The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-11

Of the adjusted service certificate:
offers an effective medium for car.
rying out the Government policy Of
expanding vast sums of money fol
human relief and stimulation of re-
newed business activity without add
ing to the national debt.
II am not afraid to defend the
policy before any gathering OF
sound business minds in the coun-
try"
Talking with Commander Belgra-
no discloseS that he has a marked
animosity toward the word bonus
In all of his public utterances the
first time he mentions the phrase
adjusted service certificates it i'm
mediately is succeeded by the words
commonly misnamed the bonus. >
1t is not bonus, he says, but be-
lated Government recognition of its
failure to pay fair compensation tc
service men in the World War.
Young, Che is only 39) hand
some and short of stature, he sits
behind his desk answering ques-
tions readily. In many instances
his replies are made before the echo
of the questioner's voice is stilled
On matters Of finance, his profess
sion is not belied by the manner in
which he has figures at his finger
tips.
When Mr.. Belgrano was named
national commander, much ado was
made of the fact that he is bank
er. Bankers generally are dia-
nletrically opposed to payment of
the bonus, fearful lest passage of
such a bill will force the country
into imitation. No matter how skep-
teal the rest Of the financial gentry
maybe, Commander Belgrano, the
central figure in the scene, views
the ALTERATION o. banker and bonus
as sound business proposition.
The California banker entered
military service in 1917, a year after
h5 was graduated from high school.
After serving as private, corporal
and sergeant he was assigned to
me officers training school at Louis
vile, KY, and commissioned a Sec
ond Lieutenant. Almost Immediate
ly after his honorable discharge
from the Army he took an active
interest in the Legion, serving on
both state and national committees
The Legion, Commander Belgrano
AYERS, has offered the Government
an effective and proper medium for
distributing some of its recovery
funds without increasing the ma
tional debt. Calling attention to the
point that the payment of the adj
justed service certificates represents
an obligation of the Government,
Commander Belgrano says pay
ment now would put money into
every channel of business and trade
while, at the same time, the ma
tional debt would be reduced.
1.-THE dollar at the time this obi
cation was pledged was 100 cents
dollar" he says, land on the low
cred value of today we are asking
no more than that to which we are
entitled"
Commander Belgrano, who is Of
italian descent, was born in San
Francisco and spent virtually all
of his business life in California. He
now is vice-president of the Bank
of America National Trust and Saw
ingS Assn, president of the Pacific
National Fire Insurance Co. of San
Francisco and ce-preSident of the
Occidental Life Insurance Co.
Commander Belgrano declares
that the Legion on numerous oc-
casions has withheld its demand for
the wiping out of the debt repre-
sented by adjusted service certif1-
Gates in a sincere effort to assist the
Government in maintaining a bal
anced Federal budget.