The Washington herald., 1922-02-16
Failure of President to
Act Causes Conference
!, OF Leaders. y
MOVE ON FOR BILL
WITHOUT SCHEME
Cutting of Appropriations
May Prove Means of
Raising Funds.

President Harding kept Congress
sional leaders guessing yesterday
by delaying his promised letter on
soldiers bonus legislation
A meeting of Republican members
of the Senate Finance Committee
and the House Ways and Means
Committee scheduled for yesterday
was adjourned until afternoon arc
later postponed until today.
Meantime a movement developed
for the passage of a. bonus bill
without any scheme of financing,
funds to be made available by a
.slashing of appropriations for the
army and navy and other depart
ments.
Republican Leader MonJell, OF
the House. began the preparation
OF a statement dealing with pos
sible economies, which may be made
public today He expressed the be-
lief that between $1,000 100000 and
$500. 900 might be saved by a
vigorous cutting of pending appro-
priation bills.
Representative Fordney. chair
man Of the House Ways and Means
Committee, reiterated his intention
to- push bonus legislation. regard
less Of the position that may be
taken by the President Mr.. Ford
uey Indicated that IL necessary he
would favor passing compehsa-
tion bill and figure out a way OF
raising revenue afterward. IL
Would Require Certincate.
Passage Of bonus Legislation
without any special provision for
raising the funds probably would
necessltate the issuance of addi-
tional short-term certificates of in
de6tedhess as y dedcit developed
-A-Jfeduction OF even as much as
$500. o0o,e eco In contemplated appro-
priations for the fiscal year 1925
would not prevent a deficit. 1t has
been estimated that S350,0O0.0Ot
would be needed annually during
the mex. three years to pay casn
bonuses.
Advocates of a bond issue &c
finance soldiers bonus still are
confident OF the ability OF the coun-
try to absorb Il without seriously
affecting the economic stability OF
the country or placing an excessive
strain on the Treasury.
They point to the steady retire
ment of Liberty Bonds and Victor!
notes before maturity, which ha'
progressed for the last three years
and particularly to the fact tina
every issue of Treasury certificates
and other shortterm securities of
fercd by the government within ;
year has been oversubscribed.
recent Offering of over $500. .Ooo, ,o0I
was subscribed for three times over
total of s1.50O, ,000. 900.
Problem in Congress.
With all the obligations the gov
ernment has had to meet, IL neveI
has found a funding operation tina
the country has not been able to alb
sorb, and why. with an obligation
like a soldiers bonus confrontin.
the nation. Treasury officials shoul'
hesitate at another bond issue, o
an issuance of shortterm certificate
to begin with, for financing the bo
nus, Congressional leaders are at
loss to understand.
This is the Liberty Loan situation
at a glance:
fst Liberty Loan.
nrlelhal issue. -;.'...-'.' si'9s9' 5000
Outstanding jan
nary sI...... 81. l.esa. .Oso. go
s.,,,s ,h.r,- r.
Original issne - "a so7 ss5 m
Outstanding Jan
uary 81. ss.sI2. .6sI 900
Amount retired 49S, esS, 100
Original issue. 81. Ia. CSC. .05
uary Si.,;..; .;: sS'S,; ~. ~, 20 seo ,sn
'"OH' 'O
o-,- foureh Aioerty Loan. a
0r,st.nd,n. Ien. '-sO''0'''0A'A'
nary ST. ss. s4s. eee ooo
Amount retired ei5,oI5. 100
Victory Loan,
Original issue. ............... 81. 4e5. .s5s, 90
Outstanding Jan
uary sl..:.. ss,Sls, 10000
Amount retired ssl,sSS'oco
r,.., ,... ,,nnr,, ,o... 60, 400 oo, N
Total outstandInr Jan 81, .sIsTIssIs,aS
Total amount retired se.5I4 los 10
Last year the Liberty bond re
tirement, all ahead of maturity, ag
gregated $432,26o,550.
Democrat, MAKE Re,,y
The .n.och.. =, son.,ar Mocor
mick os sPne III,nois al and 1sHSs ssna,or % ToSg,
q Massacsuse;ts defendins o.