The Owosso times., 1922-03-31
BONUS WILL
PASS SENATE
TREASURY CERTIFICATES
TO RAISE MONEY.
BY David Lawrence.
WASHINGTON, March 30-The


soldier bonus bill will be passed
by the senate. Those who expect
it to be shelved in the upper house
will be disappointed. The measure
which already has passed the
house may be changed, or even
rewritten, but bonus bill will go
through. 1t will not be buried in
committee or delayed on the CAL
endar.
The authority for the foregoing
prediction is Senator Medill Nc
Cormick of Illinois, a member of
the republican steering committee,
an administration senator and
very good judge of senatorial SEN
timent. Like a good many other
senator's Mr.. Mccormick has kept
quiet about the bonus thus far but
he says his silence and that or
his colleagues NUT not be miscon-
strued.
"How will the money be
raised?" he was asked.
"By the sale of treasury certif-
Gates" he said, 'and there is am
pie authority on the statute books
today to raise the sum needed.
We authorized not long ago the
issuance of up to ten billions of
short term certificates and only
three billion have been issued"
Gould the country absorb such
additional certificates" was the
next inquiry.
"Certainly-whyi in the last year
approximately $3.50, 100000 has
been invested by Americans in for
eign bonds. Also about billion
dollars has been absorbed in mu-
nicipal tax exempt bonds-and no.
body knows how much more. Ask
the bond houses-they will tell you
they cant put issues on the mar
ket fast enough to meet the de-
mands of investors. Also, notice
the splendid way in which the
country has responded TO the re-
funding plans of the treasury
Here we are with the Victory
bonds refunded in large part long
before the maturity date. 1 am
convinced that the country would
never feel an issue of short time
treasury certificates sufficient to-
tide us over-say for two to five
years-until the British are able
to resume payment to us on the
war debt"
Harding Action.
Nj. Mccormick didn't attempt
to predict what President Harding
would do with the bill if it were
passed by both houses. He isn't
as sure of a veto as are some of his
colleagues though it is evident, he
like the others, is counting upon
rewritten bonus bill. The Illinois
senator declares the opposition to
the bonus will not succeed in dila-
tory tactics, in fact he says those
who are against the measure are
as eager to have it brought up and
voted upon and gotten out OF the
way as are the proponents Of the
bill. He seems to think the bonus
ought not to be permitted to clog
the legislative calendar and pre-
vent other legislation from being
enacted especially in this, a cam
paign year.
Senator Mccormick gauges cor
rectly the sentiment of the senate
if the bonus bill comes to q vote.
For as was proved in the house,
the number who finally opposed
the measure dwindles. There
would seem to be a majority who
would shelve the measure If they
could do so without record vote
but the senators who are up for
reelection this year are bound to
pursue aggressive tactics and keep
the bill before the senate. Men
like Senator McCumber, chairman
of the senate finance committee,
and Medill Mccormick, who are
candidates for reelection, will not
allow the measure to slumber and
IL doesn't take a large group in
the senate to compel action of
some kind. once the bill is voted
upon, a majority is assured.
Whether a two-thirds vote can
! be mustered in the senate to over
ride a presidential veto will de-
pend upon the development of
public sentiment after the passage
of the bill and an expression from
the president. So far as the house
is concerned it can be counted
upon to pass the bill by a two
thirds vote If necessary. The vote
of 800 in favor of the measure re-
Gently is clear index of the
strength Of the bonus bill in the
face of announced presidential op-
position.
The president is committed to a
veto unless a sales tax is enacted
as a revenue producer. If he
doesn't veto it, he may lose An
drew Mellon as secretary of the
treasury. But thus far he has
given every indication that he
shares Mr.. MELONS views. The
bonus seems to be the liveliest
issue i'm congress. 1t slumbers for
a while and then bobs up again.
Senator Medll Mccormick pre-
diction is signiflcant-it means ac-
tion on the bill and probably pas
sage by the senate after the naval
treaties now handing are ratified.