Word: bonus
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Dates: during 1930-1939
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Last week Chairman Pat Harrison and his friends on the Senate Finance Committee put a white handkerchief into a hat and pulled out the same handkerchief with a rabbit painted on it. In short, they took the Bonus Bill passed by the House (TIME, Jan. 20) and wrote an entirely new bill, almost identical in effect. That was magic for it removed the political curse of the House bill, which had been frankly dictated by the three powerful veterans' lobbies, and substituted a bill that the veterans had not dictated but which satisfied them just as well...
Four years training in aviation, with pay ranging from $75 to $125 a month and a lump bonus of $1,500 at the end of the period, are offered by the United States Naval Reserve Aviation Base in Squantum...
...three major veterans' organizations responsible for the bill had settled their long-standing differences over Bonus payment by demanding more from the Government than any of them had ever formally asked before. The full maturity value of a Bonus certificate represents, in almost equal proportions, the Government's original grant in 1925 and interest to accrue on that grant until 1945. For the reasons stated in their preamble, the veterans' leaders demanded: 1) immediate payment of the full 1945 value of each certificate, less only the amount the holder had borrowed on it; 2) a refund...
...methods of raising Bonus cash, the "united front" bill said not a word. But its authors asserted that it would require an immediate cash outlay of only about $1,000,000,000, instead of the expected $2,000,000,000. The Treasury could, they suggested, substitute a new issue of bonds for the half-billion dollars worth of Bonus certificates held by the U. S. Government Life Insurance Fund as security for veterans' loans. Holders of another half-billion dollars worth of certificates would, they guessed, choose to keep them for the sake of the new interest...
...House marched. The Ways & Means Committee made only one major change in the "united front" bill. Because the amount involved was only some $10,000,000 and a great deal of bookkeeping would be required to refund it, the Committee proposed that veterans who had paid interest on their Bonus loans should be declared out of pocket. Veterans who had shirked their interest obligations would be permitted to keep the money. Thereupon the Committee reported the Bonus Bill out three days after receiving it. Four days the bill was passed by a thumping 356-to-59, biggest vote ever rolled...