Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1917-09-18
Sl1,538,0O0,0OO BOND BILL
IS APPROVED BY SENATE
Not a Dissenting Vote Was
Cast and Measure Goes
to Conference

WASHINGTON, Sept. 15.-WIthout
Dissenting vote the senate late today
passed the S11,53S,O OO, 900 bond bill. 1t
has already passed the house and now
goes to conference because of few
minor amendments by the senate.
No important changes were made by
the senate in the bill and it will go to
conference Monday. The bond mad GER
tifcate authorizations, interest rates and
provisions giving the secretary of the
treasury broad powers to determine the
| life of the issues, were not anne uded
by the senate. The most important
senate change was that of the finance
committee in increasing from one-sev-
enth to one-fourth of one per cent OF
cEe bonds and war savings certificates
authorized, the expense allowance for
their fotation and decreasing the allow
ance for the indebtedness certificates.
Senator Lat'ollette today demanded
| the senate limit the power of Secretary
McAdoo and say when the new issue of
4 per cent Liberty bonds shall mature.
The s11,5s3, 100000 bond bill allows
Mr. McAdoo to set his own limits for
payment, as in the case of the first Lib
erty bond issue.
AS a result Of congress- mistake in
that case, said Mr.. LaFollette, John d.
Rockefeller, who invested S15,000,000 in
Liberty bonds, will draw IL per cent
| interest on that sum for fifteen years
before the government can pay him.
Mr.. LaFollette said the exemption of
| the first bonds from taxation amounted
to an added per cent interest payment
to such large investors as Mr.. Rookie
| Teller.
All the people Of the country are taxed
to pay Mr. Rockefeller and other big
investors this large interest, he said.
| Mr.. LaFollette sought to amend the
bill by providing s4000,OO0,O00 new
| bonds II provides for shall be payable
| in not less than seven nor more than
thirty years, but was beaten 80 to 10.
IF the war shall end within five
/ years, and money get easier" said Mr..
Lafollette, the government could make
new issue at per cent or low fig
ure and save the people vast sum.
| Congress is Sinking a manifest duty
| If II allows the putting off to some
| Indefinite day the settlement of the bond
problem
The bill will go to conference Mon
/ day Senators stone, Smith Of Georgia,
and Smoot weer named the senate con-
| ferees.
| Few changes were made in the bill by
| the senate, the bond and certificate au-
thorization. interest rates and provisions
| giving the secretary OF the treasury
! broad mowers to determine the life of
the issues, remaining as they came from
the house.
| The most important senate amend
ment was that Of the finance committee
| increasing from one-seventh to one
! fourth of one per cent of the bonds and
war savings certificates authorized, the
expense allowance for their fiotation and
| decreas sing the allowance for the in
debtedness certificates from one-tenth
to one-twentieth Of one per cent.
As the senate did not revise the
| amount of security issues proposed they
| cannot be changed in conference. They
are S7538,945,46O of convertible per
cent bonds subject to income surfaces
| and war excess profits taxes and $1,000
600. 900 each of war savings certificates
and temporary certificates of indebted
/ ness.
The senate late today adopted an
amendment by Senator La Toilette linn
| iting the interest rate on the savings
certificates TO 4 per cent, but the rate
| on the certificates of Indebtedness is left
to the secretary of the treasury. Other
| amendments by Senator La Toilette, in
GLIDING proposals TO issue the bonds n
denominations of 90 and multiples; to
limit their life to thirty years and to
permit their retirement after seven
years, were rejected.
OF the new bonds authorized, $1,000
600. 600 are to convert the IL per cent
Liberty loans securities at the new
per cent rate and the remainder exclud-
ing the new $4,000. 00O,0 900 for the allies,
are TO take up the outstanding Danish
West Indies, Alaska railroad, naval
| bases and Panama canal bonds.