The Cordova daily times., 1920-12-24
PUBLIC DEBT IS DISCUSSED
 BY CONGRESS
BY COL. WINFIELD JONES

1 N---N. representatives. as well as finan' ceers in the big money centers.
 The tresury could learn lot about handling the public debt of the coun- try by studying the financing of any successful corporation. Whenever a sound and well managed corporation of any size finds it necessary to con- tract a large volume of debts it simply issues bonds for the sum needed The bonds extend over a period of years. The bonds are not issued except in case of swindies, unless the corporations earning pow CT shows a good probability that the interest will be paid and the bonds retired or taken up at the end of the term of years for which they were issued. The corporation then makes a definite plan of liquidation whereby out of part of the gross earnings definite sum is set aside annually to accumulate the necessary money to retire the bonds when they become due. The sinking fund is always made a charge against the gross earnings of the corporation The entire plan is designed to meet the corporations obligations, that is 1 the bonds, when they are due. with as little hardship as possible. It is a simple and practical method to con- tinue in prosperous manner the af' fairs of any big corporation.
 l The same plan can be applied with advantage at this time to the public debt of this country least to that part which was incurred by participation of the United States in | the world war This now amounts as far as bonds are concerned, to s2O, ,OOO 100000. These bonds are now held by about 24,O00000 people. The bonds vary in kind and market price Some are quoted at SS5 to $95, ap proximately, when their par value IS $100. and that sum was paid for them by the holders. who have eth CT pocketed the loss, difference be- tween par value and the market val ue. if they sold their bonds. Those who are still holding the bonds have suffered the same loss on paper of those who sold them because the bonds are only worth the market price.
 It may be said that the ordinary war bond holder cannot understand why when he paid S100 for United States bond, at par, that now the bonds are only worth from $S5 tc s95, according to the issue and kind
 Congressmen believe the time has now come for refunding the world war debt of the country. A fixed policy should be formulated for car rying it over a term of years ana for it's eventual amortization. The next congress cannot possibly under take more meritorious fiscal leglsla tion aside from the reduction of the taxes. and a new tariff that will not only produce considerable revenue tc aid iu reducing the tax burden, put which will protect American labor farmers, and manufacturers.
 It is possible for congress to SC refund the war debt that the mll lions of citizens who have lost on their bonds will recover these losses Such legislation by congress would not only enhance the Creolt CT 'h' federal government with all cltlzens but it would certainly make TOT greater financial stability ill all busl ness affairs. It is the general opin inn in congress that such refund ing plan should be so constructeo that all outstanding war oonus would be immediately brought tc ! M
 losses of those who still hold pres ent bonds will be recovered, It ls true, under such a plan. the spec ulators who have brought up nm mense qualities of the bonds no" outstanding below par would pro' immensely by the increased marke value of the news bonds, but mll lions who are still holding on to th' bonds would recoup theT pape losses, which of course become req losses when the holders are torce' to sell. It would also be only simpl justice on the part of congress ant the government to arrange such refunding of the war debt. Ever.
 one of the purchases of a $1o0 bon' it I>ol;oyinc that hack Of