The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1917-12-01
CONGRESS MUST
PROVIDE BIG SUMS
Two Liberty Loans Of More Than Eight
Billion Forecast for First Six
Months Of 1918.

WASHINGTON, Dee l.. Early in
the session converting next Monday
congress must authorize means Of col
locting from the American people be
tween now and July ! about $4,000,
u0U.Upl in addition to the S3GG6,090, Oct
from Liberty bonds already authorized
bat yCt 10 be- issued, the billion dollars
on less expected from war savings cam
rgign and about ~3,o00,090, 600 from
war taxes.
Most cougrcS .oual leaders believe
the five billion-dollar balance must be
provided principally lv issue OF bonds
and Secretary McAdoo has told Nom
b,rs Of congress that hc heartily ia
vors this method. Chairman Kitchin
Of the house WAYS aud means commit
tee, ON his return 90 Washington today
viii take up the question Immediately
and the committee within a week OF
two is expected 20 frame new bond
measure. II this plan is finally adopt
ed the country probably viii be called
ON 20 absorb two more big Liberty
bond issues between February ] and
July ], aggregatiug more than Ss,5oo,-
100000
Another big finance question which
viii receive the early attention of con.
gJcss is the continuance of loans TO the
allies.
If the present rate Of extending cred
It's TO the allies T. continued the 81,
OUuuO0u0 authorized credits Will be
exhausted by July / and congress viii
have % decide whether TO continue the
loans after that time. Six billion dol
lars win be required fer the fiscal ycal
beginning next July !. if the rate of q
ltlf billion dollars q month is kept up
Wide difference Of opinion exists in
congress over the question of whether
the bulk Of the $1,000. goo should
Ir r1ised by taxation or bond issues
but those advocating the issue of Sc
curitics expect strong support from thu
administration. They are prepared e
argue that the internal revenue bureau
already is ovcr.burdrued with the i'm
meusc task Of creating machinery foi
collection of the S3,40O,0O0000 war rev
uue expected before July l and that
great confusion would result from i'm
position OF new taxes before opportu
nifty has been given for the existing
l.Fips 10 adjust themselves 10 the eco
monte situation.
Taxation advocates are expected {,
make "a fight for establishment Of ncv
taxes on certain business lines and fo
increase OF income and excess profit
rates Under the present law, the csti
mated receipts from incomes is $1,000,
100000 aud from excess profits, Sl,22o,
pu00uJ.
Treasury officials and congressional
leaders in charge Of the finance program
have uo means Of knowing ut this tim
what success the war savings plal
win meet, but most Of them figure ol
receiving between s60o0uoo00 an,
SD .0u1.olO,o 600 Of the authorized $4,000
100000 total before July /.
In connection with the taxation leg
i.latiye program it It's now indicate
that congress will be asked by of
ciJls in charge of administering til
tax laws TO make q number of amend
mauts 10 the excess profits tax prC
vision. Members Of the excess profit
advisory committee, which has been as
si.tiag Internal Revenue COMMISSIONS
Roper In interpreting the law feels tina
ii is impossible for the executive branc
% define what shall be- included in o il
vested capital, far instance, and tia
further legislation win he required {
clarity this aud several other section