The New York herald., 1922-03-03

tioh u dliy Lux tici loAolioAit ahu thSA
were loud protests against piling III
the public debt.
1T has been figured out that If al
the men who get certificates go to the
banks and get their 90 per cent. loar
1t would drain the banks to the extent
of s6o0,0 900. That sum would be
advanced by thousands of banks
throughout the land and would not be
any drain upon any one. Backed by
the Government, the banks would be
glad to make loans on the certificates
and it would be a popular thing to do
1t probably would boom business in
that it would put a large sum o,
money into circulation.
For the first three years the plan
would mean no drain on the Treasury
My guess is that 80 per cent. of the
men would take the certificates. Ex-
perts have figured that at the end OF
twenty years it would require $4,000
000,0 to redeem the certificates. The
certificates will be made non-trans-
ferable and non-negotiable so that the
ex-soldier cannot be cheated by any
sharp practices"
The explanation advanced by Chair
man Fordney was not so clear as that
obtained from his Ohio associate. cIr
Fordney placed great stress on the
feature which will provide cash for all
beneficiaries of bonus legislation re-
ceiving $50 or less instead of insurance
compensation. home aid, farm aid OF
vocational education.
There was unanimous agreement
among the Republican members of the
committee for the bonus" he said
(which will call for less than $4,000
600 from the Treasury during the frs,
three years of its operation. The plan
proposes the elimination of the cash
feature of the bonus bill except where
the veterans are entitled to $50 or less
of adjusted service pay, but adds a
loan provision to the adjusted certifi-
Gates which will enable holders OF
such certificates to borrow from any
national or State bank and trust COM
pany. so per cent. of the adjusted
service pay up TO September 80, 1925
speedy Aid for Needy.
'The date was fixed because afte,
that time the bill as originally drafted
by the committee provided for 8
ernment and has not been changed
Needy veterans can obtain money as
soon as the certificates of insurance
are issued. and in greater amounts
than provided by the cash plan of the
original bill.
mo large draft will be made on the
Treasury until the expiration of three
years. No new taxes are required
The certificates to be issued under trs
new plan are to have immediate Ioar
value Of 80 per cent. OF the face value
This value increases each year Of the
life of the certificate, which is to ma.
ture within twenty years. All certifi.
Gates are to be issued by the Govern.
ment and be in the hands of the
beneficiaries fourteen months afte,
the passage of the bill.
Mr.. Fordney also announced an.
other flop in his plan for jammins
the bonus bill through the lower
house. He said that tie work OF re.
drafting the bonus bill will be rushed
and ready for introduction early next
month. He further said that he die
not believe 1t would be necessary ts
call caucus of Republicans after tn,
Ways and Means Committee had com.
pleted the measure and voted to re.
port IL.
The Democratic members, who wer,
excluded from the meetings OF tn,
committee while the new plan wa.
being developed, will be invited In I,
look it over. The chances are that tn,
Democratic members. who now openly
charge the Republican majority will
trying TO capitalize the bonus schem,
for political purposes, will oppose It
not so much because OF its terms, bu
for the reason that their constituent,
in common with those throughout tn,
country have protested against tn,
whole bonus scheme at the presen
time.
The bonus Congressman, who hav,
been led to believe that the 344.g9'
members Of the American Legion ''pai,
up and in good standing" can defea
any candidate for Congress. are still
clamoring for a bonus bill regardless
OF it's provisions. practical value o.
fate at the hands OF the Senate ant
President Harding.
Vote VIII Produce shocL.
But both Republican, and Democrat,
members of the lower house who ar,
opposed to the bonus scheme on gen
eral principles and have been quietl,
canvassing the situation assert tha
the bonus people are in for the sur
prise of their lives when vote Il
taken"
They do not predict that the bill
will be defeated in the House. becaus
its passage there is foregone con
clusion despite the overwhelmin,
volume of protests that has come from
every section of the country agains
IT, But they do assert that roll cal
of the bonus propagandists that 81
per cent. of the members Of the Hous
will vote for the bill"
over on the Senate side OF the Capi
tol sentiment is steadily increasn,
against the bonus. The only referenc
made to II. however, was by Senate
Carroway tDem., ArlS) during debat
on another bill. The Arkansas Sen
ator denounced the action OF the Re
publican members of the Ways an,
Means Committee in excluding Demo
cratic members Of that body from con
ferences on the bonus and described 1