Salt Lake Telegram | 1936-01-13 | Page 1 | Bill Would Pay Bonus in Bonds

WOULD PAY BONUS BONDS I Senate Sena te Leaders Shove Inflation Into Ba Background I Compromise Proposal Introduced as House Defeats Republican Showdown on J Patman Greenback Plan By United Press 1 V WASHINGTON ASHINGTON Jan 13 Currency 13 Currency inflation a as a m mea means aris of paying the soldiers' soldiers bonus was vas shoved further into the th background today as a compromise bill providing for full full- in bonds which could be cashed Was payment immediately elYJ was was' introduced in the senate Simultaneously in the house powerful administration I forces defeated a Republican attempt to bring an immediate i te showdown vote on the Patman proposal to pay adjusted service ser serm vice vicc certificates in greenbacks Senator Pat Harrison chairman n of the senate fin finance IlC committee introduced the compromise bill with the pre prediction die die- tion it eventually would become law v and would not require levying of additional taxes Sponsors of the compromise bill included Senator Frederick Republican Oregon The Tho bill would provide for issuance ance o of bonds in 50 denominations which a veteran could cash imme at any postoffice or lor could hold for 10 years as an investment nt at 3 per cent interest Veterans Support A spokesman kesman for the American said Legion all the veterans' veterans organizations organizations organ organ- ions would support the tho Harrison Harris Harri Harrisson son son bill bUt The house vote came on a motion by Representative Wright Patman P ii D D. p. p Texas to discharge the ways and means committee from further consideration of ot his bill to p pay y the bonus with in new currency Representative Hamilton Fish FLah Jr CR R N. N Y opposed the motion because because be be cause i it meant deferring for two weeks any floor action on the Patman Patman Patman Pat Pat- man proposal He forced a vote on the motion to recall but the motion was carried to Patman's s 's Plan Patman explained delay in house consideration of his measure would give Ive two weeks in which to watch developments on the bonus situa sItua- tion He said he would place his measure on the calendar for later consideration Patman supported the united front bill passed by the house to 59 which provided no means of of ot bonus payment He reserved the right to press his Inflationary proposal proposal pro pro- later but did not desire the test to come immediately Fish Tries Again With the bill taken out of ot the committees committee's hands Fish attempted attempt d again to call caU up the tho measure measure for immediate immediate im- im im fin- mediate consideration but was blocked when Speaker Joseph W. W V. V Byrns ruled only a signer sigrer of ot the Patman petition could call the bill up Fish was not one of the si signers ners of the Patman petition Senate sponsors of the new compromise corn com promise measure believed the proposal proposal proposal pro pro- to pa pay veterans veteran in bonds would shut off oft adoption of a 8 greenback greenback greenback green green- back bonus bill The provision allowing cashing of at tho the bonds in whole or or- orIn in part was devised to ease aie the drain on the treasury Sponsors believed cashing cash ing o of the the- bonds would be spread out over a period of years thereby allowing the treasury to absorb the financing gradually and without need for tor new currency