The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-31

Sentiment among gathering
members of Congress is
stronger than ever for paying
The bonus with an issue of
nearly S2,OOO,OOO,OO0 in new
currency. Passage of such bill by
the House appears certain, the
Administration hope Of blocking it
rests with the Senate.
The President said survey had
shown that IS per cent of dying vet
Grams leave no other legacy to their
wives and children besides the COM
penSation certificates, which N Ell
feet are endowment insurance pol
icies, now scheduled to mature IN
1915. If the certificates were
cashed now, the money would be
used and the IS per cent would have
no insurance, he argued.
Indebtedness Liquidated
"I feel, therefore, that those who
advocate the payment of the certit1-
Gates at this time for the purpose
of stimulating business certainly can
not have given the interest Of the
veterans much thought" Mr.. Roose-
welt wrote.
He said the argument that the
payment would stimulate recovery
had been disproved by analysis Of
what the veterans did with the
S1,69O,OO0, 900 they have borrowed on
their certificates.
ct was found that Indebtedness
created by the veterans prior to the
payment was liquidated, and the
money advanced to veterans went
to clear that Indebtedness rather
than to create new business, the
President said.
He called attention to the vast
sums spent for recovery and relief
of all in need, veterans and non
veterans, and said las you no doubt
are aware, a very definite and dis
tinct preference is given to vet
Grams"
Natures in 1945
Mr.. Roosevelt said the bonus
actually authorized by Congress was
100000, which was increased
25 per cent so that at the
4 per cent compound interest it
would mature in 1915 at total OF
$4,000 100000. Thus if veterans
original grant in 1924 was $500 and
he did not borrow on it the policy
would amount to $1,000 on maturity.
The amount printed on the face OF
the certificate is not the amount OF
the original grant, but the maturity
value in 1945.
This" said the President, would
seem to dispose of the question as
to whether the obligation is I'M
mediately due"
Some bonus advocates urge pay
ment of the present value OF the
certificates, which totals $2,1DO,0OO,-
900. A memorandum from Frank
Hines. veterans Administrator,
pointed out that so many ex-soldiers
already have borrowed on their GER
tificates that this would benefit them
by only S41O,0OO,OOO And Of this
amount all but $13O,OOO,O00 would
go to the comparatively few veter-
ans who have not borrowed.
Have U. S. Interest at Heart
The memorandum said the pro-
posal to cancel the accumulated in
terest charges on loans and pay the
maturity value Of the certificates
would work out as follows:
In substance, this resolution
seeks the RENTING of interest in
an amount in excess of $220,OOO,OO0
charged to the veterans accounts,
but would require the immediate
by the Government of in
terest that will not have been earned
until 1945, which together with the
amount granted on account of de-
ferred payment totals S2,100,000,0Oo
more than the ST and $l.25 a
day adjustment provided by the
act.
THE present value of the certi-
fcates in force is $2,100,000,00O
whereas it is sought to have now
paid S3,72o, 0O0,0 900 (the maturity or
face value plus remittance of inter-
est) or. additional amount of $780,
100000 over and above the present
value and 81, 800 100000 more than
the original basic adjustment.
The President said Mr.. Farmers
letter had confirmed two of his own
That "the bonus ques-
ton is not well understood even
among the veterans themselves"
and that the service men generally
have the interests of their country
and Government at heart"
Aged Woman Found Dead