Show j jiA iA JAW Washington By RODNEY HODNEY DUTCHER BUTCHER WASHINGTON Dec 22 Despite 22 Despite the he treasury deficit despite President Hoovers Hoover's bitter opposition and despite despite de- de spite pite the American legions legion's conspIcuous ous us lack of support Congressman Wright Patman of Texas predicts that hIs lis bill to cash all aU soldier bonus cere will win be passed at this seSe ses- ion slon He says It would cost and nd suggests congress stop paying off the he national debt divert to the veterans vet vet- erans rans money earmarked for the debt sinking fund Patman's bill to pay full face value of f the adjusted compensation cates ates at once was the first measure introduced in the house It is called H H. H I. I R. R No 1 He has toured the country coun coun- try ry whooping up the veterans for the cause ause and still makes brief speaking trips rips He reminds you that when he started his effort last year for bonus cashing ashing no one expected any legislation legisla legisla- tion ion to pass But congress congress' did pass by y vast majorities the bill under which veterans have now borrowed 50 per cent of f the face values alues certificates for tor a total of f about Patman started the bonus battle last ast year by rounding up signatures for or a petition to get his cash bonus bill out of committee where it was buried American legion support forced by rank and file tile demand was responsible for passage of the loan bill ill as a compromise Patman now has as the Veterans of Foreign Wars supporting him but the legion after President resident Hoovers Hoover's personal plea at Detroit voted against further cash demands at this time Patman is a tall 1311 rosy faced Jaunty gent ent of 38 who enlisted for tor war service serice ser ser- er vice ice as a private and won a commis commis- sion ion but did not get overseas because of f disability He recalls that under the ic old bonus loan law he once paid 7 2 1 per cent interest on his cate ate loan He was a lawyer before th he the war and later served as a state legIslator and as a district attorney The last congress was his first Congress always goes in accord with the will of the people he says B Business men and chambers of com corn merce would like Ilke to see that two billion bil bU lion dollars or more in circulation Somewhere near a million veterans lare are arc out of j jobs bs There are arc veterans with certificates which range from to 1590 in face value averaging about abou 1000 The certificates were given to tomake tomake tomake make up the difference between what the soldier and the lowest paid laborer received during the war We ask merely liquidation of a debt Under Under Un Un- der the present system the soldier is credited proportionately with his length of service at a day for overseas and 1 a day for tor home service service sere ser ser ser- vice plus interest at 4 per cent dating dating dat dat- ing from 1925 That's why they say the certificates are not redeemable until 1945 I propose that congress add 6 per cent compound interest as of ot 1917 1918 and 1919 which would mean that the certificates matured last October Soldiers need the money worse this winter than the government needs the interest on their loans The loans haven't contributed a penny to the deficit and cash payment now would increase money in circulation by 18 per capita for the entire lation Secretary Mellon has said that retirement of the national debt is ahead of what congress con can gress gross expected ten years ears ago and we can take the money out of that temporarily tern tem suspending debt retirement The two other methods arc are first a abond abond abond bond issue and second to issue currency cur curS rency to pay the certificates a plan which would stop all interest Soldiers wont won't repay the present loans or pay the interest and so much of the average certificate will be devoured devoured de by compound interest that it will be worth only by the time it matures in 1945 Patman says the legion convention vote vole didn't represent legion sentiment that that bonus votes were traded for booze votes |