The New York herald., 1922-08-31

obligation rests upon the Government
| to devote the money received from those
foreign loans to the extinguishment OF
| the Liberty bonds. Certain il Is that
! those bonds were sold to the public upon
the strength OF the declaration made
! by the Government of the United States
that the proceeds alone, whatever they
| might be- should be applied to the ex-
tinguishment Of Liberty bonds.
Il am as certain as / am that ! stand
here that the bonds were sold TO the
American public upon that guaranty
by the Government of the United States.
have no authority whatever to repre-
sent the President / know what he
has publicly said in this chamber. !
know from his various utterances from
time to time how his mind is running
with reference 10 the matter. but have
not at any time or at any place assumed
to state what he would or would not do.
"That Is for him to say, but speaking
for myself | repeat what | said In the
first instance, that | think the only
honest and fair way 70 approach the
question at all is 10 do IT by the
imposition OF tax that is to be devoted
to that specific purpose.
senator waIsh's Remarks.
Senator Walsh (Dem.. Mass.). In
opposing the Bursum cash payment
amendment said In part
Mr.. President. this amendment has
good deal OF merit. and | am anxious
to support it. A few days ago offered
two amendments to this bill. one even
more liberal in its terms than this
amendment. providing for cash pay
ment to the soldiers of all the money
found to be due them, and another
amendment proposing that whatever ad-
justed compensation is found to be due
should be applied to their insurance. es-
pecialy for the benefit of those who are
now carrying Government insurance.
Il am not going to offer these amend
ments. 1 am not going to vote for this
amendment. Although l think this Me-
Cumber bill is weak, although ] think
this bill is imperfect. although think
1t Is a poor bonus, 1t is the best that
can be passed and 1t at least removes
all the objections that have been made
to 1t by the Secretary OF the Treasury
and the Executive. Therefore ! am go
Ing to do what l can do to send this
bin to the Executive, and IL he vetoes
it would not have him veto It because
of any amendment which may have been
added TO it. but veto II on its merits
indicating whether he favors bonus
bill or not.
Senator Lenroot in asserting his belief
that the simmons amendment meets the
objections OF the President said In part:
MIR President. Ii was plain from the
Presidents message to the Senate fast
year that his chief concern in regard
to this bill was the immediate drain
upon the Treasury which should be Inn
posed by it and the adverse effect the
bill might have In the restoration OF our
financial conditions and the refunding
Of the Indebtedness which must be re-
| funded in the very near future.
Il have been very greatly in sympathy
with the idea that our Treasury Is not
in condition to bear heavy drains upon
it at the present time. That was one
OF the reasons why l voted yesterday
| against the McNary amendment, because
It authorized an additional s350.0OO.-
! 900 in addition to the $78,000,000 for
| next year and about the same amount
the year following imposed by the bill
itself
| Complaint is made because this bill
does not carry any means for raising
4 the money with which to pay for the
| obligation which will be incurred under
it. The President suggested a sales tax.
it is true, but | do not know that the
President has anywhere stated that he
would veto bill IL the bill Is of such a
character that it would be seen that the
Treasury could meet the obligations
which would be imposed by the bill.
"There was no more reason for putting
| a revenue measure upon this bill in the
House than there was for putting one
upon any bill which comes before the
\ Congress of the United States which Inn
poses an obligation or makes an appro-
propriation."