The New York herald., 1922-03-05
BONUS RAIDERS DEFY
PUBLIC SENTIMENT
With GOLD BRICK
16 Republicans Leagued to
Sponsor Bill for 85
Cent Dollar.
TO REPORT THURSDAY
RetrOactiOn Scheme Intro
duced Designed TO Pay
Relatives OF Dead.
AVALANCHE OF PROTESTS
Two to Three Billions Of Dol
lars Would Be Tied Up for
Three Years.
AVALANCHE OF PROTESTS
BY LOUIS sEIBOLD.


Special Dispatch to THE New YouK HERALD.
New York Herald Bureau,
Washington. ID. c.. March 4.
Sixteen members of Congress have
decided to defy public sentiment
which is overwhelmingly opposed to
the bonus raid on the national
finances and business of the coun-
try.
The scheme favored by these six
teen men and being reduced to legis
lative form tonight proposes to pay
over to ex-service men S. 900, 600, 900
in deprecated dollars to be raised by
initiating the bona fide currency Of
the nation.
The program is declared to be "full
of holes" by Treasury experts and
financiers. In support of their as
sertion these authorities declare that
under long established laws the loan
insurance certificates to be given to
be eligible for rediscount. The GER
tificates will not be acceptable as
notes or bonds because they are not
to be made negotiable nor transfer
able. This fact alone will close the
doors Of all banks against them as
security.
Frenxied Anxiety for Votes.
Republican members OF the Ways
and Means Committee apparently
have overlooked this obstacle as also
the advice of President Harding to
postpone all bonus legislation in their
frenzied anxiety to win the political
support of ex-service men.
The republican members Of the
committee are: Joseph w. Fordney
OF Michigan, William r. Green of
Iowa, Nicholas Longworth OF Ohio,
Willis c. Hawley of Oregon, Allen T..
Treadway OF Massachusetts, Ira c..
Copley of Illinois, Luther W. Mott Of
New York, George NJ. Young of North
Dakota, James A. Freer of Wisconsin,
John Q. Tilson OF Connecticut. Issac
Bacharach OF New Jersey. Lindley III.
Hadley of Washington, Charles B.
Timberlake Of Colorado, George NJ.
Bowers OF West Virginia, Henry w.
Watson OF Pennsylvania and Thomas
A. Chandler of Oklahoma.
After excluding the eight Demo
cratic members of the committee
from their conference these Repub-
lican members voted unanimously to
4 instruct subcommittee to frame the
scheme born of desperation and to
| impose the bonus raid on the country
despite tidal wave OF popular pro.
tests OF greater magnitude than was
ever before directed against Con
gressional measure.
To he Submitted Thursday.
The perfected scheme which adopts
as the basis for obeying the orders OF
\ tho bonus propa gandists an insurance
loan certificate that amounts in the
end to promissory note upon which
the Government must advance SIS per
\ cent. OF the face value at the end OF
\ three years will be submitted to the
fun Ways and Means Committee on
/ Thursday.
The attitude OF the eight Democratic
members Is not finally decided. but
| three OF them this afternoon did not
hesitate to indicate their opposition 70
IT, Representative Garner (Tcxas) de-
scribcd II as the very worst PROPOSE
\ ton yet conceived. unjust to ex-scr-
vice men as well as the other people OF
/ tho country"
Representative Oldfield tArkD char
acterized the insurance certificate loan
raid scheme as "a gold brick because
I II proposes TO make the soldier take
an SIS cent dollar
/ Another Democratic member Of tho
committee succinctly described II as
"a bully thing for pawnbrokers and
| loan sharks" Tho remaining members
] OF the committee will probably concur
| in the view OF their party associates
80 that the latest bonus scheme will
become a partisan measure despite tho
assertions OF American Legion officials
that their organization is mon -parti-
san and non political
| The subcommittee OF the Ways and
Means Committee which put the I'm
ishing touches on the new scheme this
afternoon Is confident il has produced
a bin that will stand tho test" By
this they mean they believe 1t can be
railroadcd through the House. can
stand a GOOD chance ~ passing tho
Senate and receive favorable consid-
Grafton at the White House"
The mos, dilircnt inquiry amonr
Republican members or the commit