| Show GLASS ASKS FOR BROAD POWERS ON NEXT LOAN Victory ry Bonds Must Have Added l Attract Attractions ons Says I Treasury Head I Wa Washington ashington I agton Feb 1 13 l- l Secretary I Glass toda today told the lie House ways as and I means means committee that It was as apparent something must be done to mal make e the I bonds or notes of or tho the Victory Liberty i I loan Joan more moro attractive e than their predecessors I and asked that Congress give I him authority to fix Interest rates and determine exemptions from taxation according to financial condi condILl conditions ns existing exist ing when the tho Ioa loan Is floated d in April ad of the he nations nation's financial sy Jn la Ur Urd ed lJ be bege ge Che the tho war finance corporation to tomake make advances to exporters not pot to exceed ex cx- and that the tIre purposes purposes pur pur- poses for or which the tho treasury ma may make e loans Joans to foreign governments gO be bc broadened broadened broad broad- ened Mr tr Glass said both provisions were necessary to restoration of ot the country's foreign trade and would bo ho mutually helpful to this government and the tho allies Radical Economy Economy- Needed Mr Ir Glass told the committee that at nt atthe the tho rate disbursements were being mado it was apparent only a n. radical reduction In the tho remaining months of oC tho the fiscal year ear could bring U the e years year's expenditures within the which Former Secretary McAdoo had hoped would cover er the governments government's I expenses Cash disbursements during the first I ten days das of or February showed a a. aerY very erY gratifying decrease but Mr Glass Glas pointed out that heavy payments on Informal war contracts were being held hellI In abeyance until Congress acted on omi pending Under these circumstances circumstances circumstances cir cir- and with a flowing debt of oC in ui treasury treasur certificates In IncreasIng Increasing increasing In- In creasing approximately 1 a 3 month he ho thought tho the committee would not be surprised by lIy his recommendation ion tion for Cor or authorization of or an n additional Issue of ot bonds There Thero remain remain re remain re- re main under previous legislation legisla tion Uon slightly In excess of or Maximum Figure J Gh Glen en enIt It It Is needless needles to say that the treasury treas ury does not contemplate the tho Issue In connection with tho the Victory loan of ot any such of or bonds- bonds as Mr ir Glass said addin adding that It it seemed wise Ise to suggest an Increase In- In creaso crease to a figure which would seem to represent tho the maximum possible amount amounts of ot the bond bonded d debt dbl growing out of or the tho war As s an alternative to the Issue of ot b bonds ho he suggested authorization of or orun un an Issue of or notes limited to and an Increase In the maximan maximum maximum maxi maxi- mum man amount of or treasury certificates from to not that tho the Items Hems should bo be at nt atall atall all cumulative but that the treasur treasury should have luo the power to finance th thi governments government's operations ii In tho the most economical way It mil may be lie desirable to adopt all an of oC these methods In succession Mr tr Glass Class said salcI Conditions in April might besuch bo bl such that lint It would be wise to issue a time short-time note bearing a high rate of or Interest and carrying willIt with will It the time privilege of oC conversion Into bonds bearing Interest at a lower rato and having a longer lons-er maturity On theother theother the tha other hand it might be bo desirable tomake to tomake make male an alternative o offer of oC bonds anti and notes leaving the thc subscriber a choice between tho ho two I I I r |
