Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-02-23
LIBERTY LOAN BILL
WOULD RETIRE WAR
BONDS IN rs YEARS
Provides for Establishment
Of Sinking Fund TO
Pay Off Debts.
PERMITS FURTHER LOANS
TO FOREIGN GOVERNMENTS
Asks War Finance Corporation
BE Continued to Aid Amer
lean Commerce.
no FILE MEASURE ON MONDAY
early Passage Would Mean Postpon-
Ing Extra Session OF Con-
gross Untii May 10.
PERMITS FURTHER LOANS
TO FOREIGN GOVERNMENTS
TO FILE MEASURE on MONDAY
Early Passage Would Mean Postpon-
Ing Extra Session OF Con-
gross Unti, May 10.

Rr Associated P.css.l
" distinction. Feb. ".-libcrty
loan legislation reported 10 The House
toiay by tho Ways and Means Com
n''ttrc provides for the establishment
% sin!ting tund for the rctircneu:
% government war bonds within
twenty live years, continues ,he War
FINANCE Corporation 50 i. may aid
AMERICAN export commerce permits
iArihcr loans Tor tho sale 20 foreign
govern ncutS Of equipment sent abroad
~ Tie Umi,cd states for war purposes
and carries provisions designed to
stab''lsc the 2:.cs % past issues OF
bonds
Chairman ki,ch!n. Of the committee.
announced that a report on the meas
rre would be flied Monday. and that
hc planned to call the bill before the
house Tor consideration Tuesday. after
passage OF the sundry civil appropria-
non hill. QUICK disposal OF tho measure
- Planned by administration leaders,
LOT on IT'S passage larEcly depends the
aatc OF spcciai session Failure OF
Inc ,!,S. semate 70 pass ING b.!i before ad
tournament March I. Sir k;chn said.
probably would mean an c&trt session
by April /. should he bill be passed
would be necessary FOR Congress 10
meet until about May 10. The printed
| record of legislative hearings by the
on Is'E ilcI, DtDIlc
with the Introduction OF the measure
contained onicial denial that the Miles
expected the United States TO forgive
debts resulting from loans advanced
during the war.
SAY GOVERNMENTS
PROMISE PAYMENTS
officials OF foreign governments
laNe always expressed tho intention OF
their governments 10 nay The indebted
iicss, and have said that they had no
tnt.ntion OF doing anything else" Al
hl.f.rN ANsk Hot .Nf OF
,ne Treasury. III charge o. It's foreign
nure.p. told the committee when cues
toned about the loans that approx
1t. is true nc continued, there
have been one or Two suggestions made
public office, tina; debts should bc for
given. Therc is nobody under hea"en
who can forgive those debts except the
Congress. The Treasury Department
/ does not advocate ana never has adj
N,oeated an%thing out the collection OF
those debts.
in this connection MI, Ra,hbonc PFC
%an,ed Two letters from the French
h;sh commission oiheially DENYING
that fresiden; wilson had been ap,
view to having the United states share
the war expenditures OF tho entente
from the beginning OF The war
DENY SUGGESTION TO
SHARE FULL EXPENSE
The Prime Minister has cabled an
order 10 deny most cmpha;icaliy that
such suggestion has ever been made
10 President Wilson by any French Of
fetal" declared one OF the letters,
while ,hc other explained q resolution
introduced in the French Chamber OF
Deputies for the establishment Of an
international financial union among the
allies 10 distribute tho war expenses
among the nations on basis OF pop
uiation and the power TO contribute
financial support.
The French government" the letter
said, has nothing whatever 70 do with
tho project and is not giving supper:
10 the resolution"
Mr. Rathbone said there was nothing
on record in the Treasury suggesting
"a mediation o! the obligations. and he
added:
AN the statements made by repre-
scntativcs OF the foreign governments
ish--haNc been 10 tic effect 1t would
be unthnkabie that their governments
should no, pay their debts; they say
they do not want charity that they
have borrowed the money and intend
10 pay.
NO CHANGE MADE IN
LEGISLATION FOR LOAN
No change in direc, legislation re-
made ny the committee in insl con-
si0cratinn, OF the measure.
The sinking fund is provided by d.
rect appropria ton from tho Treasury
amount of Liberty bonds and notes
that will be outstanding ON July !,
1a3U. The amount, tho committee said,
1 was expected TO be $4,000, 100000. so
Il that the first year tho contribution to
tho fund would he st50.o0oo 900 with
that in the future dependent on the
rapidity Of retirement.
Loans for export trade by the War
| Finance Corporation under the terms
| Of the bill, may be for n period of
five years, but no loans to American
exporters arc permitted if private cap
ital is available. and the interest rate
on such advances is fixed ut not less
than ncr cent. These loans limited
| TO $1,000. 100000. may be made within
one year after the proclamation OF
peace by tho President but ut tho end
Of that time the corporation is directed
TO begin it's liquidation.
Opposition TO the continuance of the
corporation was voiced in the commit
PENNSYLVANIA. and Sloan of Nebraska.
and they arc expected to carry their
fight TO the floor OF the house.
LIMITS FUTURE LOANS
TO FOREIGN GOVERNMENTS
The bill limits the total of future
unioaned portion OF $40, 1000, 900, 600 pre-
/ viously authorized, and permits loans
to DO made only for eighteen months
aftor the Presidents peace proclama-
piained that this provision was in
serted to enable the United States to
sell equipment sent overseas before
cessation OF hostilties, such as rail
eminent. The provision, IL was said
lis expected TO aid in the marketing OF
American wheat abroad IN such Il man
ncr as TO lessen as much AS possible
the loss to the government under the
! guaranteed price. The committee
adopted the recommendation OF Sec
0ass to reopen me ho pFdvese
bonds bearing 4l-4 pcr cent interest.
Tho secretary is authorized to extend
the privilege for such period rs he
- s,.,tl Ia. xlx,ts Ill