Word: patman
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Dates: during 1930-1939
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...House had already passed the Patman Bill providing for immediate payment in greenbacks of the Bonus due in 1945 (TIME, Jan. 21). What lay ahead was well known: Passage of a cash Bonus bill; a Presidential veto; an overriding of the veto by the House; a nip & tuck contest in the Senate in which the veto would probably be sustained on condition the President accept a compromise...
...House ditched (207-to-204) a bill by Kentucky's Vinson for the Treasury to raise money catch-as-catch-can to pay off the Soldiers' Bonus, passed (318-to-90) and sent to the Senate a bill by Texas' Patman to pay off the Bonus in greenbacks...
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...
...Ways & Means Committee decided (14-to-9) to let the full House choose between the Vinson and Patman Bills. That vote and a vote on the measure chosen were scheduled for this week. The House seemed certain to pass one measure or the other. That the Senate would follow suit and the President would veto seemed equally certain...