New-York tribune., 1922-06-09
Senate Fight
Opened With
Bonus Report

though the land settlement plan Of the
House IL eliminated The veteran -
20 be given a preference IN the opening
Of public or Indian lands 10 entry and
on reclamation projects. II is estima-
ted tho maximum payments 70 met the
pav of veterans whose adjusted serv-
lee credit is not over $50 will not er-
cced sle.0OO.OOo
Tho committee IN estimating cost,
says;
~ is estimated as n basis for esti-
mating cost that the rs per cent of
tho veterans will elect 90 take the
certificate plan, 22's per cent farm
home and land settlement aid. and ~
per cent vocational training all the
above in addition 10 those taking the
cash payment plan. On this basis
the total cost of each plan ~ esti-
mated % be as follow-i
Certificate plan. SS.363e0siol :
farm. home and land settlement aid
sil2.425.OO0. vocational training. Sb2,'
325. 600. cash. tl6.o00o0o total S3'S4b'-
G59.isi"
The committee also says;
m all tho veterans should take the
certificate plan. which is very I'M
probable. the total cost Of such plan.
making allowance for borrowing. might
reach the total Of Si.fs6.5f5,9IJ. But
even n that were possible the pay
ments would be scattered oTcr forty
or more years.
The committee report takes he view
that dependence can be placed on get
ting interest payments from foreign
governments which can BE- used toward
meeting the cost Of the bonus. 10 also
stresses the fact that the United States
debt. which reached rs peak Of more
than S26.000. 900. 900 In 1919. has been
scaled down about $500 900 900.
~ is the opinion Of your commit
tee.' tho report says. that during the
next three-year period the payments
under this bill can he made without ad-
dItlonal taxation II is hoped that by
the end of this three-yea period the
reduction In governmental expendi-
lures. plus the payment Of interest
upon foreign obligations. will be suf-
ficicnt 10 obyiate the imposition of ad-
ditional taxation. II IL does become
necessary TO impose additional taxes Il
is believed that We can better deter
mine the amount OF tho necessary levy
and the methods Of distributing such
burdens for the future AT a later date,
when the future condition Of the
Treasury will be more accurately estab-
lishcd."
Dealing with interest payments from
foreign obligations, the report makes
this statement:
"On February ., 1922, the President
approved the act creating p World War
Foreign Debt Commission to refund
the demand obligations OF foreign
countries into long-term obligations.
This commission has already taken
steps In this direction and II is hoped
will be- able 20 secure such obligations
in the very near future and that IL
will be possible for the foreign govern
monts 20 provide for the immediate
payment OF interest thereon, so that
such interest can be used toward de.
fraylng the expenses authorized under
this act
The budget recently presented 70 the
House % Commons provides for the in
stailmont OF interest due the United
States on tho Indebtedness OF Great
Britain, payable November, 1922. In
view % this fact IL IS believed that
the United States can count on receiy.
ing interest payments from England
upon her indebtedness 10 Us from now
on. such payments aggregating about
S200.000000 per annum.
THE March, 1922 revised estimates
~ receipts for the fiscal year ending
June go. 1923. contain an estimate OF
S225. 900 600 for interest on foreign
obligations. This would be nearly
three times the amount necessary 10
meet tho obligations created by this
bill for the first two years
on public debt maturities 20 March,
1926. the report says:
"on April 3, 1922, the obligations Of
the government outstanding and matur.
ing prior 10 March. 1925, aggregated
sG.s0l ,i23.s79. The table shows the
amount of certificates OF indebtedness,
Victory and Treasury notes and war
savings certificates outstanding on