Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-10-10
VETO Of BONUS
IS PRAISED BY
BANKER Of \. !.
National Association Is
Told That Measure
Was w eak F financially
Nation S Commentator
Is Due President for
Courage, Says Speaker


Harding deserved the nationwide
commendation he received for the
honesty of purpose and political cour-
age he displayed in vetoing the bonus
bill" Howard f. Beebe, New York,
president of the Investment Bankers
Association of America, told the as
sociation at the opening here Monday
of its eleventh annual convention.
Delegates representing many millions
of dollars in municipal and other IN
vestments are present from all parts
of the country.
The convention will end Thursday
with the election of officers and the
consideration of invitations from cities
desiring the 1923 convention.
Beebe charged that union labor had
refused to accept its share of the
readjustment burden" and that the
federal and state legislatures rush
forward with measures designed to
control business but seem to be very
reluctant to insist that labor shall be
properly organized and held to account
for it's action"
Discussing the bonus, Beebe said:
without attempting to express an
opinion as to whether bonus should
be paid and if so, to whom, 1t is clear
that the bill which was vetoed failed
specifically to provide means OF pay,
ing the obligations assumed. The bill
as passed would have burdened the
banks of the country to the detriment
of regular business and would have
made it well nigh impossible for the
treasury department to arrange a
comprehensive budget"
The efforts of congress on the tar
iff "have apparently met with little
approval from men of sound business
Judgment and unprejudiced view,
Beebe said. Activities in this direc-
ton certainly point strongly to advis-
ability of a permanent tariff commits
sion despite the many valid objections
which may be raised against that
method of handling the situation.
Speaks for Less Strife
Continuing his discussion on labor,
Beebe said that without in the slight
est trying to disparage the DEMENT'S
and advantages Of organized labor
properly regulated, it is certain that
such strife as we have seen between
our large and important business in
terests and ufionized labor in recent
months cannot be allowed to continue
in the interests of the people as
whole and some means must be found
to properly protect the interests OF
the laboring man which will also pro-
tect our general interests.
The fact that the financing OF state
and municipal work has not had the
same difficult problems presented by
conditions surrounding industrial and
public utility enterprises has pro-
duced tendencies toward extrava-
gance" by certain municipalities,
Beebe said.
'The financing of public work
through special fund and special
limited tax issues is in my opinion a
serious menace he said, Tor un-
der the belief that property will not
be generally taxed, authority is given
by the voters for expenditures of
money in amounts and ways that
would not be countenanced if it were
possible to tax. property therefor In
the usual way"
1t is going to be difficult for many
nations to even pay the interest on
loans from the United States under
existing conditions, Beebe said.
The investment bankers association
has approached the 'saturation
point" as far as membership is con-
cerned, according to the annual report
submitted by its secretary, Frederick
r. Fenton of Chicago.
practically all houses eligible and
desirable are members" the report
said. 1--WE are able to use and do use
the greatest discrimination in electing
members. With this increase in vigi-
lance, the time is approaching rapidly
when the association should take steps
to make the organization more COM
pact"
"While the organization employs
counsel, it has never maintained a
lobby in Washington nor in any of
the states. Legislative work has been
carried on through our committees"
Fenton thanked the press of the
country "for trying to expose those
people who are operating under the
guise of investment bankers and who
are annually swindling the people of
the country out of hundreds of mil
lions of dollars"
The crystallization of sound invest
ment principles through general educa-
ton will assist in the. creation of fur
tber sound investment leadership, Law
renee Chamberland, New York chair
man of the education committee of the
association, said in his annual report.
This would not only be leadership
originating within the halls of learning
but late through the press and the Sc
curity market places
There appears to be a unanimous
feeling in all classes of business that
the government should retire at once
from the shipping business and that the
shipping board and fleet corporations
should be promptly absorbed, accord
ing to the annual report of marine Sc
curities committee, presented by r. u
Tillson, chairman, of Cleveland.
THE committee feels that the Amer
ican business interests as whole have
not taken time to fairly consider the
subsidy measure now pending in con-
gress," the report continued. '"The
present bill provides that the admins