The New York herald., 1922-03-08
HYLAN EXPRESSES
OPINION ON BONUS
Mayor Attacks International
Bankers for Holding Up
Adjustment.
GOVERNMENT THEIR TOOL
He Would Make Allies Pay
Debts So U. s. Could Re-
ward Soldiers.

ward Soldiers.
In response to a request from THE
NEW YORK HERALD Mayor Hyian has
issued the following statement OF his
position in regard to soldier bonus:
'Tf our national Government would
take immediate steps to collect the more
than $4,000. 900, 600 In principal and in
terest loaned by the United States to
some twenty European nations there
would be less of a pow-wow as to the
manner in which to raise the money for
the soldier bonus.
1--WE are practically loaning our for
eign debtors about million dollars a
day because OF our Governments appar-
ent indifference to the collection of these
debts. And this very sum would meet
the soldier bonus during the first year.
Our European debtors and their
American agents in financial circles are
politely telling US to chalk their debts
on the ice. The payment of the four and
a quarter billions owed to US by Great
Britain occasions that empire no con.
Germ, for she straightway proceeds to
pay n bonus to her own soldiers with
the money of America. while the soidiers
of America beseech for their own honest
reward.
Says Government Is Tool.
"The responsibility for any neglect OF
our soldiers during the three and a half
years since the armistice rests with the
Federal Government for permitting
itself to be made the tool OF the private
international banking interests.
At the outbreak of the European war
the firm of J. p. Morgan & Co. had
about $500. 0.00o,0 900 invested in foreign
securities, principally British. The col
lapse of the British Empire would have
entailed the impovershment OF the
House of Morgan. These investments as
well as other foreign investments OF the
international bankers needed the pro-
lection of the United States Govern
ment These bankers saw to 1t that this
protection was extended through the
strong arms of our army and navy. And
so, we had a rich mans war and a poor
mans fight.
'It has been pointed out that ]. p.
Morgan & Co. are taking the lead among
the international bankers to have pay
ments on the war loans owed to us by
European Governments neither deferred
nor cancelled. The private bankers feel
that the surest way to get back the
huge sums which they loaned to Europe.
besides receiving enormous bonuses for
the loans. is to postpone or cancel the
payments of the foreign debts due to
the United States Government.
What Could Have Been Done.
'Tn other words, the payment of the
billions rightfully belonging to the
people OF the United States. and which
would go a long way toward reducing
taxation, setting the wheels of industry
humming and giving to the soldiers their
Just demands. Is to be deferred or con-
ceiled In order that the international
bankers may be assured of the payment
of the loans that they have made.
"You may search the length ana
breadth OF the land but you will not nrd
a single one of these bankers who were
among the shrieking swivel chair pa
| triots, struggling about on crutches or
with empty sleeves pinned to their
breasts.
why didn't Messrs. Hughes. Root,
Lodge and Underwood. representing the
big business of the country, tell the Wis
itlng European potentates at the peace
parley that the ten billions which they
owe us were very much needed and that
the payment Interest alone would ma
terially reduce our taxation at home? ?
Why didn't these worthy gentlemen at
Washington picture to the foreign repre-
sentatives the possibility of what might
have become Of their nations IL some two
million Americans hadn't jumped into
the breach and rescued their tottering
standards?
"They could have pointed out that
America would like to see the peoples
OF all countries as free. as happy, as
prosperous and secure as our own be-
loved motherland. but under no condi-
tions should we be expected to play the
good Samaritan to the Old World IL it
means sending US over the hill to the
poor house.
"New Form of Taxation
"Instead OF collecting the money due
IT,. our Government at Washington cor
ceives a new form Of t"Xation at the
very time that the people of the United
States are groaning heavily under griev-
Gus tax burdens. Without calling into
question the wisdom OF the particular
form OF the tax now proposed, IL II
rome the less time 10 quit making the
general public an all around easy mark.
Increased taxation will not decrease
ths cost of living to the ordinary citizen.
It Will not enhance Individual or gov
ernmental prosperity. 1t viii furnish no
stimulus TO business which is now
struggling to extricate itself from the
miro Of depression. IL we are going TO
r.vet additional balls and chains upon
the limbs OF individual or national pro-
gress. there will be little hope OF ever
getting on solid ground.
Maybe tho European nations do need
thesmoney they owe us. SO do we. And
Whit is more. X IL our money. Let us
have * at once. Why not? With IL we
can wipe out the stain which rests upon
the Government OF the United States
az long rs n single soldier is in want
or distress. If we fail TO discharge this
obi iratio we sinnd before the world