Pine Bluff daily graphic., 1919-02-19

(COntlnu0U rom PdS0 OnG.) >~~~o~~~~~~~- -->~~~~0----~ -~>~-~-o-oo~~~~- of interest. probably four per cent, and exempt from all federal taxation; one would be at a comparatively hign rate, possibly five per cent and suh- ject to all federal taxes: third would bear moderate rate of interest. IA percent, was suggasted-and be exempt frem normal tax levies; tire fourth would be exempt from taxa tion up to certain amount.
 Terms Not Definite.
 These terms have not been defined but treasury officials said the propos- ed alternatives would satisfy the treasury department. They cover all possible terms which the treasury might choose, it was explained. In denomination the notes would corre- spond with past d4iberty loans. Mem- bers of the committee felt this would permit of as wide a sale as in pre- vious campaigns as the short term notes would prove more attractive to the small investors.
 The ways and means committee also decided tentatively not to increase 1 the authorization for issuance UH bonds from about $5,000,O00 to $10.- l 600, ,000,00O. The treasury still would have power to issue up to 5000 ,O00,- 900 in Libertysbonds at the 1-4 per 1 cent rate af the last two loans and I with the same terms. Most officials believe these securities could not be floated advantageously under new ] conditions and consequently the 1 treasury would not use anv of the remaining authorization at this time. It is possible that some of the notes to be issued would be convertible in the next three or four years into Liberty bonds of longer maturity.
 Plan New Note.
 1 The draft of the proposed legisla tion for the short term notes was or- dered by the committee, and it's ex- perts began immediately to consider the plans for the new measure. It is expected to be completed in a few days with final action to be followed shortly afterwards by the committee. When the committees report is com pleted efforts will he made by Chair man Kichin to xpedite passage of the legislation before the adjournment of ] the present congress.
 1 Secretary Glass statement, issued l tonight after announcement of the ways and means committees action. follcws:
 "The victory Liberty loan campaign will begin not later than April 2l. The requirements of the treasury are imperative and cannot be financed without such campaien. The form and terms of the securities to he is- sued. remain to be determined. Wheth- CT they be bonds or notes it is ab- solutely essential that the widest possible measures of distribution be realized. This will necessitate q campaign of the same character as that conducted in the past through the existing Liberty l1an Organiza- ltions. They have pledged again their united support in order that the vic. i tory Liberty loan bonds or notes may be distributed as widely as pos sible amono the American people," l First Date Notice.
 1 This furnished the first official mo- tice of the date of the campaign. and | disposed of reports that an issue of notes would be floated mainly among bankers, rather than the general pub l lie.
 Even if congress finally adopts the tentative plans of the house commit tee, the treasury's plan for the next loan will not be materially changed. officials declared. Secretary Glass had intended to make inc honds of short maturity, but had asked for authority to issue up to $lo.00O,0 ,00o.- | 900 of notes ir addition, rates and other terms of both bonds and notes to be determined by the treasury un- der blanket authority of congress. As eistant Seer ratary Leffingweli, Iii charge of fiscal matters, explained to | tke house .emmlttee the general terms whicn the treasury had con sidered in case the blanket authority was given 1t was these terms whiei in effect the committee desires to pre scribe definitely in loar legislation