Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1919-02-14
WIDE POWERS ARE ASKED
Authority TO Fix Interest and
Exemptions From Tax
Is Requested.
DISBURSEMENTS STILL HIGH
Reduction Necessary to Bring
Expense Within McAdoo's
Estimate.

WASHINGTON. Feb. ~ sccre.
ary Glass today told tho house ways
and means committee that II wa
apparent something must he done
10 make tho bonds or notes OF IN"
victory liberty loan more attractive
than their predecessors" and asked
that congress give him authority %
nS interest rates and determine es-
emptions from taxation. according "a
financial conditions existing when
the loan Il floated In April.
The head OF tho nations financial
system also urged that authority be
gyen tho war finance corporation "a
make advances to exporters not "a
exceed 81. 900 900. 900 and that the
purposes for which the treasury may
make loans to foreign governments
be broadened. MIR Glass said both
provisions were necessary TO restorn
ton OF the country's foreign trade
and would he mutually helpful TO
this government and the allies.
Must Make Reduction.
Mr, Glass told the committee thai
At the rate disbursements were be-
Ing made. II was apparent that only
radical reduction In the remain.
Ing months of the fiscal year could
bring the years expenditures withir
the tis. 900 900. 900 which former
Secretary McAdoo had hoped would
cover the governments expenses.
Cash disburseme en,s during the
first 10 days OF February showed n
very gratifying decrease. hut M
Glass pointed out that heavy pay
ments on informal war contracts
we're being held In allegiance until
congress acted on pending legisla
ton. Under these circumstances and
with a floating debt OF 5000. 900. 0oo
In treasury certificates, increaains 4
approx mate ciytI. 400. 900. 900 n
month. he thought the committee
would no, he surprised by his rec
ommendation for authorization OF an
additional 5000 .O0O. 900 issue OF
bonM There remain unlssued under
previous legislation slightly In eS-
, cos OF $4,000. .000. 900.
y Figure 10 Maximum.
TT Is nedless to say that the treas
ury does not contemplate the isue In
connection with the victory loan of
any such amount Of bonds as $40.
900 600 900" Mr. Glass said. adding
That ut seemed wise To suggest an In
crease 10 n figure which would seem
10 represent the maximum possible
amount NJ the bonded debt growing
ou, of the war"
As an alternative 10 the issue of
bonds. he suggested authorization of
an issue ~ notes limited to 900,
900, 900 and an increase IN the maxi
mum amount OF treasury certificates
from - 5000 .000. 900 20 10000, ,000,-
900, not that tho three items should
BE- at all cumulative. hut that the
treasury should have the power "a
finance the governments operations
IN the most economical way
II may be desirable TO adopt all
ot these methods In succession" Mr
Glass said, conditions In April might
b. such that II would he wise 10 Ia
sue n short-time note bearing n rel
ahvely high rate OF interest and
carrying with II the privilege ~ con
'eralan into bonds bearing interest
~ lower rate and having n longer
maturity On tho other hand II
might be desirable To make an a err
native offer of bonds and notes
p lsavlng The subscriber n choice be
ween the two.
am by no means convinced that
conditions will be such In April as
70 necessitate an Increase In tho In
etest rate over that provided In ex-
sung lnw Ia an important extent II
CONTINUED on PAGE THREE.