The New York herald., 1922-03-09
Continued from First Page.


ments of interest on the foreign debts
Senator Hitchcock tNeb), while de-
clining TO express a final opinion, de-
clared he could see some serious OBJ
jectlons TO it," meaning the last Ford
ney scheme.
Senator Walsh (Mont( who has ia
voKed bonus, indicated his preference
for the plan Of using the foreign debt
advocated by Senator Hitchcock.
Senator simmons On. CO, who was
Democratic finance chairman, is a,so
in favor OF using the foreign debt.
Senator Gerry (R. ID is mot at all
impressed by the latest bonus pro-
posal." The indications are he will
oppose any proposition which includes
benefits for uninjured ex-service men.
Senator Williams (Miss) is unalter-
ably opposed to any bonus. 1T is
vicious in principle and an insult to
the men that fought for their country
and for the preservation of civiliza-
tion throughout the world"
Senator Reed (Mo.) probably will
lead the fight for the substitution OF
the foreign debt interest scheme to
INdnCe the pOlluS TdiG.
1t Is therefore absolutely certain
that II vote were taken in the Senate
Finance Committee to-day tie Ford
ney scheme would be beaten. 1t GER
tanly will be amended and discussed
without limit. The Senate, by ma
jority vote, of course, can overrule an
adverse Finance Committee report.
Leading members of both parties
who carefully checked up the Senate
do not appear to entertain the slight
est doubt that the haphazard bonus
venture of the Ways and Means Com
mittee will meet an inglorious defeat
whether the Finance Committee
throws IL into the discard or reports it.
One thing Is quite certain: No
bonus bill win be "railroaded" through
the Senate. There are already enough
votes lined up to achieve it's defeat
througl1 filibuster which could con-
tinue without parliamentary restric-
ton until the end of the session. One
Democratic Senator who is opposed to
the whole scheme tonight expressed
the opinion that "the bonus is as dead
as Hector's pup"
Reaction Develops Rapidly
and Means plan began to crystalize
with amazing rapidity to-day Analy-
sis of it by Treasury officials and con-
scientious members of Congress who
refuse to be stampeded by the Ameri-
can Legion disclosed innumerable de-
fects. These discoveries inspired a
Treasury official to declare it was
neither fish. flesh, fowl nor good red
herring" He further expressed the
opinion that the mere failure of the
Fordney measure to provide revenue
worthless"
Technical examination of the bill by
Treasury experts confirmed their first
impression of the project.
Comptroller OF the Currency Cris-
singer is emphatic in the statement
that under the law he cannot and will
not permit the national banks to ac-
cept or loan on tie certificates. The
bill merely provides that TIE banks
may" do so. The national banking
act and it's amendment, perfected
tect individual depositors in banks and
the commerce of the country, provides
specifically against freezing the re-
sources or assets of banks.
State banks. 1t is pointed out. may
take the certificates ard loan upon
them, or upon notes drawn with the
certificates as collateral If they desire.
Treasury officials are thoroughly, con-
vinced that they will not SO desire, as
the certificates will not be good col
lateral.
Under the limitations of Section 13