The Cordova daily times., 1921-07-23


 compensation bill. It is safe to say that a majority of both houses of congress are in favor of some ac- tion along the lines of this bill. The American Legion itself is not unani- nous on the question, although 36 of the total state organizations are in favor. small number opposed. and the remainder in the position thai they will not oppose.
 The present secretary of the treas. ury and his predecessor both op posed the measure on the ground that 1t was not sound financing, and if passed the country would be un- able to meet it's maturing obliga. tions. They point to the fact that the floating debt maturing before May, 1923 is s2.500 JJ0.000 On January l, 1882, In addition, will ma ture S00.000,000 of war saving cer- tificates. In May. 1923, the Victory loan will mature and the government will have to pay $4,250,000, 900, mak. ing almost seven and onehalf bill. lions of dollars to be paid within the next two years. Also the gov ernment must raise between four and five billions of dollars each year to pay ordinary running expenses of the government, making approximate. ly r billions of dollars to be raised within the next two years. On top of this the country is facing the fact that because of the business depres- sion the income derived from the ly decreasing. As an example the excess-profits tax amounting in 1919 20 to approximately two billion. for l92l-22 is estimated at eight hun dred million. It is also plain that any further bond issues would have to be sold at q higher rate of in terest, that present values of Lib erty bonds would be corresponding. ly depressed, and taxes further in creased with a resultant further de. pressing effect on general business conditions
 In addition to the amounts apDro- priatod for the purpose of the bill. the report of the ways and means committee of the house accompany ing the original measure passed in May 1920, said that in order to carry out the provisions of the brI. a further appropriation of a billion and a quarter for administrative purposes will be necessary.
 The advocates of the bill main. tain that Canada, Great Britain. and even France with its staggering debt of forty billion, have already passed laws for adjustment of compensation to oX-scrvicc men. In answer to this it is claimed that these coun- tries have been unable, partly be. cause of such bonus bills, to pay their maturing obligations, and in cases not even able to pay interest due The allied nations owe this country over nine billion and it is unlikely that they will be able to pay for years.
 It Is further contended that the bill renders nothing but simple justice to the veterans, in an attempt to equal tzo the compensation of the veterans with the earnings Of those who re- maincd at home for one reason or an. other, and had the advantage of the high wages paid during the war.
 The foregoing is written not as an expression of the views of the local chamber or the writer. but simply as an attempt to set forth in simple language the entire problem now facing the country. There is no di. vergence of views anywhere as to the debt due to disabled and in capacitated veterans. and there is unanimity of criticism because of the governments failure to ade. quately meet this situation.
 Respectfully submitted,
 EDWARD F. MEDLEY. Secretary Cordova Chamber of Com.
 merce.