The New York herald., 1922-03-10
BONUS SEEKERS SET BACK IT.
IN ORDER BARRING LOANS
Continued from First Page.


mitted to attend the sessions Of the
committee for the first time and make
known their objections to the certifi-
cate loan plan. which are both positive
and convincing.
They will demand the dropping of
the certificate loan scheme and the
adoption OF the Democratic policy OF
using the interest on the foreign debts,
which also has been declared to be i'm
practical by executive officials.
There is no question that the bill
framed by the Republicans of the
Ways and Means Committee will be
changed in good many respects. At
tempts will be made to devise machin-
cry to Jimmy open" the banks for the
unpopular loan certificates. Other
changes to make the scheme more at
tractive to the ex-service men" also
will be proposed.
Service men as a rule express little
enthusiasm for the decision to drop
the cash payment feature of the origi-
nal bill and to limit the distribution of
ready money" to comparatively
small number of men wko would re-
ceive less than $50 for their war SER
vices.
The prospects are that Mr.. Fordney
and the other Republican bonus legis-
lators who consented to drop the cash
payment feature will have their hands
full trying to mollify the indignation
of tie claimants.
The immediate cash benefits pro-
posed under the certificate loan plan
will "A fi,-ct
year. The simplest form Of arithme-
tic shows this amount 10 be an in
finitesimal percentage Of the $1,000
100000 of national bank money that
bonus claimants expected in that
period.
Th1 cash distribution proposed by
tie Fordney bill for the first year is
scarcely discernible when compared
with the $5,0O0,000,000 of Government
money that the ex-service men ex-
pected to fall into their hands at the
maturity of the certificates.
Viewed by the most philosophical of
bonus claimants, the latest Fordney
plan will lave to be patched up a good
deal TO make it as attractive" as the
bonus legislators want to make 1t
seem.
Members Of the lower house whose
only concern is to get the bonus busi-
ness out of the way with the least
damage to their prospective political
ambitions are beginning to reflect
degree of evaporation against Mr..
Fordney tha. will further add to the
troubles that await him.
Dangers of Certificate Plan.
They had been led to believe that
the certificate scheme was a genuine
inspiration, whereas 1t turned out to
be just rush OF blood to the head.
The members who want to record
themselves as friends of tie soldier
boys" and who are not all particular
as to how they do it are beginning to
question the wisdom of Mr.. Fordney
and his associates on the Ways and
Means Committee.
The farm bloc, which is The most
powerful group now operating in Con-
gress, is proceeding with extreme eau
tion in approaching the certificate loan
plan. Comptroller Crissinger's state
ment that he will prevent national
banks from investing in the certif-
Gates has made a deep impression on
them. His decision confirms in every
respect the analysis made by Senator
Glass, the creator of the Federal Re-
serve system. Senator Glass declared
the certificate loan plan would empty
the banks of money needed to finance
local agricultural industrial and COM
mercial ventures.
Farmers who. complain that they
find it difficult to secure banking ac-
commodations under present condi-
'tions are writing their Representa-
tives TO oppose the latest Fordney
scheme. The position of the farm
bloc was described to-day by one OF
it's leaders as conservative" He
elucidated his description with the
statement that I'VE are certainly not
going to be for any bill that makes 1t
harder for farmers to get money Be-
fore we commit ourselves we lave got
to be shown"
The Democratic position seems to
be that party policy will compel the
rejection of the certificate loan plan.
Oll at itdSA Two EEOulluHs one Is the
effect on the business OF the country;
the other is that Mr.. Fordney and his
associates have made tie bonus
party measure"
Reaction In the senate.
Reaction against the Fordney bill in
the Senate has become so pronounced
that its rejection by that body Is
foregone conclusion. The Senate FL
nance Committee. to which a bonus
bill passed by the House will be re-
ferred. views the certificate loan plan
as entirely unacceptable.
Sentiment among the members Of
the upper house supports the position
of the Finance Committee. Almost
one-half of the Senators have already
declared themselves in opposition to
the certificate loan plan. and more
will follow when the measure comes
before them. They withhold the an
nouncement OF their position at the
present time solely because they do