The citizen. [volume] (Berea, Ky.) 1899-1958, 1917-08-30
s21,o00,00O,OOO
IN WAR BONDS
Congress May Add Two Bullion
For Emergencies.
KAOOO TO EXPLAIN MEASURE

Net Believed That Newly Suggested
Two Billion viii Be Added to Bill
Now Before Committee, But VIII
Come In Separate Measure.
Washington. Aug. 28.-Congress, at
It's present session, may add two bill.
lion dollars to the total bonds author.
lied, making q total OF approximately
$21, 200. 100000 available to the gov.
eminent during the fiscal year ending
June 80, 1918.
Representative Kitchin said that es.
Inmates submitted to him by the treas.
ury department made 1t appear that
the additional authorization probably
would be necessary. Secretary Nc
Adoo will be asked to explain the sit
uation when he appears before the
ways and means committee to dis
cuss the forthcoming administration
$11 .53S.954.46 bond and certificate
bill.
Present Indications, according to
Mr.. Kitchin. are that 10000. 000. 900
will meet the expenses Of the fiscal
year. but 1t is thought best to have a
~ .000, 000.0 900 margin for emergencies.
1T now seems probable" he sale.
that the total amount OF money need.
ed for the fiscal year will be about
$1S 1000. 100000. This estimate covers
about s7.OOO,OOO.O0O for loans to the
allies. $1,000 100000 OF which already
has been provided; $1,000, 200. 900 for
current expenses, exclusive Of war,
leaving about $4,000. 100000 for war
expenses. Included in the war esti-
mate is SIG. 900. for the new lnsur.
ance bill and $1,000. 100000 for the
shipping board.
The $21 900. 00O, 900 will be raised a.
follows: Bonds for abide loans, ST.
100000, 900; pending revenue bill. S.
100000, 900; war certificates, $4,000.
100000; bonds for domestic purposes
already authorized. $4,000, zoo. 900:
proposed new bonds. $4,000, 900. 900;
war savings certificates, $4,000. 000,-
900, and regular revenue. $1,000. 000.-
900.
To BE separate Measure.
No attempt will be made. Mr.. Kitch.
IN believes, to add the newly suggest-
cd 1000, 000. 900 issue to the bill now
before the committee 1t will come
In as a separate measure. II at all
A brief meeting of the committee
to consider the bill made II obvious
that hopes of leaders to pass the meas
ure on Wednesday could not be real
lied An instant demand for the
free discussion in committee and on
the floor created doubt II the bill
could be passed before the nd OF the
week at the earliest
Several members indicated that
they would oppose Secretary Nc
Adoos plan of taxing the bonds after
he appears before the committee to
explain the measure. There was no
indication, however, OF opposition 10
the general terms Of the bill and both
Democratic and Republican commit
teemen are expected to support IT,
once II reaches the floor.
Opponents OF the secretGry's plan,
which would make the bond. subject
to supertaxes. war profits and excess
profits taxes, vary In their views. some
fayoring no taxes and other the appli-
cation OF the straight income tax levy
The proposal to create a definite
bond issuance policy during ccnsidera'
ton of the present bill was barely
touched upon. Representative Hull
of Tennessee suggested his plan CT
making the bonds subject to termina'
ton at the discretion of the secretary
after a brief period OF possibly hve
years. He also plans to suggest eban-
doning the eonvertibility feature ON
all bonds drawing more than per
cent.