WAR LOAN BILL PASSES CONGRESS, AWAITS PRESIDENT WILSON'S SIGNATURE
Washington, D.C. (JFK+50) One hundred years ago today, April 23, 1917, both houses of Congress approved the War Loan Bill and sent it up to the White House for President Woodrow Wilson's signature.
The Treasury Department, after today's meetings between Secretary McAdoo and members of the Federal Reserve Board, announced Great Britain would receive the first loan. The Secretary was to provide the amount and details in the coming days.
It was known, however, that the loan would not be offered in one lump sum, but in individual installments. The U.S. will accept British bonds with 3.5% interest as security.
Great Britain was chosen to be the first loan recipient because she bore the greatest financial burden for the Allied nations since the beginning of the world war.
"Britain To Get First Loan by U.S. To Entente," The Chicago Daily Tribune, April 24, 1917, www.archives.chicagotribune.com/