Fifth Liberty Bond Bill. Hearings ... on H.R. 16136, Feb. 25-26, 19191919 - 54 pages |
Common terms and phrases
44 per cent additional exemption amount Ariz authority bankers bill billion borrow cent bonds cent sinking fund certificates of indebtedness CHAIRMAN Chile Congress credits debt dollars estimate EUGENE MEYER exemption from taxation expenditures export trade Finance Corporation fix the rate foreign governments foreign loans FRANKLIN give going higher rate holders interest rate investment investors issue of bonds January 31 LA FOLLETTE LEFFINGWELL less Liberty bond act long-time obligations maximum Means Committee ment MEYER Mont month neutral countries nonresident alien individual note issue o'clock p. m. old bonds outstanding paid back privilege of conversion provision purchase rate of interest RATHBONE refunded respect second Liberty bond Secretary securities sell Senator GORE Senator LODGE Senator MCCUMBER Senator PENROSE Senator SMITH Senator SMOOT Senator TOWNSEND Senator WILLIAMS short-time obligations situation sold statement taxes tion to-day Treasury Department United War Finance Corporation
Popular passages
Page 35 - ... countries associated with us in the war have used up an important part of their resources in the long struggle, especially when we consider their resources from the point of view of international trade. They must economize nationally, and work to regain their lost peace industries as must we, as well. They have endured a longer and greater economic and financial strain than we. Left to the limits of their own resources, it will take them a long period to build up their international commercial...
Page 37 - States, for the purpose only of providing for purchases of any property owned directly or indirectly by the United States, which is not needed by the United States, or of any wheat, the price of which has been or may be guaranteed by the United States.
Page 35 - ... international commercial relations. Unless we extend credits to them, they will be unable to buy from us largely until they can restore their exports and sell to us and others. We need at once, and on a large scale, an outlet for great quantities of our products. We cannot sell if we demand payemnt now, because our customers have neither the gold nor the goods nor securities marketable in this country with which to make payment. We should put our people in a position to extend credit for long...
Page 44 - SEC. 2. (a) That until the expiration of five years after the date of the termination of the war between the United States and the German Government, as fixed by proclamation of the President, in addition to the exemptions provided in section 7 of the Second Liberty Bond Act in respect to the interest on an amount of bonds and certificates, authorized by such Act and amendments thereto, the principal...
Page 35 - It is not designed to displace private enterprise or to put the Government permanently into general banking business. The amendment is limited as to time and as to purpose. It is intended, primarily, to help our own industry, our own labor, our own finance, and thus our own national well-being.
Page 16 - Committee on February 13, 1919, the Secretary made a number of specific requests in connection with the forthcoming Victory loan, including the request that the interest rate ceiling be removed for notes and for bonds having maturities of less than 10 years. To withhold from the Secretary of the Treasury the power to issue bonds or notes bearing such rate of interest as may be necessary to make this refunding possible...
Page 16 - ... loans] might result in a catastrophe — the Secretary stated. He added that : To specify in the act the maximum amount of interest at a figure sufficient to cover all contingencies would be costly, because the maximum would surely be taken by the public as the minimum.
Page 33 - Credits established since the armistice brought the total as of May 8, 1919, to $9,288,829,124.27. The victory Liberty loan act of March 3, 1919, provided that until the expiration of 18 months after the termination of the war as fixed by the proclamation of the President, the Secretary of the Treasury with the approval of the President may, in addition to the credits authorized by the...
Page 35 - Even long banking credit, as long as a year, would not meet the situation, because foreign countries can not with sufficient confidence foresee ability to pay within a year. But credits of longer periods than one year are beyond the realm of ordinary banking. This bill is designed to meet this unprecedented...
Page 15 - Congress ought to do that and I do not think there is going to be any evil results follow from doing it, either.