Show MK AIR COOLIDGE CONDEMNS THE CASH BONUS ABOVE the chorus of 0 condemnation ot of the proposition tor for immediate payment of bonus certificates to american world war veterans the voice of calvin coolidge rises with that clearness and brevity long characteristic of ills his public utterances te ter rances anees says the christian science monitor nis his comment on the proposition Is basically satirical although not written in any tone of satire ne he remarks that if only tile the distribution of some gome three billions of public money among the veterans of the world war were necessary to make good times time probably we now should have our greatest peacetime peace time prosperity for tile amount of money being paid out by all our governments Is the he greatest on record that statement should give the proponents of this distribution cause caune for thought certainly there never need be any sort of commercial depression in future if all that it 1 necessary to obviate it Is for the federal or state governments to borrow all available moneys and distribute them among the people should the liberal supporters of the cash bonus stop to consider the matter they might find perplexity in the fact that the money to distribute has to be borrowed it Is not in the national trea sury at present the indications are arc that the gears revenues even without this wholesale distribution of funds will mill show a deficit the treasury would mould have haie to go to tile the banks the banks would mould have to go to the people As the former president suggests anyone familiar with govern 1 mental finance knows knolls that borrowing in 1 crevi creases ses the burden on oil production and Is 1 a wasteful process the future is already I 1 mortgaged over we need to conserve rons cne retrench and reduce expenses to income the tanks banks that would mould be stripped of their funds to support this governmental isue issue of bonds moll would id then be in no position to aid in fit the revival of bustnes business its as the alie upturn progresses the Tet veterans erans who mho might receive liberal supplies of cash would mould spend it with liberality ity and for a time force up the price of commodities and living costs but the end of such a brief period of inflation would mould find bad living costs still high tile the supply of funds front from the public treasury exhausted and the financial agencies of tile the ration handicapped in fit their effort to reawaken rea and to stimulate legitimate leg 1 l business As an economic measure the proposition Is a phantasmagoria it Is as mr air coolidge sas an effort to lift ourselves ours elies by our financial bootstraps if there were mere anything in the proposition of making a people rich by spending all the money in its treasury and exhausting the government credit in an effort to secure more for the same purpose why limit the distribution to veterans vete raus a alone I 1 one it if tile the reckless scattering of among a favored class of the corn community Is good economies economics mav why not double the expenditure and the n number those tt iio ho would mould profit ly by it every financial nii ancial authority uli whether ether speaking front from the treasury apartment department front from the senate or from the offices of banks and insurance companies condemns this proposition roundly there Is every assurance that if in a moment of demagogy congress should enact the law the president will mill let veto it he can hardly express the reasons for veto with greater clarity than those set forth by mr coolidge in the last paragraph of jils ills newspaper paper article on tile the subject what the let veterans erans gave gate cannot be measured irk in money monel it was priceless both paling a cash bonus and borrom borrowing ingi money to revive revile business are part of tile the same delusion that the pe people ople can rely on oil the government alone to furnish salvation |