Word: bonus
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...ample confidence in their Government's ability to pay some day. This debt is roughly divided into three classes: 1) bonds totaling $12,700,000,000; 2) short-term obligations (Treasury notes, certificates, bills) amounting to $2,600,000,000; 3) miscellaneous reserve funds (i. e. for the Bonus, for employe retirement, etc.) of $750,000,000. The smartest fiscal brains in the Federal service are employed to manipulate this debt to the best government advantage. The Treasury's long-range purpose is to filter the bond obligations gradually down through the short-term debt class and thus...
...requested by the Veterans Bureau for Bonus loans...
...Bank is wise in the ways of the money market, Undersecretary Mills called him in to help determine just how the Treasury should borrow this huge sum with the least disturbance to public credit. Mr. Burgess brought word that the New York bond market, having recovered from its first Bonus scare, was ripe for a U. S. notation. Mr. Mills agreed; the Treasury would put part of its offering in bonds...
...much? how long? What interest rate?-were the next questions. A billion-dollar issue was mentioned-Mr. Mills's Bonus estimate. That was rejected because the interest rate would probably have to be above 3½%. Half that amount, it was closely figured, would sell at 3⅜%. Because the fourth Liberty loan (six billions) must be refunded by 1938, Mr. Mills let the new bond issue run well beyond that date, made it callable in 1941, mature in 1943. Outside of the Treasury's consideration were such things as presidential politics, international finance...
...showed a pudgy Herbert Hoover knee-deep in a junk wagon labelled U. S. A. Prominent was a large dead fish, labelled FISH (meaning Red-hunting Congressman Hamilton Fish of New York). Temporarily tacked to Mr. Hoover's left hand was a loose piece of paper marked BONUS VETO. Explained a grey-bearded John Reed clubfellow...