Evening journal., 1922-03-04

tho Federal Government and with
out any special charge on the Treas
ury. This plan seems 20 meet the
approval OF the members Of the
House OF Representatives as we'll as
the public generally"
Mr. Fordney's statement that the
latest bonus scheme meets the gem
eral approval OF the public" was not
confirmed by members OF tho two
houses who are beginning 70 hear
from the folks back home. Many
hundreds OF kilograms were deliv-
cred to Senators and Representa-
tives, not only emphasizing objec-
tions 10 the bonus raid on general
principles. but specifically con-
demning the latest scheme developed
TO finance Il.
Many OF the telegrams came from
bankers requesting specific inffr-
nation on the many cloudy points"
contained in the explanation Of the
new measure given out by the mem-
bers Of the Ways and Means Com
mittee. The tenor of these inquiries
reflected a concurrence OF banking
views that the insurance certificate
loan scheme would cause great de-
moralization in the banking bust
ness and open the way for spocula-
ton which would seriously disturb
the money market as we'll as general
business interests.
/ Protests From Bankers.
Several bankers teicgraphed their
/ Senators and Representatives Wig
orous protests against the new
Fordney bonus plan on the ground
that it would let down the bars OF
the Federal Reserve system to
spectators. loan sharks and usurers
whose activities have been pretty
effectively suppressed during recent
years. other objections were that
the new scheme would seriously
complicate banking conditions and
interfere with the financing OF
legitimate business enterprises.
A contrary view reflected by bonus
claimants was that the new Ford
ney scheme will enable powerful
financial groups 10 absorb the GER
tificates through processes usually
developed TO the detriment OF the
soldiers themselves.
the bonus bin 20 be completed IN
time for submission 20 the Ways
p and Means Committee next Tuesday
and FOR Introduction few days
later
Joseph De Frees. president Of the
? Chamber Of Commerce OF the United
, States. said.
"A general bonus paid through
certificates Is just as Objectionable
from the point OF view OF the Cham
, her OF Commerce OF the United
States, as such a bonus paid in cash
{ The organizations participating ir
the national chambers referendum
which closed on February 21. wer,
as unmistakabie IN their opposition
TO a certificate plan as TO casf
b. plan. They cast .221 votes agains
a general bonus in either form, ant
only 467 votes in favor.
p THE chambers opposition IS TO q
, general bogus. however paid. Undei
b this certificate plan the Governmen
n would have to provide $1,000. 600
a 600 over a period OF twenty year
\ with somewhere around S1,OOO.OO0.
k 600 for use I'm 1925 and the create
e. part Of the rest in 1913. These obli
- cations are In effect proposed in sub
a stitution for a cash bonus estimated
II every ex-service man took cash
at $500. 900. 900 paid over the year
e. 1922 and 1928.
" I'm the two years before 1872
when the Government would have I
- find about S1.OOO.OO0. 900 there ar
" upward Of s6,OOO,O0O.OOO OF debt {
% be paid or refunded. That require
DO ment Of S1.OOO.OO0.o00 viii have ser
ious consequences is obvious"