The Barre daily times. (Barre, Vt.) 1897-1959, 1917-04-18
NOT ONE SENATOR
VOTED AGAINST THE
WAR REVENUE BILL
Nearly All the Twelve Absentees When
$1,000, ,o0o, 900 Bill Was Passed Last
Night Were Away Because
of Illness.

Washington, d. G., April lS.--The war
finance bill, providing for issuance of ST.
ooo,o0o,0O0 in securities--the largest sin
gle war budget in any nations history.
was passed unanimously last night by
the Senate.
After seven hours of discussion, the
administration measure which was
passed by the House last Saturday and
which provides for loan to the allies of
$3,00o,0o0,000 was approved by the Sem
ate, with few changes in record time. The
amendments may necessitate confer
ence, or the Senate changes may be ac-
cepted by the House.
In either event the executive branch
OF the government conducting the war
with Germany will, within few hours,
have authorization for the great war
chest at its disposition. To expedite ac-
ton, the Senate last night appointed
conferees to act if the House should not,
contrary to expectations, accept the SEN
ate changes.
Of the "a senators present last night
every one, including all those who voted
against war except Senator Lane of
Oregon, who was absent because of i'll
ness, recorded themselves in favor of
providing the funds to prosecute hostili-
ties. Nearly all of the IL absentees were
ill.,
That, in the inability OF the nation to
supply men at once for the fighting lines,
money should be Americas immediate
contribution to her allies was the DOM
inant thought expressed during the de-
bate. Few senators participated in the
discussion, which was totally devoid OF
partisan expression. Every senator
speaking announced staunch intention to
aid the government in prosecuting the
war to speedy conclusion. Only two.
Senators Borah and Cllmmins, declared
opposition to the proposed allies loan.
A few favored raising larger proper
tion by taxation of the resent generation |
and less upon bonds.
Amendments adopted by the Senate |
include provisions:
Limiting deposits of proceeds from the
bonds in banks to the amount subscribed |
by~ the banks and their depositors per-
mitting deposits of proceeds in state
banks and trust companies as well az
federal reserve banks; providing for ex-
shange by subscribers OF the issues au-
horized for bonds subsequently issued,
Turing the war, at higher interest rates,
'equiring the secretary OF treasury to
'eport expenditures of the bond pro.
,eeds, December 81, and annually there
tfter; and exempting the $4,000, ,o00, 900
i treasury Indebtedness certificates au-
.horized from all taxation except es-
ate and inheritance levies
BY mistake, it was first announced Fl
hat 81 senators had voted for the bill.
corrected tally showed the vote 81
With, as the yice.president announced,
the nays being nay"
'lished, treasury department officials
urned their attention to the details of ,
olicy yet to be settled in the actual is !,
uance of the bonds.
While the Senate was still debating
he measure, Secretary McAdoo held an !.
nformal conference with the members of !
he advisory counsel of the federal re- :
erve board, including j. p. Morgan, who !
'ere holding their quarterly meeting T
ere. To the members OF the council Mr..
fcAdoo announced his intention of tax.
lg counsel with financial experts of the {
,untry as to the best methods to be fol- !,
wed in the fotation of the issue. !,
Later Mr.. McAdoo announced that he !
ould invite representatives of the lead :,
lg bond and investment houses of the !
,untry 10 confer with him here before :
fering any part of the issue. 1t is
kelly that the first OF these conferences
i'll be held within a few days. The :,
rm of the bonds, the manner in which 7
ley shall be offered, whether by public :,
description at par or competitive bid n
ng or both, the nature of the bonds and 7,
any minor details yet remain to be II
tiled. n
Representations made yesterday to the i
cretary were to the effect that the n
untry is in excellent condition to alb A,
rb without disturbing normal business n
rtually the entire amount of the is n
e. 1t is unlikely, however, that the w
II $1,000 100000 in bonds and eertii- a,
tes will be issued at one time. A more n,
obable course will be the offering of 8,
e entire 5000, ,O00, 900 in bonds at one II,
ne and the Withholding of the 81 ,000,-
1000 in certificates until the money is R
eded. 81