Roanoke Rapids herald. [volume] (Roanoke Rapids, N.C.) 1914-192?, 1922-03-10

ing from whom they nave re-
quested contributions. Blunt
refusals are the rule. And the
reason is plainly stated in such a
letter as the following.
| have your peremptory re-
quest for a donation to our party.
On former occasions | have al
WAYS been glad to send in my
check. | am born Republican.
My father WIS a an Elector in
Grants second election. But |
have no use for the Republican
Party if they are going to pass
the bonus bill.
Two of my own were in the
war, and they feel keenly the in
suit of the bonus.
What shall it profit the Re-
publican Party to gain minority
of the soldier vote and to lose
great body of its longtime fl
nancial supporters?
The longer the plan of deferred
payment for the bonus is before
the public the more severe is the
condemnation poured upon it.
Treasury officials, bankers, bust
ness men, skilled experts in
finance unite in denouncing it as
the most vicious scheme that
could be devised. That 1t is an
unscrupulous political stratagem
is not denied. But it is worse
than that. 1t is a formidable
menace to sound public finance.
No one can speak on this ques-
ton with more authority than
Senator Glass of Virginia, and
his attack upon the project is
unsparing. He gives his reason.
This great new mass of certlh-
Gates of Indebtedness, if the
banks could be compelled to take
them, would simply pile up in
their vaults as three or four
billions more of frozen credits.
The country has for nearly two
years been struggling to free its
banking and business from that
great burden And now it is
proposed to help one still greater
upon its back. Senator Glass
also points out that the certificate
plan, if it could be made to work
at all, would not only lead to
unsafe banking" but produce a
marked imitation of values"
burdensome to all, and perhaps
ruinous to many. The conclusion
which Senator Glass reaches is
that the issue of billions of de-
ferred certificates would "desper-
ately cripple the business inter-
ests of the country, while, if
the banks should refuse to take
such securities that would not be
liquid, the eX-service man would
in the end find that they have
received "a gold brick instead of
a beneficence. "
The pressing question isl
whether the Republican Party
can possibly stand for such a
reckless scheme. Can Secretary
Mellon allow it to proceed with
out the most vehement protest?
Can President Harding permit so
great an injury to De done not
only to the country but to the
reputation of his party? No Re-
publican boast has been prouder
than that of caring for the true
fina ncial interests of the nation.
That can never be heard again if |
the party adopts measure open
to such damaging criticism as
that of a Democratic Senator,
Carter Glass. 1t is industriously |
put about at Washington that the
President will be won over to
sign the bill as agreed upon by
the Republicans of the Ways and
Means Committee. This seems
to US fatty incredible. 1t may
be that the Presidents policy is
to await developments and to
nope that the bill, even if it
passes to the House, will be put
% death in the Senate. But if
he measure comes squarely be-
'ore him for action, there ought
o be no possible donbt what he
will do. The Republican Presi-
lent cannot stand by consentinp