Word: bonus
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Through his spokesman, Sonator Robinson, President Roosevelt, stated that he would veto either the Patman or Vinson bonus bill, should one of them pass Congress. The news is thankfully received by all thoughtful people in the country, for passage of one of the other appears certain. Many people feel that President Roosevelt should explain his attitude and muster public opinion solidly behind...
Whatever other objections he may have to the prepayment of the bonus by either of these measures, concern for government credit is undoubtedly the dominant one. Either the Patman bill, which proposes immediate payment of the 2 billion dollar bonus (due years hence) by resorting to the printing-press or the Vinson bill which proposes to raise the amount by the sale of bonds, would shatter government credit. Any government which played the bonus now would rightly be considered totally irresponsible by investors, and would have difficulty borrowing money anywhere. Yet gigantic borrowing operations for legitimate purposes are absolutely indispensable...
Last week the American Legion lobby, most potent in Washington, once more demonstrated its power. Of 25 Bonus bills on which it has been conducting hearings, the House Ways & Means Committee voted null to report out the Legion-sponsored Vinson Bill. Into committee discard went the famed Patman Bill, long House Bill No. 1, backed by inflationists and Veterans of Foreign Wars, twice passed by the House and rejected by the Senate. Down from his place as the House's No. 1 Bonuseer stepped Texas' Wright Patman, to be replaced by Kentucky's Frederick Moore Vinson...
...long-faced Bonuseer Vinson, 45, was still in an officers' training school when the War ended. A lawyer with a vast distaste for politics, he first went to the House in 1923, lost his seat in 1929, returned in 1931. Matter-of-fact and publicity-shy, he remained an inconspicuous Congressman until his Bonus bill projected him into the headlines...
Like the Patman Bill, the Vinson Bill calls for full and immediate cash payment of the Bonus, plus remission of interest on the $1,500,000,000 veterans have borrowed on their certificates since 1031. Unlike the Patman Bill, which specifies payment by a new issue of currency, the Vinson Bill offers no method of financing...