The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-01-30
Gold Bricks for Veterans


One reason-and there are many-why veterans
are urwise in demanding cash payment Of bonus in
surance certificates now is that it would retard re-
vival of business seriously.
This is a fact which is not open to dispute. The
government hasn't the money pay the veterans now.
It can get the money through bond ISSUE as pro-
posed. But the problem is not in getting the money
1t is the havoc that would be wrought in the process
If the government floods the market with
$340000o000 worth of bonds it certainly would wreck
the chances of a return to prosperity through the
hopedfor revival in private construction projects At
the moment there is real hope that building activity
will open up in the spring-with all that means in
the way of returning prosperity to other businesses
But the mere threat of heavy government bond
issue to meet premature bonus payments already is
frightening those who had planned private bond issues
Doubtless there are some veterans who can not see
how that bond situation touches them Doubles there
are veterans short-sghted enough to say to
themselves if we get our bonus cashed we don't have
to worry about the rest
But second thought should convince any veteran
that his future tied up with the future of the coun
try. What the veteran needs more than anything
else is permanent, decent paying job If he has
permanent job, he will not want to sacrifice his in
strance-which is what cashing his bonus amounts to-
And If he has no permanent job and no prospect
Of one, then his cashed bonus will be only drop in
the bucket-in few months he will be worse of than
before
Granted that steady job is more important to
the veteran than any cashed bonus it surely should
not take much imagination to see that anything which
proongs the business depression and keeps hundreds
of thousands of veterans unemployed is menace to
the veterans. Yet that is precisely the menace today
which SO many apparently fail to see
We are aware that veterans not disposed to ac-
cept without question the arguments of Secretary of
the Treasury Mellon No more But regardless
Of how deservedy unpopular many Mellon policies
have been in the past we do not believe that MELONS
facts in opposing the cashed bonus proposal can be
disproved. AS he has informed congress:
The marketing of these bonds at the present time
would kill the bond market for any other kind of Sc
curities. One of the helpful aspects of period of
inactive business and low money rates Is that 1t offers
sighted business concerns opportunity for mprov
ing and undermining equipment and reducing costs.
Impairment of the bond market not only would
interfere with this process but would mean that many
large undertakings especially public works and public
utilities, which it is planned to finance through the
bond market would be abandoned"
The sharp drop in the bond market this week,
under pressure of this proposed legislation is proof
that MELONS facts are straight
If the veterans try to laugh this off as capitalist
conspiracy against them, they will be injuring them
selves than the capitalists The capitalists al
ways get along and eat three square meals a day.
even in the prolonged business depression.
But unless there is business revival the unem-
ployed veterans are going to be SO hard hit that
small Individual cash bonus will not help much
In football match in England recently nine play
erS were named Jones. 1t is said spectators had a
hard time keeping up with them.
Women, says beauty expert, will become bald if
they continue to bob their hair. Is the permanent
wave temporary, after all?
Motto Of the conservative investor: Gentlemen
prefer bonds"
Still waters deep, but occasionally the prohi-
bition officers find their source
When an artist resists a temptation it is easy for
him to say, That's where draw the line"
Maybe the linotyper knew what he was UP to
when he spelled 1t "The Ldckersham committee"
Congress Is reported to be studying way to make
paper money last longer It's funny thing but most
of us have been working on the same problem for
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