Norwich bulletin., 1922-09-20

turned herewith takes cognizance of ths Inability of the government wisely te bestow, and says. in substance, we c' not have the cash, we do not believe ju a tax levy to meet the situation. but here is our note. you may have our credit for half its worth. This Is moi compensation. but rather a pledge y the congress. while the executive branct of the government is left 10 provide foi payments falling due in ever increasing amounts.
 "when the bill was under considera. ton in the house. I expressed the con, viction that any grant Of bonus ought to provide the means of paying 1t. and was unable to suggest any plan other than that of a general sales tax. Su-k plan was unacceptable 10 the con gress, and the bill has been enacted without even a suggested means 0. meeting the cost. Indeed, the cost is Aoi definitely known. either for the imme. diate future, or in the ultimate settle. ment. The treasury estimates, bssed on what seems the most likely exerciss of the options. figures the direct cost al approximately s145.eoo 900 for 1923, s225,0 900 for 1924. S114.000,oo0 foi 1925. S3l2. 100000 for 1926, making a 10. tai of s7s5.o0o.OoO for the first foaI years of its operation. and a total cost | i nexcess of S4,0o0. 100000. No estirafs of the large indirect cost ever had beer made. The certificate plan. sets up nc reserve against the ultimate liability. The plan avoids any considerable direct outlay by the government during tho earlier years of the bills proposed op. eratlons but the loans on the certih. ! cates would be 1oated on the credit of the nation. This is borrowing on ths nations credit just as truly as though tho loans were made by direct govern. | rnent. borrowing and involves a danger ous abuse of public credit Moreoye-, lthe certificate plan of payment is little 1 less than certified inability of the gov ernment to pay and invites a practice
 on sacrihcial barter. which I canno; sanction.
 r. T. confess q regret thzt-I must som, a note of disappointment to the many
 ex-service men who have the impressie,
 that it E as, simple a matter for tA, government to bestow- billions in peace
 as it was to 'expend billions in war. regret to stand between them and thu lpitiably small compensation proposed. dislike to be out of accord with th- ma. jority of congress which has voted tn,
 bestowai.- The simple truth Is that tn,
 bill proposes a government obligation o
 more than four billions without a pro
 vision of funds for the extrsordinarI
 expenditure. which the executive brsncl
 of the government must finance in th. face of dificuk financial problems an, the complete defeat of our commitment
 to effect economies. I would rather ap
 peal, therefore. 10 the candid reflection of congress and the country, and to tn ex-service men in. particular. as to tn course better suited 10 further the wei
 fare of our country. These ex-soldier
 who served so gallantiy' in war, and win are to be so conspicuous in the progres
 of the republic in the half century be
 fore us, must know that nations ca
 only survive where taxation Is restrain ed from the limits of oppression, wher [ the public treasury is locked agzins
 class legislation, but ever open to publi 1 necessity and prepared to meet all es sentiar obligations. Such. a policy make pt a better country for which to fight. 0 [ to have fought. and affords surer abid e ing place in which to live and attain q WARREN c. HARDING"