Arizona republican., 1917-04-10
CONGRESS WILL HAVE WAR BILL
 IN FEW HOURS
tContinued rom Page OneD

engrave the bonds, task of no mean proportions.
 MT. McAdoo conferred today with R D r sentatives Rainey, LongwOrth and Moore and with Senators Penrose and Hastings in addition to other rep resentatiVes and senators with whom he had conferred before regarding the issue. J. P. Morgan, in Washington on other business for a few hours, paid five minute call on MT. McAdoo. The 1 bond issue was discussed incidentally ] it was said, and Mir. Morgan remarked that he thought the country was in condition readily to absorb a large is sue.
 MT McAdoo's formal announcement of the program, made at the conclusion of day of conferences, reads as fol- lows:
 The administration will ask con gress for authority to issue 5000, ,00O,- 0O0 of government bonds to meet the situation created by the war with Ger many The proposed bonds will he exempt from taxation and bear in er- est probably at three and one half (3l2) per centum per annunl. Two billion dollars of these bonds Viii be re- qulred to finance, in psft, the eXpend- itures involved in tt Q proper organiza- uon and preparation of the army and navy and the conduct of the war gen. erally. Of course, a large amount of additional revenue will have to be ] raised by taxation. but this part of the ! problem Is under consideration by the ways and means committee of the house. It will naturally take a reason- able time to discuss and agree upon 1 the new items for taxation which should not and l am confident will not l become the subject of partisan treat ment.
 Three billion dollars of the proposed
 issue of bonds should be used to sup ply credit to the governments making common cause with US against Ger many to enable them to secure essen- tial supplies in the United States and ! carry on the war with increased ef- feet
 The most serviceable thing we can do immediately for the common cause is to furnish credit to these foreign governments, who in conjunction with
 us are fighting Germany. This finan-
 clal aid ought to be extended at the earliest ossible moment. It will be trebly valuable and effective if ex- l tended now
 The purpose is to purchase the obli-
 cations of the foreign governments to 1 which credit is given-such obligations to bear the rate of interest, and
 in other essentials, to contain the same terms and conditions as the bonds of the United States.
 The bonds of the United States will
 be offered as a great popular loan and the widest opportunity will be given to the public to subscribe, and. by sub scribing, to perform one of the most i patriotic services which can be render l ed to the country at this time. "a hn loxt ] of the United States forbid the pay | ment of commissions on sales of gov l errment bonds, 1t is extremely gratify- ! ing to have received so many offers from bankers and others throughout 1 the country. of the free use of their
 services and facilities in making the i proposed bond issue a success. It is the 1 purpose of the department to make use 1 of these offers and to seek the assist | ance of the federal reserve banks, the l national banks, the state banks and trust companies, the savings banks, in- .surance companies, and private bank 1 CTS and investment bankers throughout i the country in the public offering that i will be made of the governments l bonds. Every governmental agency
 such as the internal revenue offices ! and postoffices will he asked to assist | in this patriotic work,
 W Hen the congress snail nave
 granted the necessary authority to make public offer of the bonds l shall take the benfit of the council of the most experienced bankers and investors i in the country as to the best means l of making the offering a pronounced success.
 The wealth of the United States
 is so great, the inv estment resources
 of the country are so large, the strength or our banking situation is
 so phenomenal and the patriotism uf our people is so aroused, that I am
 confident that when the government
 offers it's bonds for public subscrip-
 tion, the amo,int will be oyerwhelm-
 ingly subscribed.
 So many offers have been received
 from bankers, organizations and in i dividuals tenderlng their services and 1 expense in placing the bonds at the
 disposal of the public that it has
 been absolutely impossible for me to ] make personal acknowledgment and i express my deep appreciation and
 qualification at the genuine mani
 festation of patriotic interest in the
 effort to finance the war. So I am
 asking the newspapers Of the coun- try to Indulge me to the extent of
 advising the senders of the many
 telegrams and letters which have
 poured into the department of the
 governments appreciation of the loyal
 impulse and splendid spirit which in spired them.' .knl