Evening star., 1918-09-14
WAR REVENUE BILL
AGAIN UP INROUSE
Measure Sidetracked Yesser-
day and Liberty Bond Leg
islation Is Passed.
TREASURY URGES HASTE

General debate on the rscord-breale-
ing war revenue bill-consisting prin-
cipaliy Of speeches In support Of the
measure 80 . whole, but criticisfng
certain features for campaign pur-
'poses-was resumed In the House to-
day.
sidstracked yesterday 80 that tho
administration measure to facilitate
the sale of liberty bonds might be
passed. plans OF House leaders call for
closing general debate on the revenue
bill today % that 1t can be taken up
BY sections for amendment Monday.
with debate limited to five-minuts
speeches.
Confidence that a vote will be taken
on the measure In the House befofo
the end Of next week Is expressed by
the leaders today.
tfnued its hearing while senators stu
urged q three-day recess plan Tor
the Senate until the committee Is
ready to report the measure. Chalr-
man Simmons has said that the hear
inRs would not extend beyond the
time Of passage of the bill by the
House.
House Passes Liberty Bond Measure
The administration measure design
ed to stimulate the sale of liberty
bonds by making larger amount OF
| them held by individuals ana cor
was passed last night by the House
without dissenting vote.
All the bills important features
exempting from income and war eX-
cess profits taxation the he int interest ,Sa on
fourth issue and $4,000 OF the pre-
vious issues, authorizing regulation
| Of liberty bond transactions and in
creasing war savings stamps author
ization from $2.000.000.00o to s4.-
900, ,00o, ,000--were left unchanged by
The bill now goes to the Senate.
with prospects Of speedy enactment
next week. The House spent the en-
Treasury Urges Bond Bill.
Enactment of the bond bill has been
fore the beginning Of the fourth lib
erty loan campaign. September %. a
sharp fight developed on the clause
authorising the President to regulate
mefit bonds or other certificates. The
provision, however, was retained in
the bill, the House reversing previous
action in committee Of the whole after
q stirring appeal by Majority Leader
Kitchin.
Representative Hayes Of California.
ranking republican Of the banking
committee, led the fight on the clause
authorixing regulation of bond sales.
The power proposed for the President.
he declared. is unnecessary. and ex-
traordinary and might frighten pro-
spective bond purchasers.
Declares the Clause Necessary.
Representative Kitchin declared the
clause necessary to protect small as
well as large bondholders and said 1t
was inconceivable that the President
or Secretary Of the Treasury would
use his authority to depreciate the
price Of bonds. Little syndicates Of
men have organized to buy bonds, Mr..
Kitchin said, to dump" them on the
market and depress the price in an
effort to force the government to raise
the prevailing interest rates.
| The House amended the section of
the bill authorizing the Secretary of
the Treasury to stabilize foreign ex-
change SO as to provide that the au
| thofity shall terminate two years
after the war ends.
| Life insurance companies, through
Job b. Hedges Of New York, general
counsel Of the Association Of Life In
surance Presidents, protested to the
Senate finance committee yesterday
against q provision of the war reve-
lnue bill which the committee was told
VIRTUALLY would compel the companies
to dissipate each years entire sur
plus.