New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-02-27
Bill as Drawn to Meet
Presidents Views

Washington, Feb. 26.-Followtn9
is the teri Of the bill introduced by
Representative Flood today after
conferences 1Cith President Wilson,
and embodying the Presidents idea
of the kind Of measure Uhtch w'H
grant him the potCerS which ne
asked:
Be it enacted by the Senate and
House of Representatives of the United
States of America, in Congress assem-
bled. that the President of the United
States be and hereby is authorized and
empowered to supply merchant ships,
the property of citizens OF the United
States and bearing American registry,
with defensive arms should it, in his
judgment. become necessary for him TO
do so, and also with the necessary am
munition and means of making use OF
them in defence against unlawful at
tack: and that he be and hereby is au-
thorized and empowered to employ such
other instrumentalities and methods as
may in his judgment and discretion
seem necessary and adequate to protect
such ships and the citizens of the
United States in their lawful and peace
fuI pursuits on the nigh seas.
Appropriates S100,000,000
Section .. The sum of s100,000,000 is
hereby appropriated out of any moneys
in the Treasury not otherwise appro-
prated to be expended by the Pres-
dent of the United States for the pur-
poses herein stated, the said sum to be
available until the first day of Janu-
airy, nineteen hundred and eighteen,
and the President is authorized TO
transfer so much thereof as he may
deem necessary to the Bureau of War
Risk Insurance, created by act of Con-
gress, approved September 2, 1914, for
the purpose of insuring vessels, their
freight, passage moneys and cargoes
against loss or damage by the present
risks of war.
Section 3. For the purpose Of meet
ing the expenditures herein authorized
the Secretary of the Treasury, under
the direction of the President, is here
by authorized to borrow on the credit
of the United States and to issue
therefor bonds Of the United States,
not exceeding in the aggregate $780,
100000, said bonds to be in such form
and subject TO such terms and condi-
tons as the Secretary of the Treasury
may prescribe, and TO bear interest at
the rate not exceeding per centum
per annum:
Must Sell at Par
Provided, That such bonds shall be
I sold at not less than par, shall not
carry the circulating privilege, and
that all citizens of the United States
shall be given an equal opportunity TO
subscribe therefor, but no commission
/ shall be allowed or paid thereon; That
/ both principal and interest shall be
payable in United States gold coin of
/ the present standard of value, and be
/ exempt from all taxation and duties Of
the United States as well as from
taxation in any form of all state,
municipal or local authorities;
That any bonds issued here
under may, under such conditions as
the Secretary of the Treasury may pre-
scribe, be convertible into bonds bear
ing a higher rate of interest than 3
per centum per annum if any bonds
shall be issued by the United States
at higher rate than 3 per centum per
annum by virtue of any act passed on
or before December 81. 1918.
Section f. In order 70 pay the neces-
sary expenses connected with the said
issue of bonds, or any conversions
thereof, sum not exceeding one-hfth
Of one per centum Of the amount of
bonds herein authorized to be issued
or which may be converted, is hereby
appropriated out of any money in the
Treasury not otherwise appropriated,
to be expended as the Secretary of the
Treasury may direct.