Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-10-10
VETOING BONUS
BILL. WAS RIGHT
BANKER ASSERTS
President Harding Deserves
the Nationwide Com
mendation He Received
for Honesty of Purpose.

Del Monte, Calf, oct. 9.--Prcsi-
dent Harding deserved the nation
wide commendation he received for
the honesty of purpose and politi-
cal courage he displayed in yctoinS
the bonus bill," Howard +. Beebe,
New York, president of the Invest
ment Bankers Association of Amer
lea, told the association at the
opening here today, of its eleventh
annual convention. Delegates rep
resenting many millions of dollars
in municipal and other investments
are present from all parts of the
country.
The convention will end Thurs
day with the election of officers
and the consideration of invita-
tions from cities desiring the 1875
convention.
Mr.. Beebe charged that union
labor had refused to accept It's
share of the readjustment BURDEN"
and that the federal and state leg
islatures rush forward with meas
ures designed to control business,
but seem to be very reluctant 10
insist that labor shall be properly
organized and held to account for
its actions
Bonus Is Discussed
Discussing the bonus, Mr.. Beebe
said.
"Without attempting to express
an opinion as to whether a bonus
should be paid ana IL SO, to whon'
il is clear that tho bill which was
vetoed failed specifically to pro-
vide means of paying the oblga-
ttons assumed. The bill as passed
would have burdened the banks OF
the country to the detriment OF
regular business and would have
made it we'll nigh impossible tor
the treasury department to arrange
a comprehensive budget.
"The efforts of congress on the
tariff have apparently met with
little approval from men of sounu
business Judgment and unpre1u-
diced view" Mr.. Beebe said. "Ac-
tivities in this direction certainly
points strongly to the adVsaplllty
of a permanent tariff commission
dlspite the many valid objections
which may be raised against 'nat
method of handling the situation.
Continuing his discussion on Ia
Dor, Mr.. Beebe said that without
in the slightest trying to dispafage
the benefits and advantages OF Or
ganized labor properly regulated
il is certain that such strife as we
have seen between our large anu
important business interests ana
labor in recent months
cannot be allowed to continue III
the interests of the people Us !
wbeIe and some means nust pe
found to properly protect Th9. IN
terests Of the laboring man whlcn
will also protect our general IN
terests."
The fact that the financing OF
state and municipal work has NOT
had the same difficult problems
presented by conditions surround
ing industrial and public utIilty
has produced ue-
cided tendencies toward eXtraVa-
gance by certain municipalities
Mr.. Beebe said.
Financing OF Pubic WORK,
"The financing of public work
through special fund and special
limited tax issues is in my opinion
a serious menace he said, FOR
under the belief that property will
n OF be generally taxed, authority is
given by the voters for oxpendl-
lures of money in amounts ana
ways which would not be counte-
nanced if IL were possible to tax
therefor in the usual
way"
1t is going to be difficult for
many nations to even pay the in
terest on loans from the United
States under existing conditions,
Mr.. Beebe said.
The Investment Bankers asso-
citation has approached the sat
uration point" as far as member
ship is concerned, according to the
annual reports submitted by its
secretary, Frederick r. Fenton of
Chicago.
practically all houses eligible
and desirable are members" the
report said. I'VE are able 10 use
and do use the greatest discrimina-
Iion in electing members. With
this increase in vigilance, the time
is approaching rapidly when the
association should take steps TO
Continued on Page Two.