New-York tribune., 1918-09-13

shall be exempt from graduated addi-
tlonal income taxes, commonly known
as surtaxes, and excess profits and
war profits taxes now or hereafter i'm
posed by the United States, upon the
income or profits of individuals, part
nerships, associations or corporations;
Other Issues Included
"(2) The interest received after
January /. 1918, on the amount of
bonds Of the first Liberty Loan, con-
verted, dated either November Is, 1917,
or May Q. 1915; the second Liberty
Loan, converted and inconverted, and
the third Liberty Loan, the principal
of which does not exceed S45,000 in
the aggregate, owned by any individual,
partnership, association or corporation,
shall be exempt from such taxes; pro-
vided, however, that no owner of such
bonds shall be entitled to such exemp-
ton IN respect to the interest on an ag
gregate principal amount of such bonds
exceeding one and one-half times
the principal amount of bonds of the
fourth Liberty Loan originally sub
scribed for by such owner and still
owned by him ct the date of his tax
return; and the exemptions provided in
this section shall be in addition to the
exemptions provided for in Section 7
of the second Liberty bond act in re-
spect to the interest on an amount of
bonds and certificates authorized by
such act and amendments thereto the
principal of which does not exceed in
the aggregate $1,000, and in addition
to all other exemptions provided in the
second Liberty hOnd act
Limit of $4,000 Set
"(3) The interest on any amount of
bonds, the principal of which does not
exceed $30,000 owned by any individ-
ual, partnership, association or cor
poration, issued upon conversion of Y
per centum bonds of the first Liberty
Loan in the exercise of any privilege
arising as a consequence of the issue
of bonds of the fourth Liberty Loan
shall be exempt from such taxes.
"Section 2-That Section 6 of the
second Liberty Bond act is hereby
amended by striking out the figures
$50 900 ,00OO OOO' and inserting in lieu
thereof the figures $4,000, 600 000.' Such
section is further amended by striking
out the words and it shall not be law
full for any one person at any time to
hold war savings certificates to an ag-
inserting in lieu thereof the words and
it shall not be lawful for any one per
son at any one time to hold war saw
ings certificates of any one series to
an aggregate amount exceeding 81, ,00O.'
"Section 3. That the provision of
Section of the second Liberty bond act
as amended by the third Liberty bond
act shall apply to the proceeds arising
from the payment of war profits taxes
as we'll as income and excess profits
taxes.
"Section d. That the Secretary of the
Treasury may make ARRANGEMENTS in
foreign countries to stabilize the for
elgn exchanges and to obtain foreign
currencies and credits in such cur
rencles, and he may use any such
credits and foreign currencies for the
purpose of stabilizing or rectifying the
foreign exchanges, and he may desig-
nate the depositaries in foreign coun.
tries with which may be deposited ano
he may determine all or any part oi
the avails Of any foreign credits OF
foreign currencieS.
Trading Act Amended
Section s. That clause B of Sec
ton of the trading with the enemy
act be, and hereby is, amended to reac
as follows:
"(B) That the President may investi
gate, regulate or prohibit, under sucl
rules and regulations as he NAV pre-
scribe, by means of license or other
wise, any transactions on the foreigr
exchange or in bonds or certificates O.
indebtedness of the United States ane
the export, boarding, melting or ear
markings of gold or silver or bullion O,
currency, transfers of credit in an,
form (other than credits relating solel1
to transactions to be executed who'll,
within the United States), and trans
fers of evidences of indebtedness mr. ~,
ownership of property between tn,
United States and any foreign country
whether enemy, ally of enemy or other
wise, or between residents of one o.
more foreign countries. bv snv nerso,
within the United States: and he ma,
require any such person engaged il
any such transaction to furnish, unde
oath. complete information relativ,
thereto, including the production of an,
books of accounts, contracts. letters a,
other papers in connection therewitl
IN the custody or control Of such per
son, either before or after such trans
action. -''
Section 6. That Section 5000 of tn,
hevlsed Statutes, as amended, be. an,
hereby is, amended to r,ad as follows
section $500. The total liabilitie
70 any association or of any company
corporation or firm for money Dor
rowed, including the liabilities Of
company or firm, the liabilities of tn