The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1935-05-24
Sold Down the River

:. It looks very much as if the aroused
/. Roosevelt who two years ago was chasing
! the bankers of the nation from post to
pillar and threatening them with federal
control if they didn't mend their ways and
stop meddling with rights that had been
given Congress by the Constitution of the
United States had been subdued We hate
to think that the Roosevelt of 1888, who
showed an inscrutable countenance to
Wall Street, today is throwing in his cards
at the first signs of resistance from those
interests who dictate the monetary policy
of the nation.
!. When the Senate upheld the Roosevelt
veto of the Patman bonus bill, it gave the
!, President every right to suppose that the
bonus was not passed originally by this
Legislative body because of any great lik-
ing. He could not have drawn any such
conclusions from the vote of the previous
/, day by the House. So quickly did the
House override the bonus that the result
!. must have been in the White House almost
by the time President Roosevelt had re-
turned to it from addressing the joint
assembly of Senate and House.
We still think that Congress is in favor
tof paying to our ex-servicemen what is
; due them. The majority Of people should
understand very clearly that the soldiers
bonus is not what people commonly term
la bonus, something over and above the
salary or wages of the individual. 1t is in
this case an adjustment which Uncle Sam
made in his soldiers pay following their
termination of service in the World War.
In 1925 it was turned into what was known
as adjusted service certificates, redeem
able in twenty years.
4 The slao IS M ~ in
cash, which would mean that there would
be no added burden in the form of millions
of dollars of interest to be paid to the
banks of the nation, was the product of
the times. The President denies it would
aid in relief, yet only some days ago the
huge sum of $4,000, 100000 was appor-
toned to the states and their subsidiaries,
the cities and towns, for relief purposes.
This vast amount will be raised by bor-
rowing money and paying interest on it.
The Patman bill proposed that the gov
eminent issue currency, printing-press
money as some call it, hoping that the
expression will confuse and terrify the
ignorant. If this be initiation with So
900 ,0OO,0 900 in gold and silver to back 1t
up, then it is healthy initiation and one
perhaps that should be not disregarded but
looked upon with some interest. A few
months back we were listening to the talk
of mild initiation from Washington and do
ing our best to agree with President
Roosevelt and his advisers that some sane
method Of engaging in it might be found
When legitimate way is actually provid-
ed, the same powers that be become shy
land obstinate.
We repeat again it is hard for us to
admit that the administration has actually
swung all the way around to the Wall
Street point of view. For time it did
look as if Congress might actually be
ALLOWED to- have some say about coming
land regulating money. But, no, that priv
ilege will evidently remain in the hands
of Federal Reserve Bank, very much
privately-maintained and operated insti-
tuition. The process of claiming millions
lin interest, to be collected in the form of
taxes in the years to come, will be solely
that of private interests. Congress is not
quite sure it wants to exercise its consti-
stutional rights.