Word: bonus
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Dates: during 1930-1939
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Responding to the political demand of minor War-veteran organizations for a cash payment on their Adjusted Service ("Bonus") Certificates as a form of Depression Relief, the Senate Finance Committee last week began hearings on this proposition. Opposed as ever to cashing this Government obligation 15 years before maturity was Secretary of the Treasury Andrew William Mellon...
Despite the fact that a harrassed, if not a helpless, Congress is faced with a nation wide orisis in unemployment, the veterans want several billions of dollars put into their pockets right away. The command mentions only the relief for disabled veterans, but the blanket bonus is the real driving force...
Apart from the question of the wisdom or the justice of the bonus itself, this demand smacks of the typical Legion attitude. Fortunately, the factional splits in the Senate and House will probably prevent the bill from going through, despite the tremendous, but undisciplined, power of the military organization. Flag waving and war records count for nothing when such an attempt is made to raid the treasury...
Searching last summer for reasons why Youngstown Sheet & Tube Co. should not merge with Bethlehem Steel Corp., Cyrus Stephen Eaton's legal minions dragged Bethlehem's bonus system into public view. Reluctantly Mr. Grace testified that while his salary was a mere $12,000 a year, his 1929 bonus was more than $1,600,000 (TIME, Aug. 11). Last week he regretted more than ever that he had been forced to reveal this, for a group of stock-holders sued to have all bonuses paid since 1911 returned to the company by the eleven executives who received them...
...sagacious wink, but the Boston and Cambridge public have frequently found occasion to look upon the product with wide-eyed horror. The present irritation was caused by a drawing in the last issue depicting the now famous scrub women engaged in staging a Bacchanalia on the proceeds of the bonus supplied by Corliss Lamont and his associates...