The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-01-29
LE1-s me- moNEsr ar IEAsr.

LETS HE HONEST Ar LEAST.
n the government Of the United states II 70
Yield another Improperly 10 mob demand by
cnacting a bonus law let n at lonst DE honest ia
the matter. Tho proposal that the Ho-callcd for
oiRn debt shan be- utilized 60 pay the bonus IA
not In our Judgment, honest. Tho gesture Is
Intended 10 create the Impression that this
four-b billion dollar grntulty is 10 he paid by
those nations TO whom wo have extended vast
credit and from whom TO the present time we
havo collected not a cont OF either principal
or interest. In fact there remains some con-
siderable question whether we shall ever collect
u cont Of either principal or interest, for the
determination persists In certain quarters to
eventually bring about y remission OF these
debts. ana already a United States senator has
propose. that We nt once remit tho indebted
ness OF Belgium.
Something might be said Of the pending pro-
pnsal ana ~ comprehend nothing more than
selling those foreign claims on their merits,
thus raising Tho cash necessary to liuuidstc tho
bonus Purchasers OF such claims would have
no claim on the Washington government or
the people OF the United states. Hut when the
proposal provides for tho issuance Of these for
clgn securities UNDERWRITERS ny THE
UNITED STATES. II Is no longer ENGLAND and
France and Italy that arc obligated 20 pay the
bonus. but THE Taxpayers of tho United states.
The indorscrs must pay promptly whether tho
principals do or not. And the mere fact that
sophisticated investors and purchasers of gov
eminent securities would refuse to purchase a
single dollnts worth OF these foreign securities
without this governments Endorsement, shows
how poriious such indebtedness Is considered,
Despite camoufiago the fact remains that It
"a tho faxnavara NJ tho Iuitpd States vino will
bo required to pay the bonus, and another
equally disturbing fact Is that holders Of these
foreign securities have seized on tho soldier
demand for a bonus TO secure tho Endorsement
of Uncle sam to their possibly worthless paper.
which may very easily mean that eventually
Uncle Sam will he required 10 pay this enormous
sum OF money for the second timc.
We insist that n tho bonus Ia TO be paid that
II should he paid from either securities sold for
that purpose alone or from a tax raised for that
purpose alone. II would DO a fine thing to have
congress lay a bonus tax. That would be con-
slant reminder 20 tho people Tor years Of the
cause Of continued chaos In their financial and
Industrial fabric. Because no matter how this
enormous sum of money Is raised. whether by
taxation direct or by the throwing into tho
market four billion dollars worth OF securities,
II Is bound TO further dlstoet the economic
fabric, disturb values and force us TO live over
again al least a part Of that dark night from
which we had hoped we were emerging.
Lot no one fail 20 Rppraise at its truo value
tho sudden and unexpected change In liberty
bond quotations on receipt OF the news that the
bonus plan was apparently certain OF adoption
by congress, Those securities, which had been
approciatins for months. giving the best pos
sibic evidence OF a rapidly healing business con-
Ht u.--- A-.A ..lN.sa sha,.
began TO plunge downward. Holders NJ these
securities refused to be caught with them In
their possession when four billions OF dollars
worth OF similar securities were being dumped
on the market, They began to unload. And
when these additional securities are dumped
on the market the price Of all win SO down to
new low point, threatening every standard OF
value eNtant,
These are facts that cannot be escaped by
a mere retusal. TO consider them, They are
there. Thoy win remain. sooner or later they
must be faced. And sooner or later there Will
be a rampant dcsire TO iuuiet punishment on
those responsible for tho second Industrial
night IN America.
II Is deeply TO Ne regretted that this bonus
matter can not be made a partisan issue. It
ought TO bc. Tho people arc entitled to that
much consideration, Later It should ho pos
sible for the voters to either say this party or
that party accomplished this great thtng and
is therefore deserving OF universal support, or
that this party or that party cowardly yielded
to mob demand In order 10 secure votes and Ia
therefore deserving Of universal condemnation.
But no; that Is not 20 be, II Is 10 he a hi.
partisan pork barrel measure. The people are
10 be left no sanctuary in Il party sense. Both
parties will be ghlty and only an occasional
individual win have any claim on his country
or deserve any punishment from his constit-
ueney. And the men voting for 1t against their
judgment and conviction will have earned no;h-
ing more than the contempt OF those they are
seeking 20 curry favor with. Mark well that
that prophesy.
hut can We not even yet be honest about the