The Birmingham age-herald., 1920-06-11

New York, June 1o.-(special)- )-Unless the Congress should be summoned into extraordinary session by President Wilson it will not meet again until the first Monday in December. That will be the beginning of the short term. for the life ef the present Congress will expire on in- auguration day, 1921. Undoubtedly the newly inaugurated President will immed- lately summon the Senate in special ses- sion for the purpose of acting upon nom nations, that many may be sent to it for confirmation or disapproval. There seems to prevail the belief that whether the next President be republican or dem ocrat he will find it advisable, even necessary to summon the new Congress which is to be elected next November into special session. For while business leaders and those who direct large tinan- cial operations have usually felt d little easier when Congress is not in session, yet these leaders believe many matters of utmost importance, business, financial, international trade. even the new tariff, should receive as early attentions as pos sible from Congress. Therefore, it may be that the newly elected Congress will be called into extraordinary session in the spring, and if it is the probabilities are that 1t will be in continuous session until the regular meeting in December, 1921.
 It will be a long time to wait for much needed legislation if the new Congress be not assembled in the spring of next year. Even if it be called into extra ses- sion, at least twelve months will elapse before the new Congress will find itself busily occupied with the consideration or important legislation.
 WILL THEY REFUND LIBERTIES
 One of the propositions which the new Congress will be called upon to consider is the funding of the Liberty Bonds. and so refunding them that the bonds will have a long time to rup and bear much higher rate of interest than any of the present Liberty Bonds carry
 As the winter session of the present Congress lasts only three months, and as it will be chiefly occupied with the con- sideration of the appropriation bills, II will have no time to take up the question oe the refunding of Liberty Bonds. Sen timent seems to be growing throughout the country in favor of funding the Lib- cry Bonds. Already the suggestion has been made by some of the leaders in finance that these bonds be funded into bonds which will have life of 100 years and carry at least per cent interest. If that were done, it would make these bends almost similar to the English con- sols. For the life of 100 years for bond is almost equivalent to.a permanent loan. Of course, there are many things to be considered before Congress enacts legis- lation for the funding of the Liberty Bonds, but the belief is strong that were appropriate legislation to be enacted the result would be that the present-day hold CTS of the Liberty Bonds, having ex- changed them for the longtime refunding bonds, would speedily find that the bonds are quoted at par or better, and be classed as among the best of the perma- nent investments.
 THE QUESTION OF THE TAVES
 Then again the new Congress must give serious study to the subject of taxation. All the authorities and very many of the people are persuaded that the present tax