treasury certificates for 81
OOO,OOO,OOO will begin this week.
Tax to Get Money.
Administration suggestions as to
possible new sources of taxation by
which to raise approximately one-half
OF the estimated cost of the first year
of the war, or $1,SO7 ,25O, 900, have been
submitted by Secretary McAdoo to the
senate finance and the house ways
and means committee. The second
haif of the cost is to be provided by
2,OOO,000,000 of the bonds authorized
by the war revenue bill.
Outstanding in the suggestions are
greatly increased income and excess
profit tax rates, taxing of many i'm
portant articles now admitted free.
and stamp liquor, amusement, sugar.
coffee, tobacco, soft drink, freight and
passenger transportation receipts and
automobile taxes. All of the data is
sent to congress for it's information
and without recommendations.
Incomes to Pay Heavily.
Probably the most far-reaching pro-
posal concerns income taxes. The Sec
rotary estimates that so per cent in
crease on both individuals and cor
porations for 1916, collectable next
June, would yield s165,00O, 900 addi-
uonal. For 1917 he points out that
to lower the income tax exemption
from $4,000 to $500 for unmarried per-
sons, from $4,000 to $4,000 for married
persons, to leave the normal tax at
2 per cent, but to raise the supertaxes
would make the law pro-
duce S34O,000,000 additional in June,
1918, without changing the corporation
tax. Highest rate on supertaxes under
the plan outlined would be 40 per cent
oil all income over s1,00O,00O.
Increase in the excess profit tax
both by making the present law ap-
plicable to the calendar year of 1917
annd applying new increases next year
he thinks would raise $4,000, 900 this
year and s2OO,OOO,OOO additional next
year.