The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1919-02-14

MUST MAKE BONDS
MORE ATTRACTIVE:
Secretary Glass so Tells Con-
gress in Asking for 4,
IN Wider Powers = 81
M'ADOO ESTIMATE +
NOT BIG ENOUGH
Continued Expense of Government In
dicates That Next Issue of S5,0oo,-
100000 VIII Not Be Sufficient to
Take Care of war Expense. 81.

100000 VIII Not Be Sufficient to
Take Care of War Expense.
WASHINGTON, Feb. I4.--Secretary
Glass yesterday told the house ways
and means committee that it was APP
parent something must be done to
make the bonds or notes of the Victory
Liberty loan more attractive than their
predecessors, and asked thatsepngress
give him authority to fix interest rates
md determine exemptions from. taxa
ion according TO financial conditions
Existing when the loan is ,floated in
April. s.-.e
lie also urged that authority be given
the war finance corporation to make
advances to exporters MOI to exceed
$1,000, 200, and that the parpose- for
which the treasury may make Ieans to
foreign governments be braatened. Mr.
Glass said both provisions dwere neees-
sary to restoration of the-eeuntry i for
cign trade and would be mutually help
| ful to this government and. the allies.
| Mr.. Glass told the committee that at
he rate disbursements were being
made it was apparent that only a.rad-
| zeal reduction in the remaining months
of the fiscal year could bring the wear IS
expenditures within the $4,000. 100000
which ex-Sec. McAdoo had hoped would
cover the governments expenses Cash
! disbursements during the first 10 days
i OF February showed a@verv crafty
| ing decrease but Mr.. Glass pointed
out that heavy payments on informal
war contracts were being held in
allegiance until congress acted on pend
/ ing legislation affecting them.
Under these circumstances and with
la floating debt of $4,000, 100000 in
treasury certificates increasing APP
lproximatelv 1,400, 100000 4 month, he
! thought the COMMITTEES would not be
surprised by his recommendations Cor
authorization of an additional $1,000
100000 Issue of bonds There remain
missued under previous legislation
slightly in excess of $5,000, 100000.
1T is needless to say that the treas
ury does not contemplate the issue in
connection with the Victory Liberty
loan of any such amount of bonds a
S10,000,000. 600. Mr. Glass said, add
ling that sit seemed wise o suggest al
increase to-a figure which, would seen
20 represent the maximum possible
amount of the bonded debt growing
out Of the war.
As IN alternative TO the issue o.
bonds, he suggested authorization of al
! issue of notes limited to 100000,
600 and an increase in the maximum
: amount of treasury certificates from
s., o00,000,000 TO s1es1p0 0oQ,09o,s ne
not that the three items slfeo4d be a
all cumulative, but that. the treasur,
! should have the poNfa. "a. finance. Eh'
government 5 operations N the mos
economical way.
!, = 1t may be desirable to adopt all 0
these methods iiEsuecessfeus Mr., has
said Conditions IN April might b
such that it would bps wise to issue
short-time note bearing a relatiyel.
: high rate of interest and carrying Wit
| il the privilege of conversion into bond
i bearing interest at lower rate an
having a longer maturity. On the othc
! hand, it might be desirable TO. make a
!, alternative offer of bonds and note.
leaving the subscriber aeho1ce betwee.
the two.