Word: bonus
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Before the House Ways & Means Committee last week passed an unusual parade of potent bankers and businessmen. They had hurried anxiously to Washington to protest against any premature cashing of the Soldier Bonus as a form of Depression relief (TIME, Feb. 9). Charles Edwin Mitchell, board chairman of great National City Bank of New York, declared that a $3,500,000,000 U. S. bond issue to pay off the adjusted service certificates would cause "hundreds and hundreds of bank failures" throughout the land. Arthur Reynolds, board chairman of great Continental Illinois Bank & Trust Co. of Chicago, likened bonus cashing...
Almost overnight last week a little, suppressed idea burst upon the nation as a full-fledged legislative movement. The little idea: that the U. S. pay its World War Veterans their adjusted-compensation certificates (commonly called "The Bonus") in cash...
...payment in taxes and depressed prices, particularly with the Government facing a deficit, would fall hardest of all on Veteran Jim Jobless. While the argument went on, domestic bond-prices dropped about $12 and Government 4½s dropped $27 per $1,000 bond. Agitators for the cash Bonus cried: "Manipulation!" Bankers, really worried, looked glum...
Coincident with the bursting new Bonus issue (see above), a battered but not yet exhausted older issue last week raised its head and made an extra session of Congress appear almost inevitable. This issue was Human Misery, rallying cry of the man who during the past few weeks has developed into the Senate's leading altruist-Joseph Taylor Robinson of Arkansas. Shocked by Red Cross Chairman John Barton Payne's refusal to accept the $25,000,000 which he had attached as a rider to the Interior Department's supply bill (see p. 22), Minority Leader Robinson...
...Boston convention last year the American Legion refused to advocate cash bonus payments now. Last week, however, its executive committee, meeting in Indianapolis, plumped for immediate conversion...