New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-04-15
Text of Measure
Authorizing Biggest
Loan Ever Issued

WASHINGTON. April ll-Tt' rtt
of tic bV o0thori-pg Pic $1,000
100000 lam ioi'o~e;
I-.4 T.r Ir.lao l.-.
Section l. The Secretary o. '.c
treasury. with the approval Of The
President. is hereby authorized TO her
row from time 90 time on tho credit
~ the United States for the purposes
OF this act. and 20 meet expenditures
authorized for the national secur'tF
and defence and other public pur-
poses authorized by war. not exceed
nc S5.Oo0o00oo0 and TO issue there
Tor bonds of the United States.
Tho bonds herein authorized shall be
Id such form and subject 90 sucn terms
and conditions az issue, CONVEX Ion, 70.
dcmption. maturiucs. paymen, and rate
Of interest, not exceeding .'- per
ccntum per anuum. as the Secretary o.
the Treasury may prescribe. Inc prln-
cipal and interest thereon shall Do pay
able IN United States gold coin OF the
present standard Of value. and shall hc
exempt. both as to principal ana inter-
cst. from an taxation except ihe estate
tax BIS the United States. or by any "u-
tlor.ty ln the United States the bohd9
shall not bear the circulation prlNHeg
The bonds herein authorized snail
first be- offered a. not less than pai as
a popular loan, under such regulations
prescribed by the Secretary OF the
Treasury a. viii give all citizens OF the
United States am equal opportunity 70
participatc therein and any portion OF
The bonds so offered and not subscrlbed
for may Doe otherwise disposed Of by
the Secretary Of the Treas ury, pui no
commissions shall be allowed or paid
ON amy bonds under authority % tins
act.
Section For The purpose Of cstab-
fishing credits 800 the United States FOR
foreign governments the Secretary Of
the Treasury. with the approval OF the
President. ls hereby authorized, or be
half of the United States, 90 purchase
from such fore g governments at par
their obligations bearing the same rate
of interest and containing N their es--
-rrtIals the same terms and conditions
as those OF the United States issued
under authority of this act. 49,. for the
purposes Of this section the Secretary
Of the Treasury is authorized 70 use
not exceeding S5.Oo0O'o GOO OF the
proceed. Of the bonds Of the United
states that may be sold under aI-
thorIty Of this act
provided that the authority granted
by this section to- the Secretary Of the
Treasury 60 purchase bonds OF foreign
governments as aforesaid shall cease
unon the termination OF the war be
tween the United States and the I'M
pef.al government OF Germany, and
said foreign loans shall be for estab-
fishing credits in the United States for
foreign governments engaged IN war
with the imperial German government
or with any other government with
which the United States shall be at
war"
Section 5-That any series of bonds
issued under authority OF Sections 1
and ( Of this act may, under such
terms and conditions as the Secretary
Of the Treasury may prC-cribe, be con
Ncrtlble into bends bearing higher
rate o. interest than the rate ~ which
the same were issued II any subse-
ouent series OF bonds shall be issued
at higher rate Of interest on or
before December 81, 1918. or during
the duration of the war with Germany.
Section . pro ..des for the ppr-
chase bV the Secretary OF the Treas
ary OF the obligations OF foreign g0t-
crNmeuts before maturity and sell
them to redeem bonds Of the United
states.
Section . Droyidcs for me fJro bill
ion dollar certificates OF indebtedness,
designed To tide tie g0rcrHWcpi orcr
until the irDi' tnres come h.