Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-04-18
FILLING OF WAR CHEST
APPROVED IN RECORD TIME
Few Changes Made Which House
Is Expected to Accept
Quickly.
MONEY FIRST LINE OF DEFENSE
That Is dominant Thought Which
;mns Through Debate Before
Vote Is Taken.

WASHINGTON. Aprn i7-'rhe war
0nancc bill. providing for Issuance or
5000 ooc oco in sccuriics-the largest
single war budget in any nations his
tory passed unanimously to-
night nv the Senate.
>ftcr seven hours OF discussion, the
adnini.tratiou measure. which was
passed by the House last Saturday.
and which provides for u loan to the
allies OF S1ooO,Oo0Oeo. was approved
by the Senate. with a few changes. In
record time. The amendment may
neccssitatc a conference. or the Senate
changes may Lc accepted by the House.
In either event. the executive branch
cf the government conducting the war
with Germany viii. within a few hours.
have authorization for the great war
chest at it's disposition. To expedite
action the Senate tonight appointed
confcrees to act IL the House should
not. contrary to expectations. accept
tho Senate changes.
EVERY SENATOR PRESENT
VOTES FOR BOND BILL
OF the ciEhty-four Senator's present
tonight. every one. including all those
who voted against war except senator
Lane OF Oregon, who was absent be
cause OF illness. recorded themselves
in favor OF providing the funds to
prosecute hosiiliiies. Nearly all Of the
twelve absentccs were i'll
That in tho inability OF the nation
10 supply men AT once for the tighting
line. money would bc Americas i'm
mediate contribution TO her allies. was
the dominant thought expressed dur
ing the debate. Few Senator'S par
ticipatcd in the discussion. which was
totally devoid OF partisan expression.
Every Senator speaking announced
sianch intention to aid the govern
ment In prosecuting the war to q
speedy conclusion. only two, senators
Borah and Cummins declared opposi-
ton 10 tho proposed allied loan y
fnw favored raising a larger proper
ton by taxation Of the pres mt genera
ton and less upon bonds
Amendments adopted by tho senate
include provisions:
Limiting deposits OF proceeds from
bonds in banks TO the amount sub
scribcd by the banks and their de-
positors: permitting deposit Of pro-
vccds In state banks and trust com
panies. as we'll AS Federal rcserv"
scrihcrs Of the issues authorized for
bonds subsequently issued. during The
war a, higher interest rates: rcquir-
ing the Secretary OF the Treasury to
report expenditures OF the bond pro-
cccds December II aud annually there
after. and cXcmptinE the $1,000. 100000
OF Treasury Indebtedness certificates
authorized from AL taxation. cNccp,
estate and inheritance lcvies
Ey mistake. il was first announced
that ciEhty-;hree Senator'S had voted
for the bill y corrected tally showed
the vote cigh,y-four.
TURN THEIR A1"rENITON
TO DETAILS or POLICY
with tho passage OF the bill accom-
riishcd. Treasury Department officials
turned their attention to the details
of policy yet to he settled in the actual
issuance of the bonds.
While the senate was stili debating
the measure, Secretary McAdoo held
an informal conference with the mem
bcrs Of the advisory council of the
Federal Reserve Board. including j.
r. Morgan. who were holding their
quarterly meeting here. To the mem
hers OF the council Mr.. McAdoo an
nounced his intention OF taking coun-
sel with financial experts Of the coun-
try as TO the best methods to be fol-
lowed in the notation Of the issues.
IN their individual capacity the
visitors were requested to submit sug
Cestions to the secretary.
The council discussed the issue at
it's afternoon meeting. and will con-
tinue the discussion tomorrow.
WILL. HOLD CONFERENCES
WITH LEADING ROND HOUSES
Later Secretary McAdoo announced
that he would invite representatives
OF the leading bond houses OF the coun-
try TO confer with him before offering
any part Of the issue. IT is likely that
the first of these conferences will be
held within few days The terms
Of the bonds. the manner in which they
shall be offered. whether by public
subscription At par, or competitive bid
ding or both. the nature OF the bonds
and many minor details yet remain to
he settled.