Norwich bulletin. [volume] (Norwich, Conn.) 1895-2011, 1922-02-01

washington. Jan. s1.-The bill au-
fhorizing the refunding Of the eleven
billion dollars foreign debt into securi-
ties maturing in not more than twenty
hve years was passed tonight by the
senate.
The vote was 80 10 %. Final enact
ment OF the measure must await adjust
ment OF differences between the house
and senate which IS expected within a
week or ten days.
Three republicans. Borah. Lafollette
and NorriS joined with the solid demo
cratic minority in opposing the bill.
Cnder the terms OF the bill COM
mission Of FIVE members. headed by the
secretary Of treasury. would have au-
thority. subject 20 the approval Of the
president. 10 refund or convert, and to
extend the time Of the payment OF the
principal or tho Interest or both, of the
foreign debt.
The GATE Of the maturity Of the obiisa-
tions accepted by the commission could
not extend beyond June Is. 1s47.. and
the interest rate could not be less than
Ia Der cent. Bonds Of one foreign
government could not be accepted for
those Of another nor could any part OF
The foreign Indebtedness be cancelled.
The lie ~ the commission would be
three years from the dste OF the appro-
ral Of tbs act and the members other
than the secretary OF the treasury would
be appointed by the president, subject tc
confirmation by the senate During it:
life the comm izsion would he required tc
male annual reports 70 congress at tbs
b~- ming Of each regular session in De
-emher.
Ouly members of the cabinet and o
congress viii he appointed on the dbe
commission. according to Senator Wat
son. republican. Indiana. who told tn
senate during debate today that, al
though he was not authorized by IN
nrssiden, to make such an announce
mert he nevertheless knew that this wa
Inc presidents intention.
Aside from the section proposing tina
interest on the refunded debt be not les
ftsn - per cent. which was added a
A amendment fro mthe finance cemmlt
zee. the oniy important change made /
The bill BY the senate was the ilimins
zion q = pro-ision which would har
given the commission authority TO settl
and refund any claims which the Unite
States hereafter might have had agains
-anv foreign government
Efforts 10 add soldiers bonus pre-
vision 20 the measure 10 limit the au
fhorisy OF the commission in deferrin
interest payments and TO require cor
Eressioral a7prs al OF the bond CONVEX
sion agreements failed The senate d
adopt. however. an amendment by Sens
tor Walsh. democrat Massachusetts. r
nui-inE the commission after the COZ
r'usion of each refunding negotiation
report fhr results TO rhe senate. Sen;
TOP Walsh exclaimed that the object wi
n give -'pili3esS publicity to the VOL
Of fhe commission.
During Tire - than a week of deba
Z wss charEee from both sides OF Il
-harbsr that II was the purpose to def
Interest payments for a number of yea
IN the interest of private holders in tn
country OF $1,000 90n 600 worth Of bon
~ sou-e Of the debtor nations. 1t al
was charged that n tn. interest pa
fnenfz could be deferred for number
vears the way might be cleared for L
canceiiinz Of the whole debt, princip
srl interest
These contentious were denied
those IN charge Of the measure. VI
stated that Il was necessary to give t
commission latitude in the matter Of t
time % interest payments. because
y the debtor nations could not beg
payments AZ the same time. The sens
rzs told that the treasury depsrtme
expected Great Britain TO begin its
,efes, payments in a short time. hut n
,n the ease OF some Of the newly Great
Nations interest payments might ha
20 he deferred for as long as ten yea