New-York tribune., 1922-02-01
IS 900, ,OOO,O 600 Fund
ing Wins, 80 to rs, A.
Ter Attemptto Tie Bonus
Clause to 1t Is Beaten
25-Ycar Maturity
Period Provided
McCtlmbcr Declares Com
pcnsaiion for Service
Men Will Go Through

Prom fhc trib1Wc'V WosinN0ion BIZ con
WASHlNGTON, Jan. 81 The Senate
tonight Ly vote of 50 10 25 passed
the bill for the funding Of the SILL
900. 600, 600 foreign debt. 1hc measure
has been under debate for daya. II
already has been passed by the House
in form to some extent different,
but the differences viii be adjusted
easily and the bill will soon be agreed
to in conference and sent TO the Prcs-
dent for his signature. Under the
measure the debt would be funded
into securities. which would mature in
not more than twenty-five wears
Senator Simmons, Democrat, OF North
Carolina. pressed his amendment IN
tended to attach the soldiers bonus
bill to the funding b1ii. 1t was dc
fcated and laid on the Janle by a mo-
tion of Senator Watson, Of Indiana.
The vote on the motion to table the
bonus amendment was - to }S.
On the motion to table Senators
Myers and King, Democrats. voted to
table. Senator's Norris. La Toilette and
Johnson voted against IN spite Of
this motion, Senators Reed, Pittman.
and Jones. of New Mexico, delivered
speeches for the bonus bill. Senator
Jones then offered bonus amendment
under which the moncv was to come
direct from the Treasury. This was
defeated. AZ to q.
Before the vote OH the tabing mo-
tion Senator McCumber. chairman of
the Finance Committee. gave positive
assurances that a bonus for the vet
Grams would be passed and approved BY
the President.
Provides for Commission
Senators Borah La Toilette and
Norris, Republicans. joined with the
entire Democratic minority in oppos-
ing the funding bill. As passed the
measure lntrusts the funding Of the
foreign debt to a commission of five,
headed by the Secretary OF the Treas
urv. Tie commission Is given broad
powers in making arrangements. but IS
forbidden to cancel The debt or eX-
change the bonds OF one nation for
those of another. Ii is required to
obtain rate Of interest on the bonds
not below Az per cent. The date OF
maturity OF the securities accepted by
the comm ssion carnot extend beyond
June IS, l947
Senator Simmons presented the
bonus amendment not long before the
final vote on the bill Ii prrposed to
pay the bonus out of the interest and
proceeds of the foreign debt. Mr.. Sim
mons made a vigorous argument for
it. Senator McCumber, virtually charg
ing the purpose of the amendment was
political, said he doubted its constitu
tjonalitv. He said the President op-
posed the plan Of depending on the for
eign debt for The first year or two to
meet the bonus and for that time the
fund would have to be raised in stme
other way.
Extension Amendment Lost
81 am sure the President win APP
and then by the Senate, said Senator
McCumber.
Senator Simmons's amendment to
the debt bill, which was introduced last
night and discussed, providing that no
extension of the time for payment OF
interest shall be for longer than three
years without the approval OF Con-
gress, was rejected IL TO p.
Senator Jones. Of New Mexico. offered
an amendmen to require that accrued
interest shall be transformed into prin-
cipal This also was rejected 25 to A.
Senator Walsh, of Montana, presented
an amendment to strike from the bill
the provision which gives the proposed
commission the power to adjust and
settle all claims not now represented
b. bonds or obligations which the
United States now has or hereafter
NAV have against any foreign govern
ment
Leaders Are Defeated
This led to long discussion and was
finally adopted. 39 to 50. against the
opposition of the Finance Committee
leaders. The Republicans who voted
for the amendment Of Senator Walsh
included Senators Borah, Brandegec.
Cummins. Johnson. Jones. of Washing
ton: La Toilette. Lenroot. McNary, Nor
III. Poindexter, Sterling, Townsend and
willis.
Senator Walsh. of Massachusetts.
then offered an amendment requiring
the commission a. once to transmit to
Congress any agreement perfected with
fCortirued on page three)