Evening star. [volume] (Washington, D.C.) 1854-1972, 1918-03-17
DEBATE MAY DELAY
WAR FINANCE BILL
Administration Leaders in
House Doubt Passage OF
Measure by Tuesday.
Mr.. LONGWORTH BALKS

Administration leaders are trying to
pass in the House by Tuesday night the
war finance bill to support essential
Industries, on which debate began yes
terday. But they are none too hopeful
Although unanimous consent was
given to devote tomorrow to consider
alton of this finance bill. displacing
the other measures that might be
called up from the unanimous consent
calendar. there arg SO many debated
points in the bill that it is very doubt
full if it can be passed under four days
of debate.
AS it is now offered to the House this
measure differs very materially from
the shape in which it passed the
Senate. 1t will probably have to be
sent to conference. unless very radical
changes are made during the debate
in the House.
The chief difference between the two
drafts is in the amount of bonds which
may be issued. The Senate provided
for a capital stock of s5O0.000,000 and
authority to issue s4.000.000.000 in
bonds, while the House committee cut
the total to s2,500.OOO,0O
After Chairman kitchin of North Caro-
lima, chairman of the ways and means
committee, had explained the measure at
great length yesterday, Representative
Longworth of Ohio, republican, in a long,
prepared speech supporting the bill. Wig
orously criticised the administration for
what he termed its insistence that Con-
gress enact legislation as drawn in the
departments.
Must Have Limit.
Congress was taken to task by the Ohio
representative for what he said was
will OF the President without question He
added that, while the republicans had
done all they could to aid the President
in prosecuting the war, he believed 'the
time has come to definitely impress upon
the executive and the people of the coun-
try that We propose to do some thinking
ourselves
In explaining the BILL Chairman Kitchin
said he believed it was agreed that it was
necessary to so to the rescue of some in
dustries that are unable to finance them
selves now and that there was no ex-
listing government agency in position to
do this work. He said he believed the
committee bill provided an efficient
agency and that it adequately safeguard
ed the rights of the people.
Mr.. kitchin advocated particularly
section inserted by the Senate and in
cluded by the House committee Great
applications for loans.
Mr.. kitchin admitted, and said the
Secretary of the Treasury had admitted
to the ways and means committee, that
there was a possible danger that the
bonds to be issued by the war finance
corporation. for which the government
is not responsible, might compete to
some extent with the sale of liberty
or other government bonds.
To Confro1 rrad;f
Representative Mckenzie of Illinois
said his understanding was that the
purpose of this bill was to control
credit, that it's fundamental principle
is to control credit so that corporate
and other private interests cannot go
out and bid against government credit
Mr.. kitchin said that was true and that
the capital issues committee was Great
ed in the bill to meet that danger
Mr.. Kitchin said it was unlikely the
total authorized bond issue of the war
finance corporation would ever be called
for He said the bill threw the transact
tons into the regular banking channels
save for the exceptional cases provided
for in one section of the bill. Repre-
sentative Knutson of Minnesota asked
if credit that a bank would not give
would not really come under the head
of undesirable loans.
Might Be Exceptions.
Mr. Kitchin disagreed, saying that
there might be cases of competing cor
porations. where one bank might be COM
peting with another and refuse the other
credit.
Mr. McFad1ien of Pennsylvania said
that If the bill throws the burden on
the banks. why should the bill be
passed at all. Mr.. kitchin said it went
far beyond the present bank resources
Mr.. McFadden pointed out that recently
the farm loan board thought it might not
to sell it's securities and had come to
the government for help from the
| United States Treasury.
Representative Glass of Virginia said
that statement needed explanation, that
the farm loan thought they might not
be able to sell its securities and so
asked for authority for help from the
Treasury, but far had not yet come
to the Treasury for the help that Con-
gress had authorized.