New-York tribune., 1920-02-01
Report Bill for
30 Millions Aid
To War Victims
Ways and Means Members
Ignore Protest of Repub-
lican Steering Committee;
Fight OH Floor Expected
First Relief for Austria
Opposition Expressed in
Senate; Four Billions i'm
Foreign Loans Asked Here
Ne1r York Tribune
WASHINGTON Bureau


WASHINGTON, Jan. 31.-The House
Ways and Means Committee to-day re-
ported favorably the bill to provide
credits Of S50,000,000 to European
countries for food relief. Efforts of
the minority to fix the amount at $685.
100000, as asked by Secretary Glass,
we're defeated in committ@ee.
The action of the committee in re-
porting the bill favorably was in dis
regard Of the protest of the Republican
steering committee, made at a meeting
early in the day, in which the steer
ing committee members insisted that
Congress had no right to give money
away. AS result of this break, it is
expected that the bill will be fought
hard when it comes up for considera-
ton on the floor of the House Monday
or Tuesday of next week.
Although it is believed that the re-
lief will go principally to Austria,
Poland and Armenia, the committee de-
cided not to name these countries
definitely in the bill. but to let the
Treasury Department fix the distribu-
ION Of the funds. The committee ex
messed its preference that the first aid
20 to Austria, Armenia and TO the city
OF Budapest, in Hungary.
While legislation to extend further
financial assistance TO European ma
tions has not yet reached the Senate.
the subject came up for brief discus
sion on the floor to-day, and the com
that the Administration proposal for
such aid Will go through that body un-
changed.
While the debate was going on the
Senate received q letter from Secretary
Glass, of the Treasury, in response to
q Senate resolution of last October,
giving such information as he had been
able TO obtain showing foreign loans
attempted to be foated in the United
States since August l, 1914, not taken
by the United States government. No
total was given for the loans. but it
went well over $4,000 600 900 without IN
cuding Russian bond issue of two
billion rubles authorized in February,
1916. but about the disposition Of
which the report from Mr.. Glass made
no comment. OF this about S1,500,000
apparently has been redeemed.
In making the report Mr. Glass said
the figures were based on information
which the Treasury has rcceived.'
The report continues: "The Treasury
completeness of this information, which
was received principally from unoff-
cial sources. The Treasury is without
information to show what proportion
Of such obligations offered in this coun-
try was purchased here
Table Gives Details
The table shows about 81 1,200,00O0OO
foated by the Dominion of Canada and
eby Canadian cities; about 81 100000
1000 which Great Britain and English
cities attempted to float the Anglo
French loan of 100000, 600, and the
rest in smaller amounts sought by
other nations. The offerings ran for
various periods, the favorite being
five years and the interest rate varied,
but most of the Offering were made at
). per cent or az per cent ]. P.
Morgan & Co., the Bethlehem Steel
Company, the Duponts, the Remington
Arms Company and many other finan-
cal institutions were named as ham
ding the bonds.
In bringing up the discussions on
financial aid to Europe Senator smith.
OF Georgia, said: There is now due
the United States from European ma
tons 1925. 100000 of interest. None or
the accrued interest has been paid and
the plan is. understand, to defer for
few years the collection of the in
terest. Great Britain owes us $l44,-
44O,S3T interest.
This may relieve the minds of those
who are still disturbed on the theory
that we have done nothing for Europ-
can countries and that the RESPONSE
bihty Is still on us to do something
ior them lest we might be considered
slackers in our treatment of European
interests"
Senator King. of Utah, Democrat,
SAID the financial condition of Europe
mas not been exaggerated by those who
say 1t is on "the verge of Bankruptcy"
! don't feel like indulging in criticism
Of o.. European nations" said Senator
hlng, because of their inability to
pay principal or interest Of the obliga-
tlons they owe US"
Would Stop CoddIing Europe
;, The Georgia Senator suggested that
II Great Britain would pay the interest
Sne owes fha I'pita6 C+o+ac