Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-03-11
SATURDAY EVENING, MARCH II, 1s,..
EVENTS OF A WEEK.

which has been under consideration of the Repub-
lican section Of the house ways and means sub
committee has been put into the shape in which it
is hoped by its sponsors to present it to the house,
and Chairman Fordncy expresses confidence in it's
adoption. The bill, as already outlined, provides
for credits to the service man at the rate of of 81 90
and $1-25 per day for home and foreign service, re-
spcetively, which may be carried as insurance for
twenty years, with an ultimate increase of rs per
cent and the compromising Of interest at "a per
cent per annum or the payee may realize on his
credit in the form of payment for vocational train
ing; or, he may use it in the purchase OF a home or
tarnl; or, he may use his certificate as collateral for
a loan at any time within three years, the loan not
to exceed SO per cent of the face.
X + y /.
The bill has brought forth volumes OF comment,
much OF 1t in the way of sharp criticism. The loan
ing feature is the one against which the most severe
criticism has been directed. 1t is asserted that the
loanlng OF money on certificates by the federal re-
serve banks will lock up in thrce-year loans an i'm
'nensc amount of money which ought to be kept
among the liquid assets Of the banks, to the detri-
n1cnt OF every kind OF business, and in a manner
which will deprive the service. men themselves of
the benefits which it is sought to confer upon them.
Ihc banks, OF course, are not required to make such
loans. The proposed law will merely permit them
to do so. The comptroller of the currency declares
frankly that while he will have no authority in the
matter, he would strongly advise the banks not to
invest their funds in this paper. A feature which
has not figured largely in the comment is that what
yer money is loaned in this manner will presently
Ind its way into circulation and will again gravitate
INTO the banks. No comment directed specifically
1t this bill has come from the White House. but the
PRESIDENT has made it known that he is still con-
need that unless the bonus is financed BY means
= sales tax it had better be postponed.
y situation that is interesting and not a little
pefpleNlng has arisen in connection with the main
tena11ce OF our troops in the Rhine valley. Under
all the stiprlations which have been made from the
arn1lstice of November II. 1918, down to the pres
cut, provide tor the maintenance of Allied forces in
the temporary frontier just beyond the Rhine for
the purpose of insuring the carving out of her
agreements by Germany, The stipulations also
provide for the payment of the cost of such occrpa-
ton by Germany. The cost of maintaining the
american troops in. that territory amounts to some
thing over $200, DOC, 900, no portion of which has
been paid. Furthermore, it appears that payment
OF the American bill has not entered into the calc,,-
'ahons of the Allied finance ministers, and a formal
demand for payment before reparations payments
rom Germany are distributed has been made by
the American state department.
The situation appears to be complicated by the
tact that the United States is not a party to the
Versailles treaty, her relations with Germany being
based On the separate treaty recently ratified. Still,
1t is pointed out that the latter treaty snecihcal1v
guarantees to the United States all the benefits
which she would have derived from participation in
the Versailles treaty had she become a party TO Il
The European Allies have apparently proceeded on
the assumption that payment to the signatories of
the versailles treaty on account Of occupation of
territory shall come first, then payments on renara-
lions account, after which it seems to be contemp,at-
ca that other claims such as that of the United
states may be considered The American view is
that m the matter of occupational claims we must
stand on the same basis with our associates.
y x +
lhe tour-power treaty is being debated in the
senate, and several formal speeches on the subject
have been made. The irreconciliablc element. as
represented by Senator Borah, is as fatty opposed
70 TINS treaty as it was to the Versailles treaty.
Conspicuous among the opponents of ratification
are also some of the strongest advocates of the
Versailles treaty, and it is reported, though without
confirmation, that former President Wilson is in
teresnng himself actively in the defeat of the treaty.
supporters OF the entire group of treaties which
came from the arms conference, of which this is one.
iNho were at first confident Of the prompt ratifca.
ion q all the treaties without difficulty, are now
i1aoea less sangulne, and it is evident that if this
aartfcrlar treaty is approved at ali. there viii he
sery few votes to spare above the necessary two
thirds. It is being asked, with no little concern. if
Tits any longer possible for the United States to
execute an important treaty.
The United States will not be represented Il
cite Genoa economic conference which is TO omen
April 10. This decision has Just been made knnwn
to- the other powers, and has been learned BY them
with regret carrying with the attitude Of the partic-
ular power toward the conference itself. The note
On the subject sent by Secretary Hughes gives as
stras1ce of the lively interest Of the United States
inggthe economic rehabilitation Of Europe, but ex-
presses the opinion that there are likely TO enter
into The discussions political questions in whose
consideration this nation may not wisely participate
ssa Lbe Bfitish government has passed. from one
s<ahafest crisis - another. The resignation Of Pre.