Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-07-12
Bonus Law At Present
Would Greatly Affect
Financial Stability,
Says The President
Continued From Page ~

the nations defenders; and, If the
exercise OF the option should call for
cash running into, billions the depres-
sion in finance and industry would be
so marked that vastly more harm
than good would be done.
"No government fiat will pay our
bills" the president said. 1.-THE ex-
| changes of the world testify today to
that erroneous theory"
Mr.. Harding pointed out that the
government 0 was obliged to pay
5 ga per cent interest on short time
loans and that definite obligations of
lture within. wv years following.
Would Mean Disaster.
"Overburdening of the treasury now
means positive disaster in year, i'm
mediately before u.s." he said.
interest prudence calls out in warn
ing"
The world Slump" was inevitable
as an aftermath Of war, the president
said, adding that "the only, sure way
to normally is. over the paths nature
has marked throughout all human ex-
~perience." The executive branch, he
said, was driving toward that de-
creased expenditure which is the most
practical assurance of diminished
taxation.
II can make you no definite prom
ise in figures today" he said, but I
can pledge you a most conscientious
many millions. 1t would be most dis
%couraging to those who are bending
their energies to save millions to have
congress add billions to our burdens
at the very beginning.
even were there not the threat
ened paralysis of our treasury, with
its fatal reflexes on all our activities
which concern u prosperity, would
it not be better to await the settle
ment of our foreign loans?"
The president said that while the
United States participated lin none
Of the distributable awards of the
will a when restoration is wrought.
IF the restoration fails, world
bankruptcy attends" he said.
Much Aid Given.
Mr.. Harding said he would not urge
bill to committee, If it bore the
merest suggestion of neglect or a hint
Of national ingratitude." He re-
capitulated some of the things which
have been DONE for the veterans, say
ing that more than TOO, 900 claims had
been adjudicated by the war risk. in
surance bureau to July Z at an ex-
penditure of $471,946,762. They work
Of the bureau would be current by
%plications for medical examination
had been received. the president con-
tinued, and less than 14,O00 awaited
medical attention, while on July Z,
26,237 disabled soldiers had been
e"hospitalized" in government hos
pitfalls which contained 5000 unoccu-
pied beds. In addition. Mr.. Harding
been paid out in allotments and al
lowances and nearly four millions of
government insurance was in force.
Vocational Training.
The president; also recited figures as
to vocational training OF disabled vet
Grams and added:
ut is inevitable that our obligations
will grow, and grow enormously. We
never have neglected and never will
neglect the dependent soldier and.
there is no way to avoid times re-
rnorseless classifcations."
The president. recalled that when
the special session was convened, he
had drawn attention to urgent meas
ures which demand consideration.
you promptly provided the emery
ency tariff, and good progress has
been made toward the much needed
and more deliberate reviaion OF our
tariff schedules he said. There is
confessed disappointment that SO
progress has been made in the
readjustment and reduction OF war;
time taxes.
II believe you share with me the
earnest wish for early accomplish
ment."
The president said congress would
not .'sit and ignore other problems OF
legislation" but that he had not come
to discuss those"
TT want to emphasize the sugges-
ton he said in conclusion, that the
accomplishment of the major tasks
for which you were asked to sit in
extraordinary session will have a Ne
assuring effect on the entire country
and speed our resumption Of normal
activities and their rewards which
tend to make a prosperous and happy
people"
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