Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1917-08-28
Twenty-one Billion Dollars.
Budgeted for Current
Fiscal Year.
EMADOo WILL
EXPLAIN DETAILS
plan Of Bond Taxation May
Meet Serious Opposition
| in House.

Washington. Aug. 2s.-Two billion
dollars may be added to the total of
4 bonds to be authorized aththe present
y session Of congress. making a total of
approximately $21, 1000, 600, 900 avail
1 able to the government during the
| fiscal year ending June 80. 1918.
Democratic Leader Kitchin said
last night hat estimates submitted to
I him by the treasury department made
e 1t appear that the additional authori-
station probably would be necessary.
Secretary McAdoo will be asked to ex-
1 plain the situation when he appears
4 before the ways n means commit
I tee late today to discuss the forth
i coming administration $11,538,945,-
! $50 bond and certificate bill.
Present Indications, according to
ME-. Kitchin. are that $4,000, 100000
| will meet the expense of the fiscal
year, but it is thought best to have a
/ 50. 900, 900, 900 margin for emergen-
cies. II
Money needed for the fiscal year
will be about S1s,ooo,o oo, 900" he
said. This estimate overs about
: $1,000, 900, 900 for loans to the allies;
$1,300,00 900 for current expenses,
exclusive Of war. leaving about $l0,-
100000, 900 for war expenses. In
clnded in the war estimate is $176,-
a. VVV,VVu " IlIO HCW AAS IA NAAN
ST. 00,000,0 900 for the shipping
board"
The $21.0o0.0 100000 would be rails
cd as follows:
Bonds for allied loans $7,ooo,ooo,-
900; pending revenue bill ~$3,000,000,-
900 war certificates $4,00o,000,0 900:
bonds for domestic purposes already
authorized $4,000. 000. 900; proposed
new bonds s2,o00,o0o,ooo; war saw
&c.. - 49, d q nm nnn nnn o-1
| regular revenue 81. 800, 900, 900.
Approximately $1,000 100000 of
the foregoing amounts are included
in the bond and certificates bill which
the ways and mean committee today
began to consider. The bill would
authorize $7,000,000, 900 for allied
loans, SO. 200, 600, 900 to be used in re-
authorised; $4,000 oo,o 900 in war
certificates, and 81, 900, 100000 in war
savings certificates. 1t also contains
a re-authorization provision for re-
funding 3 10 per cent bonds already
authorized $4,000, 100000 in war GER
t~tficates; and $4,000, 100000 in war
savings certificates. It also contains
a re-authorization provision for ST.
900, 100000 In war certificates and
previously authorized bonds.
A brief meeting of the committee to
! consider the bill made it obvious that
hopes of leaders to PASS the measure
! on Wednesday could not be realized.
An insistent demand for the free dis
cussion In committee and on the foor
created doubt IL the bill could be
passed before b end Of this week;
Several members indicated today
that they would oppose Secretary Nc
! Adoo's plan of taxing the bonds, after
he appears before tha committee tic
explain the There was nc
indication. however. Of opposition tc
the general terms of the bill, and
both democratic and republican com
mitteemen + expected to support II
once it reaches the floor. .
Opponents Of the s~ecretary's plan
which would make the bonds subject
to s-upertaxes, wal profits and excess
profit taxes, vary in their views, some
favoring no taxes and others the ap-
plication Of the straight income ta1
levy.
Reports that the war savings Ger.
tifcates, intended primarily as a poor
mans investment, would be issued II
denominations low as 81 md BIZ
placed on sale at all p%ostofices
aroused interest. Details Of disposins
Of these certificates would be left BY
the bill to Secretary McAdoo. Tit
amount of interest to be borne BY
these certificates, as well as by The
war certificates, also would be left tt
the secretary.
Promised delay in reporting thu
bill caused Mr- ,Kitchin to change hi,
plans regarding the resumption o.
regular sessions of the house. It will
meet each day until the bill Is report
ed, but will transact no importan
business before them.
Sas