The New York herald., 1922-08-28

THE NEW YORK HERALD has opposed the
various soldier bonus measures because It does
not believe in handing bonus to the young
men of the country for doing the thing that Is
their right and duty to do-the protection OF
their country
THE New YORK HERALD has opposed these
measures on the ground that with the coun-
try now carrying war Indebtedness OF twen-
ty-three billions OF dollars the Congress has
no. right to put an additional burden OF five
billions of dollars OF Indebtedness on the
backs OF the American people-five thousand
millions Of dollars.
THE New YORK HERALD has opposed these
measures on the ground that they are largely
political raids on the Treasury devised and
engineered by politician-statesmen in Con-
gress as an appeal to the soldier vote.
With the purpose of neutralizing the effect
of the fight THE NEW YORK HERALD has made
against the bonus certain men and certain pub
lications have been somewhat careless or
downright malicious in their fervid charges
against the man responsible for the stand of
The New York HERALD on the bonus grab.
That man is myself. Some of the charges
are bitter, some of them venomous and GRIM
inally libelous. Briefly they amount to this,
that am rich man, that made large
share of my fortune in United States Steel
and in munition stocks, that these steel stocks
were enormously profitable during the war.
One newspaper. the Daily Ne,os of New York,
puts it this way:
"A large part Of Munsey's large fortune
lis from investments in United States Steel
stock. This steel company made the ma
"terial for the guns, bayonets, shells, au-
"tomobles, tanks and so on which were
used in the war. Holders Of steel stock
"profited enormously by the making of
these weapons.
Such weapons as these klled-killed
five or six million human beings during
"the war;
"The process of killing these five or six
millions and wounding fifteen or sixteen
millions more enormously enriched hold
"ers of munition shares like Mr.. Munsey
large owners of munitions stock
like Mr.. Munsey-well. their profits ran
up into tens of millions.
Furthermore, II we recall correctly Mr..
"Munsey was extremely anxious in his
newspapers for us to get into the war.
He thought we were supine because we
didn't do it sooner. He always believed
''in the draft in seizing the young men and
shipping them across the ocean to take
their chances"
There is one truth in this whole utterance;
just one---no more; that is that deprecated
Americas delay In taking her part I'm the war;
With this single exception this malicious ut
terance is utterly and wholly false. 1t has no
shading or suggestion Of truth.
The public will perhaps be interested in the
facts concerning this charge and similar
charges. The public is always fair in its
Judgment and its attitude when it has the
facts, and the public is entitled to the facts in
this instance.
The facts that have to do with these charges
are these. The fortune have be 1t little or
big, did not come to any considerable extent
through the buying and selling of stocks.
Some years ago. when my income was mount
ing large from my magazine business, / put
some of my money then lying idle in bank
into the security market Up to this time all
my thought and energy had gone into the up
building of my magazine business.
There is not much natural sympathy be-
tween money earning and money investing.
man may be good at one and good for
nothing at the other. 1t was up to me now