Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1917-08-13
Authorization of Bonds and
Certificates of Indebtedness
Expected to Produce About
Two Billion Dollars.
INTEREST HIG Err BUT
SECURITIES TAXABLE
Debate Likely to Last Fully
Four Weeks but Leaders il
Congress Hope to Reduce
0ratory to Two Weeks,

Isy MORNING. JOURNAL. spscrAL Lskssp w,sGI
Washington, Aug. 12,--While the
senate continues debate on the $2,006,-
000,00 war tax bill this week, initial
steps will be taken on the house side
of the capital toward raising part
of the additional 81, 00G, 900, 900 needed
to carry on the war until July /,
1918.
More ready money, possibly $1,000
000, 600 or $4,000, 900, 900 will be neces-
sary to meet current expenditures he
fore congress can appropriate it at
the next session, so Secretary Nc
Adoo has arranged meeting with
Democratic Leader Kitchin, chairman
of the house ways and means COM
mittee, for early in the week, to dis
cuss the situation. Members of the
ways and means committee, both
democrats and republicans, have eX-
pressed willingness to pass without
delay legislation for any reasonable
amount the government may require
operate.
Favor Credit Issues
Sentiment for raising additional
funds at this time by bond issue and
certificates of Indebtedness and not
by taxation is strong in both houses.
Administration officials have not
stated the exact amount they desire
authorized but request for more than
81, 600, 100000 additional would meet
strong opposition in the house.
A movement to make the next issue
of bonds or certificates taxable and
with 4 IL per cent interest instead
of being non-taxable and bearing >
1-2 per cent interest, is gaining in
fluential followers in the house.
Reports that certain United States
citizen acquired $60,000,O0O worth of
the first issue of liberty bonds. in
order to escape taxation. has gained
much currency in the house.
Months Debate Probable.
Senator Simmons having concluded
his opening statement Saturday gen.
eral discussion of the revised house
revenue bill will begin in the senate
tomorrow optimistic leaders hope
to complete debate in two weeks, but
if it is finished in less than a month
surprised.
Senator LaFollette will offer early
this week his substitute for the pend
ing bill which would place virtually
the entire burden of taxation on war
profits, incomes, liquor and tobacco.
Senator Gore is expected to speak in
support of the measure.
Activities in both houses of few
who want the government to define
Immediately its peace terms coupled
with a report that President Wilson
contemplates drastic action against
disturbing elements in the country, is
arousing interest and may lead to
spirited debate this week. Senator
LaFollettes resolution, asking for a
statement of terms and another by
shall be no peace until the allies
triumph, introduced Saturday. will
come up for debate early in the week.
Peace Talk Unwisc.
Administration leaders are expected
to assail both the peace resolutions,
as they regard all peace talk at this
time as extremely unwise particularly
for the effect it might have on Rus
sia.
Immediate consideration Of the
administration soldiers insurance bill
may be urged in the house by Kep-
resentative Adamson and If taken up
it probably will be passed speedily.
Otherwise the house probably will con-
| tinue its three days recesses under an
agreement to transact no business.
Senator Sheppard's bill to provide
for the establishment of an air board
to supervise government aeronautics
probably will be passed by the senate
tomorrow.