nary army of 500,000 men, to be
followed by a second draft of the same number, to enable 1,000,000
Americans to help the Allies defeat Germany.

The Bond Bill passed both houses of Congress without a dissentient
vote within eleven days of the war declaration and five days of the
bill's submission. The Administration sought authority for an issue of
$5,000,000,000 bonds, to be raised by public subscription, and
$2,000,000,000 bonds in Treasury certificates of indebtedness, the
latter to be redeemed in a year by the aid of new war taxation then
expected to be available. Both bonds and certificates bore 3-1/2 per
cent interest. The main portion of the five-billion issue, or three
billions, was apportioned as a loan to the Allies, in the disposition
of which the President was to be wholly unhampered. Securities at par
to that amount were to be acquired from the various foreign
governments to cover the loan. Representative Kitchin, in presenting
the bill to the House, described it as representing "the most
momentous project ever undertaken by our Government and carried the
greatest authorization of bonds ever contained in a bill submitted to
any legislative body in the world." The only material amendments made
limited the loans and the acquisition of foreign securities as
collateral to the period of the war. The House passed the measure
after two days' debate on April 14, 1917, by a vote of 889 to 0. The
Senate vote, three days later, after a day's debate, was 84 to 0. The
various factions in both Houses, which were hostile to the
Administration's policy before war was declared, dropped all
partisanship in their eagerness to support measures for prosecuting
the war now that the die had been cast.

The War Revenue Bill was less easily disposed of. It bristled with
contentious points bearing upon the most equitable ways and means of
raising supplementary imposts to meet the first year's war outlays. As
submitted to the House it was designed to raise a revenue of
$1,800,000,000; but the barometer of the Treasury's needs kept rising
and presently stood at $2,250,000,000 as the amount needed to be
raised by the bill. The House hurriedly passed a loosely constructed
measure, taxing practically every industry and individual, especially
the incomes of corporations and men of wealth. It raised all tariff
duties and abolished the free list by making the exempted articles
subject to a duty of 10 per cent. The House accepted it as a w