Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1917-04-12
Bond Issue of Five Billions to
Be Authorized on Terms
Suggested by Secretary of
Treasury MCAdOo,
2,000,OO0,00O MORE ON
SHORT TIME CERTIFICATES
Outlay of United States, Aside
From Money Loaned 10
Russia and France, Prob
ably $4,000, 100000,
rrr posuno JOURNAL SPECIAL LEASED ~rws1

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Washington. April 11.--AssuranceS
that the $1,000. 10000 war revenue
measure will pass the house quickly
and that consideration of new taxa
ton plans will begin Immediately,
were given President Wilson and Sec
retary McAdoo today by congressional
leaders.
Introduction in the house of the
revenue bill authorizing a 5000, ,000,-
900 bond issue and $4,000, 900. 900 In
certificates of Indebtedness preceded
an unexpected visit of the president to
the capitol by a few minutes today.
Democratic Leader Kitchin intro
duced the measure with favorable
report from the full committee and
announced that debate on 1t would
begin Friday morning. 1t is hoped to
pass the bill before Saturday night.
Amendments Defeated.
Various republican members of tho
committee will offer amendments
w'Jch were defeated in committee,
"ur hey have pledged themselves to
eotc Tor the measure whatever may be
the fate of their proposals, One by
Hopresentative Longworth of Ohio to
exempt estates from inheritance taxes
under the measure is expected to de-
velop much debate. Secretary Nc
Adoo is opposed to it. other proposals
expected to be offered include one by
Representative Hill of Connecticut to
raise the interest rate on both the
bond and certificate issues from n
per cent, as the bill now proposes, to
4 per cent, and another by Represent
ative Sloan of Nebraska to limit the
life of the bonds to thirty years. Tho
bill would leave their tenure to the
discretion of the secretary of the
treasury.
Little Opposition to Bonds.
Little opposition is expected to the
principal features of the $5,000,000.-
600 bond issue--the provision that
not more than $4,000, ,oo0,0 900 from the
proceeds shall be used to extend credit
to the allies and the remaining
$4,000. 100000 to be applied to war
expenditures by this country.
In evolving a new taxation plan for
raising revenue TO meet the certifi-
Gates of Indebtedness, however. much
trouble is expected in getting republi-
cans and democrats together. The
generally accepted plan has been to
divide equally the cost of the first
year of the war, roughly estimated at
from $3.50, 600, 900 to $4,000, ,000.00O
between bonds and taxes, but the
president has expressed himself as de-
sirous of placing as much of the bur-
den on the present generation as pos
sible, and some members of congress
are advocating the raising of rs per
cent of the first year needs by taxa
ton.
No Glass Legislation.
Administration and congressional
leaders generally are determined that
the tax shall not be of class char
acter History. they say, shall not
designate this as either poor or rich
mans war.
House financial authorities are con
sdering proposals to raise new rev.
enue on increased income and stamp
tdNtS anu ldAtS Oh 6NCeSS pTpltlS, lu-
heritances distilled liquors and beers,
cigars and tobacco, amusement places.
the postal service, soft drinks and
newspaper. billboard and other adver-
tising.
A list OF suggestions submitted to
the last congress by Secretary McAdoo
for taxes on interior combustible en-
gines, oleomargarine, refined sugar.
fermented liquor, candy. glucose, talk
ing machines and their records. cop
per, pig iron and petroleum, distilled
spirits and denatured alcohol Is re-
ceiving close scrutiny.
To Hit Liquors and Beers.
Liquors and beers probably will he
taxed millions of dollars and soda
fountains and other soft drink dis
pensaries, including near beer" par
lors, are virtually certain to be as
sessed Members of the committee
are considering taxing places of
amusement, including moving picture