The Chattanooga news. [volume] (Chattanooga, Tenn.) 1891-1939, 1918-03-11
BILLS AMENDED
ATLAST MOMENT
little insertions Often Un-
= noticed-0wen Proposal
Means Vast Saving.
CECIL FOR Intervention
British Statesman Declares It
Would Be Criminal to
Check Japanese.
CECIL FOR INTERVENTION
BY DAVID LAWRENCE,

(copyrisht, 1918, by New York Evening
Post.)
Washington, March 11.-LittIe
amendments inserted before a bill
passes sometimes 90 unnoticed. Jus.
before the finance corporation 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 500 1000,
900 annually. Senator Owen, in sup
port of the amendment, pointed out
that the secretary Of the treasury con-
templates selling liberty bonds issued
in the terms Of foreign money in the
near future, and that in this war cor
po-ation bonds might also be taken and
transferred to foreign country as a
basis for credit there, and that way
our importers and those concerned in
transacting business can avoid the
present high premium on foreign
money. The Owen amendment reads as
follows:
"Such bonds sh be issued in terms
of foreign money and sold to American
importers at par to the extent neces-
sary to cover their importations from
and credit transfers to countries whose
currency is at premium"
On behalf Of the senate committee on
finance, which was in charge Of the war
finance corporation bill, Senator Sim
mons, the chairman, accepted the
amendment practically without debate,
and it was incorporated into the meas
ure by viye vooe vote.
DOLLAR SELLING AT DISCOUNT.
At present the American dollar is
selma at a discount Of 25 per cent in
all neutral European countries, and
also at a very heavy discount in South
American countries. The importers,
therefore, are obliged to take an initial
loss of IS per cent, and in some cases
even more, when changing the good
American dollar into the money Of the
foreign neutral countries. The purport
of this amendment is to provide these
importers with bonds that will be pay
able in the money Of the foreign coun-
tries, Of short maturity, three to tive
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, further
more, American importers will be in a
position to bring over larger quantities
Of supplies at sessonabIe periods SO
that the supplies on hand in the United
States will equal the demand, and.
therefore, be sid to the American con-
sumers at a reasonable price. As Il is
at present the American importer can
not afford TO take an exchange risk and
brina over sufficient supplies al season
able periods, thereby causing the
American consumer TO pay much
hioher price for his commodities than
are really necessary with proper eH-
change system.
This is only one Of the bentts that
the war finance corporation bill WIZ
Give to the American public. u Will De
a stabilixer Of credit and will supply
the industries Of the country with cred
its that are necessary TO run these m /
oustries at = reasonable cost. " viii !
also, through the capital issues com
uiittee, eliminate unnecessary sSPendi-