Word: bonus
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...chorus of adverse testimony seemed to suffocate all Bonus legislation. Financial circles in Manhattan ceased their nervous buzzing. Bond prices recovered some of their losses. The Bonus idea was apparently dead...
...stand Owen D. Young, confident that that tycoon would merely reiterate the business world's objections to any form of certificate payments at this time. But Mr. Young did not perform as expected. Like his banking friends, he did oppose a big bond issue to pay off the Bonus on the grounds that: 1) such an issue probably could not be sold; 2) savings necessary for business recovery would be absorbed otherwise; 3) "we should end worse off than we began." Unlike his associates, however, Democrat Young favored a compromise, favored upping the loan value of service certificates (now 22?...
Secretary Mellon announced: "No compromise measures informally suggested to the Treasury up to the present time have received its approval." And again in the background of all the frantic Bonus proceedings in Congress loomed the possibility of a veto which would pit President Hoover and Mr. Young squarely against each other on a national issue...
...showed any tinge of human interest." The Press began to headline the "Young Plan," much to the concern of Republicans who hated to see so great a chunk of political capital being passed to a Democrat. Actually Mr. Young had proposed nothing new or original. The idea of upping Bonus loans was advocated last month by Director Hines of the Veterans' Bureau as the "least undesirable" plan for aiding the jobless ex-soldiery. Chairman Johnson of the House Veterans' Committee had suggested much the same thing months prior to Director Hines. But because Owen D. Young is Owen D. Young...
Republican Reaction. Bonus developments followed thick & fast in the wake of Mr. Young's trip to Washington. Ways & Means Republicans under the able leadership of New Jersey's Bacharach went to work on a bill for upping the certificates' loan value. The House Republican leadership (Speaker Longworth, Floorleader Tilson, Rules Chairman Snell) was frankly receptive to any compromise to stave off cash payments though it was denied that the G. O. P. had been inspired by "the Young Plan," that any Bonus Bill would be passed which distinguished between veterans who were needy and veterans who were...