OCR Text |
Show Hffljl PUNS FOR i den ate Committee on Irrigation Will Favorably Report Bill to Raise $30,000:000. DETAILS ARE NOT YET - FULLY WORKED OUT May Be Bonfl Issue or Certificates Certifi-cates of Indebtedness; In Either Case Effective. i : By -Associated Press. WASHINGTON, .fan. 22. Certificates Certifi-cates of indebtedness or bonds in the amount of $30,000,000 to rniso monoy "to complete and properly extend reclamation re-clamation projects already begun" will bo authorized in a bill fo bo reported from the sonata commitleo on irrigation, irriga-tion, probably on Monday. A tentative draft of the bill was completed today. It is possible that this may be changed and bonds authorized author-ized instead, it was announced. A Jong and interesting session was held by tho committee in which was" fought out tho question of issuing bonds or certificates of indebtedness. The principle on which the proposod legislation legis-lation is based was .presented by Senator Sena-tor Borah in a. bill providing .for tho authorization of a $.".0,000,000 bond issue. This measure was prepared hy him after a conference with President. Taffr and Secretary Ballingor, whilr (lie president was in tho west last sum- . mcr. House May Balk. The majority of tho committee voted in favor of certificates onlv after it was reported, hy Chairman barter that Spcakov Cannon belioics it would bo impossible to got a bond issue through the house. Mr. Borah said he would be -willing to accept the changu if tho majority .of tho committee obtained assurance over Sunday that a bill providing for tho issuance is-suance of certificates would pass the house. Jf favorable house action is uncertain, un-certain, Senator Borah will oiTcr a majority ma-jority report providing tho proposed bond issue. "Whether certificates or bonds -arc authorized the securities 111:13 be issued is-sued ns needed up to a limt of $S0,-000,000 $S0,-000,000 and will draw 3 per cent interest, in-terest, payable quarterly. Tho payment pay-ment will "be guaranteed by the government gov-ernment out of the reclamation fund. Mr, Borah and supporters of a- bond issu beliovo that form of security w.ould bo tho most readily marketed. |