Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-03-16
bonus BILL
I'D BEFORE HOUSE
] y6rdnsy, Submitting Majority
Report, Outlines "Six Advan-
tages" Of Measure
cOMFEReNcE IS PROPOSED

4 osAise Soldiers Bonus Bill. as finally
- V1oed, was reintroduced today In the
a tuoe by Chairman Fordney. who sub
Z Mieted q majority report from the Ways
end Means Committee. claiming these
advantagcs" of the plan Of the bill
First. No new taxation, no issu-
once of new securities Is at present
4 required.
Eecond. 1t provides for the veteran
IN need method of obtaining aid.
Third. The amounts required each
7. year after July II 1923. are small
compared to those which have hereto
fore been met. and can be provided
without any difficulty or dcrange-
ment of our financial situation.
e Fourth. The plan tends to promote
nvings habits among the veterans.
Fifth. 1t protects the veteran him
self and his family from misfortune
in the future.
Sixth. 1t will create class Of
home builders who will greatly in
crease the mass Of property In the
country.
Expect Soldiers to Approve
"Whilc perfect unanimity could not
BE- expected as to all details OF the
BILL" the report said. 1.-THE majority of
the committee believe that the plan in
general meets the approval of the SOL
diers and of all Of those who are in
favor of granting to them additional
compensation in any form whatever.
After a session ut which the report
uas formally approved with come
changes from the original draft, ma.
3ority members of the committee said
the question of procedure in bringing
up the bill in the House still was un-
decided. One committeeman said he
thought it was about 5000" whether
IL would be taken up Monday under n
suspension of the rules or later under
. special rule.
- While the committeeman were in
session Representative l.incberger, Of
California. former service men. put
into circulation ,petition proposing a
conference of House Republicans for
next Monday night to consider the
bonus bill. Under the rule fifty sig
natures should force conference and
Mr.. Lineberger expected TO obtain that
number.
Expect Borrowings to BE Small
The majority report in discussing the
objections raised to the bank loan pro-
vision of the adjusted service certificate
plan said the majority Of the committee
wus Of the opinion that the amount that
.
certificates would be Comparatively
snail
although they constitute ideal se-
( curities for the savings bank the re-
port said. '.any bank may, il it sees tit.
inquire into the necessity Of making the
loan before it is made. and it IS be-
lieved majority of the soldiers will
not, in any event. ask for a loan upon
the scert. .fcates unless they have some
eDecial need for the money.
1T is estimated by the committee and
the Treasury that 20 per cent Of the
veterans will take the certificate plan.
Assuming this to be correct. the utmost
that could be loaned by the banks, if
ell applied for loans, would be $3.50. =
The committee feels safe in assum- :
Ing that not to exceed one half Of this
{ number (3j per cent? will make appli-
cations for loans during the whole pc.
Rod; in other words. that not more
than $215 200. 900 will be borrowed from
the banks and that this sum is much
more than will be out at any one time
The total amount Of the assets of the
0OO O,OOO.OOO The assets OF the other
banks are larger, making a total Of
about $40. 900. 900 900.
The percentage of money which will
Be drawn out of the banks by this plan
ts. therefore, very slight compared to
! the total amount of the assets Of the
banks-in fact, less than seven .tenths
q per cent.
No New Taxation
ut has been suggested that some plan
a. taxation to meet the estimated ex-
penditures under the bill ought to be-
brought forward in connection with it.
A table is submitted showing that the
expenditures under the bill during the
fiscal year ending June 30, 1923, cannot
exceed $4,000, 900 and after having
carefully gone over revenues and
estimated expenditures during that pc.
r1od the majority of the committee is
) satisfied that no new taxation nor
special provisions are needed until after
the expiration Of that fiscal year.
~ 1t would be unusual il not an I'm =
pgecented proceeding to provide now for
taxes to meet expenditures which will
not be made for over Il year. IL would
not only provid" funds in advance Of
the time when they were needed. but
any estimate Of the Government cxpcn-
dtturcs for the fiscal year of 1924 and
the amount of revenue needed would
necessarily be very Inaccurate n this
time.
~ hHotHer ODJ'cIlOn th9t was Strenu =
onsly urged 10 the original plan was
that the land settlement plan might be
enormously developed TO include irriga
tion and other projects not only for
I the service, but for the public gener.
4 ally. While the committee did not feel
that the original bill could be- properly
70 construed. it concluded 10 remove
''all doubt by providing expressly thar
10 applications under the land settle
ment plan could be received from any
except those who had had service in the
recent war.
"A common argument made against
tho bill in its present form Is that the
country Is not financially situated 80
rs to carry out any plan for adjusted
\ compensation at this time. The same
objection was made two years ago and
the inquiry naturally arises as to when
; the country vii be ready to do anything
u II is not reday now.
See No Peris TO Business
''The majority of the committee be
lieve that there is no question as ia
the ability Of this country to meet the
requirements of this bill without in any
way Affecting business conditions in
juriously. The United States profited
largely by the European war for two
years. After it entered the war many
1arge fortunes were made. many greatly
increased, and an immense number OF
people profted largely by tho war.
''While this country, by far the rich
at and best situated financially of all
the nations of the globe has been hrsi =
tatins and de'aying the mater Of giving
additional compensation 10 its soldiers.