Highland recorder. (Monterey, Highland County, Va.) 1877-1972, 1919-02-21
ASKSAN Increase
FOR LIBERTY LOAN
Secretary of Treasury Wants
Bond Issue Authorization Rails
ed to s10,ooO,OOO, ,OOO.
WOULD FIX INTEREST RATE.
Seeks Authority to Issue Not More
Than $4,000, 100000 of Treasury
Notes-WouId Continue Body
for Year After Peace. --

i, ngton.-Secretary Glass asked
Congress to increase the amount of
Liberty bonds authorized, but unissued,
> to approximately $4,000, 100000 and to
give him broad powers to determine
the interest rate and other terms OF
the Victory Liberty loan to be tloated
late in April He also sought permis-
sion to issue not more than SlO,0OO,-
100000 of treasury notes, maturing
within five years, and asked that the
War Finance Corporation be author
lied for one year after the declaration
Of peace to make commercial loans on
exports to facilitate foreign trade.
In a letter to Chairman Kitchin Of
the House Ways and Means Commit
tee Secretary Glass outlined the broad
policies which the treasury hopes to
follow in dealing with war loans and
other national financial subjects of the
readjustment period. aae 5.
The secretary submitted a draft of
q bill which would carry out the treas
ury's recommendations. Specifically
this bill would accomplish the follow
ing results:
Raise from $5,O00,000O00 to $10,-
0OO,000,000 the authorization for the
Victory Liberty loan and permit the
treasury to determine what part OF
this sum should be sold ft.a- a.s. g.
Permit the secretary Of the treasury
to determine interest rates on bonds
maturing within ten years, or the next
Liberty loan, instead of limiting the
rate to Az, as provided in the present
law.
Permit the issue Of not more than
S10000,0Q0,000 of interest bearing,
non-circulating notes having maturi-
ties from one to five years. These
might be sold along with bonds of the
Victory Liberty loan. ..a t.se
Authorizing the issue of bonds and
notes payable at a premium.
Exempt war savings certificates
from income sur-taxes.
Confer on the secretary Of the treas
ury authority to determine the tax eX-
emption in respect to future issues of
bonds and notes and to enlarge tax ex-
emptions of existing Liberty bonds in
the hands of subscribers for new bonds
and notes. ...s.u... ....... =. ....
Reopen the privilege of converting
per cent. Liberty bonds into Ans. This
privilege expired last November 9.
Create a 21s per cent. cumulative
sinking fund for retirement Of the war
debt. 's.'s'" @s= "0@ E"~.
Extend the authority of the War FL
nance Corporation to permit it to make
loans in aid of American commerce,
supplementing the aid given by the
treasury on direct loans to allied gov
ernments and in a measure relieving
the treasury of demands for such loans.
Permit the continuation of loans to
allies after the war.
Exempt from income sur-taxes and
profits taxes all issues of Liberty bonds
and bonds of the War Finance Cor
.poration held abroad. . .a.1n
AS the reason for asking such wide
authority to determine terms of the
Victory Liberty loan, Secretary Glass
explained in his letter to Mr.. Kitchin
that he could not determine this far in
advance, particularly because the,
country was in a state. of commercial
and industrial readiustment, what the
terms should be N April. Further
more, it is necessary. for Congress to
act before adjournment March 4. .
''The Victory Liberty loan could not
be issued successfully, now that hos
Utilities have ceased, within the limita-
tons imposed by existing laws" said
Mr.. Glass
Buying will not begin and activity
will not set it," he commented, until
tie community at large is satisfied that
prices. have reached bedrock" n5# na.
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