American Falls press. [volume] (American Falls, Idaho) 1907-1937, 1919-02-14
GLASS ASKS FOR BIG
ISSUE OF LIBERTY 8ONDS


Secretary Glass Wednesday asked
congress to increase the amount of
Liberty bonds authorised but un-
issued to approximately $4,000, ,0O0,-
900 and to give him broad powers to-
determine the interest rate and other
terms OF the Victory Liberty loan to
be floated late in April. He also
sought permission TO issue not more
than 10000, 100000 treasury notes.
maturing within five years, and asked
that the war finance corporation be
authorized for one year after the dec
laration OF peace to make commercial
loans on exports to facilitate foreign
trade.
In letter to Chairman Kitchin OF
the house way and means committee.
Secretary Glass outlined the broad
policies which the treasury hopes to
other national financial subjects OF
the readjustment period.
The secretary submitted draft OF
bill which would carry out the
treasury's recommendations. Spe-
officially. this bill would accomplish
| the following results
Raise from 81 900 900 900 TO $10,-
900, ,000.0 900 the authorization for the
Victory loan and permit the treasury
to determine what part of this sum
should be sold
| Permit the secretary of the treas
ury to determine the interest rates or
bonds maturing within ten years, ol
the next Liberty loan, instead of lin
! iting the rate to 4M per cent, as pro
vided in the present law,
Permit the issue of not more thar
ten billions of interest-bearing non
circulating notes having maturitie
from one 20 five years; these nigh
be sold along with bonds Of the Vic
tory Liberty loan.
Authorize the issue of bonds AM
notes payable at a premium.
Exempt war savings certificate
from income surtaxes.
| Confer on the secretary OF tn
treasury authority to determine tn
tax exemption in respect to futur
issues of bonds and notes, and to en-
large tax exemptions of existing Lib
erty bonds,
Reopen the privilege of convertin
4 per cent Liberty bonds into AZ
this privilege expired last Novembe
9Th.
Create 21s per cent cumulatlv
! sinking fund for retirement OF IN
war debt.
Extend tha authority of the war 7
! nances corporation to permit II |
make loans In aid OF American con
, merce, supplementing the aid give
: by the treasury on direct loans
, allied governments and In a measur
relieving the treasury of demands To
! such loans.
Permit the continuation of loans |
: allies after the war.
! Exempt from income surtaxes an
= profits taxes all issues OF Libeft
bonds and bonds of the war finanS
corporation held abroad
As the reason for asking such wic
authority to determine terms of II
Victory Liberty loan. Secretary Glai
explained in his letter TO Mr.. Kitch
that he could not determine this II
= in advance, particularly because Il
Y country was in state OF commerci
$ and Industrial readjustmeni, what II
terms should be in April. Furthe
more, II is necessary for congress
y act before adjournment, March 4.
a The Victory Liberty loan cou
n not be issued successfully, now tn
= hostilitIes have ceased, within Il
e limitations imposed by existing laws
Us said Mr.. Glass.
Is He also declared that restorati'
OF normal financial conditions in I
he United States would be facilitated
Or enactment of pending legislation p,
mitting liquidation Of claims arisi
IS under informal war contracts. a
r. enabling the food administration
's protect the guarantees given by
is United States"