The New York herald., 1922-03-08


bonus bin squarely passes the buck"
TO protect the banks and their agri
cultural. commercial and industrial
customers the Comptroller must, and
undoubtedly viii, forbid the banks
from taking them; otherwise the
money OF depositors and stockholders
would be placed in jeopardy.
The same officials assert that ma
tional and other banks cannot unload
the adjusted insurance certificates on
the Federal Reserve system, for the
reason that the law VIII not permit
the Reserve banks TO accept or redis
count securities that are not nego-
table.
AS the bill limits loans to banks for
the manifest purpose of keeping the
bonus certificates out of the hands Of
pawnbrollers. usurers and loan sharks,
Treasury official and financial experts
fail to see where they are TO find
market 1t is extremely probable that
before the run Ways and Means Com
mittee meets on Saturday to prepare
r report urging the passage of the
bill by the House the storm Of adj
verse criticism already directed
against the last bonus project will re-
veal other defects.
Democrats Deeply Resentful.
s-sAdherents OF the farm bloc, Demo-
cratic members wko have been ex-
dsded from Republican conferences
Which produced the latest bonus raid
lSIl and executive officials will apply
die acid test to IL. The Democratic
Fhembers of the Ways and Means Com
IAittee are certain to oppose the Ford
Rey measure for several reasons. The
Itost important is that the Democrats
are deeply resentful of the partisan
aspect of the new enterprise.
Democratic leader Garrett declared
Tonight tLat 1T was the meanest
find Of partisanship for the Rerubli-
cans TO exclude Democratic members
ffom the Ways and Means Committee
during the framing of the bill"
( Representative Garner. ranking
Democratic member OF the Ways au1
Means Committee, declared the latest
proposal to raise TIE bonus is hy FAR
5he worst yet suggested sand will meet
comes before the House.
THE Republicans will find instead
f making ten strike of the PROPOSE
taon," he said, 1T will prove to be
boomerang
I Reaction against the Fore -
scheme will assume more definite farm
3s soon as its terms are more su,ly
understood. Republican as well as
Democratic Representatives who We're
rhost ardent in support of the bonus
rlan now appear to be cooling. They
Simit they will vote for any bonus
Aill reported by TIE Ways and Means
Committee, but they do not refiec. the
degree of enthusiasm that favored
their discussions of it q few days 90.
senate Watches Fordney.
{ Over on the Senate side of the Cap
nol the maneuvers of Mr.. Fo~jney
frld his associates. who are still deter
mined 70 put through u bonus bill re-
Sardless of it's fate in the Senate and
<rtain rejection at the White House.
nc viewed with disapproval rnsed
Thh humor.
7rong Senators recently has Indicated
4 reversal of opinion regarding the
advisability OF putting through any
Honus bill under present conditions.
The leaders of both parties in the
Srfiate expect the members OF the
Housc will pass TIE latest Fordney
hill or any other that receives the ap-
IsgWal OF the majority caucus.
tcBCt they express serious doubt that
aay bill can now be put through the
senate unless ii provides a more ra-
Iohal solution of the financial prob
lkin involved than is furnished by the
lssSst Ways and Means offering. Any
Measure that the House sends to the
Sthate is certain to be put in cold
strrage for week or two. possibly
fit months.
ttSenate leaders qualified to speak
With authority confine their predic-
tsbh regarding the treatment of bonus
legislation In the Senate TO the gen.
arsl statement that mature considera-
ebn will be given a bonus bill without
haste or panic" The tariff bill passed
9tsthe House last summer. by the way
igStill in the Senate Finance Commit
t9e. The latest bonus bill. If passed
by; the House, as seems probable. viii
certainly not be rushed" through the
sfnate.
tss Prediction of Legion Agent.
TtSpokesmen for the American Legion,
wl>ile expressing dissatisfaction over
She delay of Congress in passing the
p3nus bill demanded by them, say they
are not discouraged.
eaSweeping aside the White House
statement regarding President Har-
dings position, the skepticism of
Jl'easury officials as to the utility of
tae Fordney measure and entirely ig-
n5fing the protests from all sections
os the country, John Thomas Taylor,
legislative agent Of the legion, de.
ot1red tonight that 'the bonus bill
vNl pass and become a law" He ap-
nthred to be the only genuine optimist
M mfWashington.
ffMembers OF Congress solely intent
or delivering their votes TO the bonus
prbpagandists in accordance with their
fpdividua promises restrict their ap-
rilpism TO predictions that "the bonus
$40 will pass the House."
NOT WORRIED ABOUT
X MESOZQfC MONSTERS