The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-02-11
TEN BILLIONS ! !
. IN BONDS WILL.
SOON Be ISSUED
GLASS ASKS CONGRESS s.
FOR AUTHORIZATION.
Bonds Have Been Authorized.
But Never Issued by
the Government. $


increase the amount Of Liberty bonds
authorized but unissucd 10 approximate.
ly 100000 600 900 and to give him broad
powers to determine the interest rate s
and other terms Of the Victory Liberty
loan. to be floated late in April. Her
also sought permission to Issue not more
than $4,000. 100000 Of treasury notes,
maturing within five years, and asked
that the war finance corporation be au.
thorized for one year after the dcclarn-S
tion of peace to make commercial towns J
on reports to facilitate foreign trade
In q letter to Chairman Kitchin OF
the house ways and means committee
Secretary Glass outlined the broad polt.s
cies which the treasury hopes to follows
in dealing with war loans and other
national financial subjects Of the read:5
justment period. %.
The secretary submitted a draft OF a.
bill which would carry out the treasury
recommendations. Specifically. this blli
would accomplish the following results:.
Raise from $4,000, 600. 600 to S1o,00os-,
00O, 900 the authorization for the Victory
Liberty loan and permit the treasury 10
determine what part Of this sum should
be sold. 7:Gis
Permit the secretary Of the treasury!
to determine interest rates on bonds
maturing within 10 years. or the next
Liberty loan. instead of limiting the
rate to ~ per cent, as provided In the
present law. .t..i5
Permit the issue Of not more than
10 billions Of interest-bearing, pon-cir.s
culating notes, having maturities from:
one to five years. These might be sold I
along with bonds Of the Victory Liberty
loan. &C
Authorize the issue Of bonds and notes!j
payable at premium. az
Exempt war savings certificates from
income surtaxes. So,
Confer on the secretary Of the treas.
ury authority to determine the tax ex.
emption in respect to future issues 1T!
bonds and notes. and to. enlarge tax ex.
emptions Of existing Liberty bonds; In,
the hands Of subscribers for new bondSt
and notes. S3S
Reopen the privilege of converting 7 &
per cent Liberty bonds into AIS. This!;
privilege expired last November 8. 80
Create a 25d per cent cumulative sink
Ing fund for retirement Of the war debt :
Extend the authority Of the war !
finance corporation to permit 1t to make
loans in aid Of American commerce, sup
plementing the aid given by the treasury
on direct loans to allied governments,;sc
and in q measure relieving the treasury.
Of demands for such loans. }sS.
Permit the continuation OF loans ~
allies after the war. s
Exempt from income surcR1eS ana
profits taxes all, issics Of Liberty bands
and bonds Of the war finance CORPORA
tion held abroad. ~ 22i.t.:sIs 22i.t..:ssI
AS the reasons for asking such Vide
authority to determine terms OF the !,
Victory Liberty Loan. Secretary GlaS19
explained In his letter to Mr.. Kitchin,s
that he could not determine this far In S
advance, particularly because tho coun.25
try was in state OF commercial andly
industrial read1ustmcnt. what the terms (;
should be in April. Furthermore. II; 1Sgs
necessary for congress to act before ad-s5
journment March 4. .s5s;rS
The Victory Liberty Loan could not;
be issued successfully. now that hoSull.I
ties have ceased. within tho limitations
imposed by existing laws" said NJ
Glass. ;5:Els;
He also declared that restorationgofsj 4
normal financial conditions in tAetg
United States would be facilitated byE;
en- enactment Of pending legislation per-ff,
mitting liquidation Of claims arisingS
under informal war contracts, and ems
ablIng the food administration ito pro- 1.
tect the guarantees given by the United y
States" Il
Mr.. Glass expressed hope that .tnaccs
operation of tho laws Of supply and de-.i
mand regarding foodstuffs would soon} !.
cause reduction in the cost OF living and 4,
warned against artificial retardations: OF s;
the process of falling prices and creditH
contractionS. ....:::sS4::..
Buying will not begin and activity
tn ho mr. nnfcn unnflfSs.
the community at large is satisfied thAti
prices have reached bedrock. se:-5s
II am sanguine enough to belieyesa:
that it Is within the range Of the posot
Bile that so much may have been accom-
plishcd on the lines above indicated be-
fore the expiration Of two months FROM
now that the whole situation will have
been changed, and that we may look foeSsa
ward to the successful issue OF the YIc-a5A
tory Liberty Loan on terms which to.S@
day would seem impossible" "a
The proposed extension Of powers off,
the war finance corporation would allow.
the corporation for one year after tnof-i
Of peace to make advance14s
To business firms or exporters N thr.y
United States, up to the market valu9s
OF the goods exported. or to banks whichS$
had made advances to those fntere1tS.
Inc loans "OuiO lOI HOI lhNskJyS
five years, and the aggregate would btla
limited to n billion dollars. BY thlg4
means the treasury hopes to stlmulateAs
foreign trade which is now preventedsS:
because OF the inability OF foreign pur.sS;
chasers 10 pay cash. The advance madA2s
TO bank would be limited to the un-is
paid balance Of loans. previously madsE q
to the business interests. Ample secur.
ity would be required and interest ratesS
would be determined by the corporation.s2
Extcntion OF loans into peace time1sS
also serve to stimulate foreign trade. thsS
treasury believes. y ~:
Through tho sinking fund provisionS
the treasury annually might buy out:E$s
right. redeem before maturity or paIS@l
On maturity Liberty bonds up to IN
per cent OF the amount outstanding sun1SY
year after the end OF the war. Thl1sss
would establish a. real sinking fnnAss
which the United States has never had 81
Tor cancellation OF it's public debt s q
Crowd Demands Release