Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-04-11
COMMITTEE APPROVES
FINANCIAL PROGRAM
Democrats and Republicans Unite
in Their Support Of Admins.
tration's War Plans.
EARLY PASSAGE PREDICTED
Chairman kitchin. Despite Opposi-
ton, VIII Assist in Putting Meas
urcs Through House-!tuthorizct
Sum First Year S1,OOO,OOO.G coo.
EARLY PASSAGE PREDICTED
tBy Associated Press.I

WASHINGTON. April l0.-Democrats
and Republicans Of the House WAYS
and Means Committee, at its orGaniza-
ton meeting to-day. united in approval
of tho administrations war financial
program. calling for "A $4,000 900 o 10
bond issue. Of which $4,000. .o0o. 900 Will
be used as the basis OF loans TO the
allies. Chairman Eitchin. with the au-
thoriZatiou Of the committee will re-
port tho bill tomorrow. and its pas
sage in tho House not later than Fri
day. hc thinks. is assured. Little de-
lay Is anticipated In the Senate.
SECRETARY MAY ISSUE
S..O0O.OOO,OOO IN NOTES
III order to prevent any possible
. financial handicap to thesmilitary needs
OF the country through delay in raising
the sl.I5Q,0o0.000 proposed AS the
amount TO be obtained by taxation
the Ways and Means Committee de-
cidcd to cmbody Ia the bond issue au-
thoriZation authority to the Secretary
OF the Treasury TO issue as needed
S@,obO,oOo,0o0 in onc-ycar Treasury
notes to anticipate the tax receipts
which will result from the war rcvc-
nuc bill. The latter measure will he
considered after tho bond issue bill
has been disposed Of. Indications arc
that considerable time will be required
I" draft tho revenue bill. and that both
houses will debate it AT length after it's
introduction. which may delay it's pas
sage.
The total thus authorized would he
81. 100000. 900 for the first year OF the
war. not All Of which. however, would
necessarily be spent. This is s25000O.-
900 more than administration leaders
have been counting on. The difference
is regarded "A liberal estimate for
expenses not now anticipated but
which may arise. Under the authorize
tion to issue Treasury notes. the Sec
rotary Of the Treasury would not no
compelled TO issue the full amount
unless. in his Judgment II were neccs
sary.
All OF the issues would carry an in
tcrest rate of 81. per cent. The life
o; tho bonds would be determined by
the President and the Secretary of the
Treasury. The certificates of indebted
ness. which cannot legally run more
than a year, Would he liauidated with
moneys to be obtained from Increased
taxes.
DEMOCRATIC LEADERS
ARE GHEATLI PLEASED
Democratic leaders were greatly
pleased with the harmonious meeting
Of the Ways and Means Committee.
Secretary McAdoo addressed the COM
mittce. and. according to both Republic
cans and Democrats, made clear the
financial needs of the country in such
Il manner TO insure prompt action
Chairman Kitchin Will pilot the bond
issue and other war revenue measures
! through the House according to pres
ent plans. despite his opposition TO
the war. Unlimited debate will begin
on il on Thursday. No rule will be
brought in to expedite the bill unless
one should be deemed absolutely
necessary.
Administration leaders are looking
forward TO the floor struggles over war
revenues with. greater equanimity than
they have for several days. because
of the attitude of AIr. Kitchin and the
spirit Of cooperation among the Re-
publicans