Word: bonus
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Whereas the House promised veterans who turned in their bonus certificates the right to demand cash payment on the face value, less borrowings, the Senate bill promised them the same amount in $50 bonds which veterans might cash at any time...
Early this month President Roosevelt sent his budget to the Capitol telling Congress all he cared to tell about U. S. finances to the end of fiscal 1937. Last week, while the Senate Finance Committee was considering the Soldiers' Bonus (see above), some of its members, headed by North Carolina's supercilious Josiah William Bailey, decided they ought to hear what Secretary of the Treasury Morgenthau would have to say about the effect of paying the Bonus on U. S. finances...
...hears in executive session. Then squirming Secretary Morgenthau made a clean breast of U. S. financial expectations as he saw them until the end of fiscal 1937. In so doing he completely rewrote the budget presented by the President a week earlier. Allowing $2,000,000,000 for the Bonus, $2,000,000,000 for new relief appropriations (which the President did not estimate in his figures) and assuming that in place of AAA there will be a new law that will spend as much as AAA would have, the Morgenthau budget for 1937 would compare as follows with...
Apparently underlying last week's vague uneasiness were two things: 1) Re-emergence of the Administration's policy as the dominant business news. Agitated were businessmen by the Bonus, the Budget, AAA substitutes, recent flutters in the dollar; the new mysteries of silver, which declined last week to 44¼? per oz., approximately the price when Silver Purchase Act was signed in 1934; Secretary of the Treasury Morgenthau's estimated need for $11,000,000,000 in new and refunding money in the next 17 months; the resignation of T. Jefferson Coolidge as Undersecretary of the Treasury...
Against the current used-car glut General Motors has again led the attack. Chevrolet is paying a $20 bonus for each jallopy junked, additional bonuses to salesmen who move more used cars than normally. Oldsmobile also has a bonus plan, stresses "safety inspected" used models. No mean share of GM advertising in the past few months has been devoted exclusively to used-car promotion...