The Washington times., 1922-07-16

those bonds at as much as 20 per
cent below par-anotffer loss from
his own pocket? ..g
"Stin the Government provided a
yearly bonus Of $240, or $40 monthly,
for every civilian employe. can
not understand why a man who
skouldered q rifle in defense OF his
country should not be entitled to the
same equality and liberaiity of treat
ment as the man with the pen or
the typewriter.
Families Suffered.
"It has been said the bonus was
given the civilian employe on ac-
count of high living costs which did
lot confront the soldier, because the
Government provided his subsistence.
My reply to this Is that the veterans
dependents--his parents, wife, In
many instances, his brothers and sis.
ters-also had TO struggle with liv.
seas.
"If the justification offered for a
bonus for the civilian employe be
held sound then in all fairness the
Government owes the veteran the
money which II deducted from his
pay for allotments for his depend
ents. This, together with the insur.
ance money and the Liberty bond
subscriptions he was compelled to
give up would exceed considerably
the compensation which he should
give him without talking about 1t any
longer"
Reverting to the McCumber bill.
to which he is unalterabIy opposed,
Bursum condemned particularly the
provision to permit it's beneficiaries
to borrow on the insurance Ger.
tificates It is proposed to issue to
them.
"It seems to me preposterous that
under a great Government like ours
IA Government possessing practical.
ly 90 per cent of the gold Of the
world and enjoying q credit Of az
per cent. with the prospect Of even
better credit-we should say to our
. ex-service men, We admit we owe
you an obligation, but we cannot
pay you now. so IL you want to bor-
| row what we owe you from the
banks you are at liberty to do so,
provided you are willing to pay 70
per cent interest, and we will pay
you back AZ per cent at the end of
| three years and take up your loan
we will do this for your own good
so as to keep you from squandering
your money and so you can have a
nice nestegg at the end Of twenty
years.
Explains McCumber Plan.
That is practically what the Nc
| Cumber plan amounts to. enter.
tain grave doubts as to It's practica'
bility. In the first place, II will be
impracticable to attempt to force
upon the country banks the amount
Of frozen credit which such q
scheme would create. For twelve
months the Government has been en-
gagged in financing country banks in
nearly all the States, taking UP their
frozen credits SO their resource,
may be liquid and in order that the
livestock man and the grower OF cot
ton and grain might be tided oveI
the danger Of wholesale liquidation
and bankruptcy.
Under such conditions as-these 4
is not to be expected that the aver
age country bank--the small bank
would be In position to take over an,
considerable amount Of frozen cred
it's and carry the same for thret
years, as proposed by the McCumbei
plan.
Nov take the other side Of the
picture. The great metropolitan
banks-the city banks-are arrayeC
against any kind of compensation fol
the ex-service men. They have beer
accused Of being behind most OF the
propaganda against any sort ol
bonus legislation which every Sena
tor. finds in his mail daily. Are they
likely to receive the ex-service mar
and his insurance certificate with
open arms and loan him money, will
ingly and freely? Furthermore, many
Of the city banks-the larger banks
particularly-will not receive de
posit of not less than $500, much
less grant a loan of 800 OF 5000 OF
even s300-the maximum the vet
eran would be able to borrow under
the McCumber scheme. So the vet
eran would be placed between tn,
big city banks which would not b,
willing to loan him any money OF
the paper doled out to him by q
Government holding 60 per cent o.
the worlds total gold supply and thu
small country banks which woulC
not be able to shoulder addttiona
frozen Credits"