The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1918-03-10
OWEN AMENDS
FINANCE BILL,
SAVING: NATION
$lOO, 100000.
D. pAyIR LAl.MRENcE.

tCopyFlght. .lsis. by New York Evening Post
~ ConIpany3. 81, :.
Little amendments inserted before
a bill passes sohnetimes 60 unno-
ticed. Just before the finance cor
poration bill went through the
Senate there was added to the
measure an amendment proposed by
Senator Owen, chairman of the Sen
ate Committee on Banking and Cur
rency, which, it is estimated, Will
save the American public at least
100000 annually.
May Be Used Abroad.
Senator Owen, in support Of the
amendment pointed out that the Sec
rotary Of the Treasury contemplates
selling Liberty bonds issued in the
terms OF foreign money in the near
future, and that in this war corpora
ton bonds might also be taken and
Transferred to a foreign country as
. basis for credit there. and in that
way our importers and those con-
serned in transacting business can
avoid the present high premium on
foreign money. The Owen amend
nsut reads as follows:
"6uch bonds shall be issued in
Nrms OF foreign money and sold to
American Importers at par to the ex-
onnt necessary to cover their impor-
tnEions from and other credit trans
Asrs to countries whose, currency is
- . premium"
On behalf Of the Senate Committee
a Finance, which was in charge Of
Shs war finance corporation bill,
aanator Simmons, the chairman, &C
asptsd the amendment practically
without debate, and its was incorpor-
ated into the measure by 3 viva Voce
VITA -. =-
mig Help to Importers.
Al present the American dollar is
selling at a discount of 20 per cent In
all neutral European countries and
also at q very heavy discount in South
American countries. The importers,
therefore, are Obliged to take an IN
itial loss OF rs per cent in some cases..
even more when changing the Amer
lean dollar into; the money of these
foreign neutral countries, The par
port of thfs, amendment Is to provide
these importers with bonds that will
be payable in the money Of the for
eIgn countries, of short maturity,
three or five years, and the importers
can use these bonds as payment for
the commodities they import for
American consumption.
In this way this initial loss OF rs
per cent will be eliminated, and fur
thermore, American importers will
be in a position to bring over larger
quantities OF supplies at seasonable
periods, so the supplies on hand in
the United States will equal the de-
mand, and. therefore, be sold to the
American consumers at a reasonable
price. As It Is at present the American
importer cannot afford to take an
exchange risk and bring over suffi-
efent supplies at seasonAble periods,
thereby causing the American con-
sumner to pay 9 much higher price for
his commodities than would really be
necessary with = proper exchange
Gystem-
As a whole, the war finance corpo-
ration bill is one Of the biggest con-
Structive measures ever adopted by
any country, and It is plainly a con-
sentative measure which will prove
effective in not only financing the
war, but in financing the industries
Of the country which. without this
protection, would not be able to con
tinue their legitimate enterprises,
which would have resulted in tremen-
dous losses OF already invested capital
and which would have thrown a good
many hundreds of thousands of peo-
pie out Of employment. 1t Is expected
that the House will concur with the
Senate, and, after proper deliberation,
send the measure for the Presidents
yr-Ffbiv, "a