Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-12
IlARD|NG's BONUS VIEWS
D. d. ARE WITHOUT EFFECT
..sttls-.-.
Ways and Means Committee
:, 49,. Determined to Press Pres.
ent Plan.
HEAR NOTHING OF VETO
Republican Frnmers OF Bill Not Adj
vfsed of Intention on Part OF Ex-
/. - ccutfve to Use Powers of ONCE
Against Act.
fRv Assoclated Press. D

4
WASHINGTON March 1l,-Pro-
visions OF the compromise soldier
honus bill relating to bank loans to
former service men have been either
{ misunderstood or misrepresented in
some quarters" Representative
Green. Iowa. who is ranking Repub-
lican member of the Ways and
Means Committee, and who helped
revise the measure, declared today
in statement.
While tho Iowa member made no
direct comment on tn. announced
intention OF Comptroller or the Cur
rency Crissinger I" advise banks not
10 accept adjusted compensation GER
! tifcatcs as security for loans. II was
generally regarded that the state
ment was reply 20 the opinion q.
the hill's provisions expressed by
Mr.. CrissinEcr. Ways and Means
Committee members have been re-
. lHc,ant 20 take issue with the comp
roller. and Mr.. Green's views were
the FIRST definite expression from
Republicans OF the committee as to
tho stand taken by the Currency
Comptroller.
Coincident with MIR. Green's dec
laration. Republican leaders in the
House declared that. despite -umors
reaching the Capitol that President
Harding was opposed to tho present
draft OF the bonus bill. there had
leen no change in plans which call
form report OF the measure on Mon
day by the Ways and Means Com
mttteo and passage OF The bill sy
theHHousc a week later
Reports as 10 the Presidents at
t'ude failed to shake the detcrmi-
nation OF those in charge of tn.
legislation to proceed with their pro-
gram without alteration
representative Mondell Republican
'eaoer. Chairman Fordncy aud other
members of the Ways and Means
Sninit'ee In the Capitol said that
I" 'heir knowledge the President
MAO given no Indication. directly or
indirectly. TO any member of Con
gross that he would veto the hill n
y were passed without a sales tax
PROVISION Two members OF Tho
committee. Representatives Long
worth. Ohio. and Bachrach. New Ter
scy. who have advocated a soles IN,
ms means of raising the necessary
revenue. were not in Washington to-
day and 1t could not be learned
whe'her they had been able to ascer-
tain the Presidents views
Amendment Probable.
chairman Fordney said the bill
T rr"Nahly would be amended by the
committee before favorable repor, is
I ordered to do away with tho re-
Hnirement that n war veteran mu-,
cecide within six months which OF
inc options provided in the bin ~.
would accept. 4 forpler service man
should he permitted. the chairman
said. To make this decision at any
time with the proviso. however. that
OF lie accepted Insurance ii was To
date rctroa ctively from October
1929.
Representative Green. in his state
mont. said:
When the Ways and Means Com
mitee struck ont the cash provisions
"f the former bill. to which so much
objection had been made. II was
thought advisable TO make some pro-
visions for soldiers who were or
should become, IN need. and for This
hurpose the baa;5 loan provision was
inserted =. -.
Explains Meaning nf pInn.
IL seems TO be assumed by some.
mat all OF these ,oSns would run 10
october !. 1925. but that date was
merely inserted as the very latest
which might be hxed for tho ma
fnritH OF loans by the hanks. in or
der that transactions with The banks
. might thereafter be closed. II was
No; intended that the banks would
make the loan in the first Instance
. Tor more than the time usually given
on commercial paper. although a
savings bank might do so The gov
eminent agrees TO cash these notes
they are six months overdue
Tne mere statement is sufficient
20 snow that the ordinary bank
holds little paper so we'll secured or
upon which collection could so quick :
~ he enforced IL tho maker fails 10
pas. If the frozen securities now
held in large Quantities by many
!. hanks, tire result Of loans made with
the approva! OF tho Comptroller of
+ the Currency. had been backed by
o. such guarhritec thcv wnuld l,v,