BONUS FOR SOLDIERS

Otago Daily Times, Issue 22211, 14 March 1934, Page 7

BONUS FOR SOLDIERS

CASH PAYMENTS IN AMERICA APPROVAL OF THE HOUSE. WASHINGTON, March 12. Despite the Administration’s disapproval, the United States House of Representatives to-day voted for the cash payment of the 2,200,000,000 dollar soldiers’ bonus in new money. UNLIKELY TO BECOME LAW. WASHINGTON, March 12. (Received March 13, at 10 p.m.) There was an overwhelming House vote for immediate payment of the veterans’ bonus. This is the first important legislative reverse that President Roosevelt has suffered. However, it is not likely to become law as the twothirds majority of the Senate necessary 10 over-ride the promised presidential veto is unlikely. The inflation nature of the bonus measure is attracting the greatest attention. It Would authorise the printing of about 2,200,000,000 dollars of “ new money ” backed by gold profits accruing from dollar devaluation. That Congress is becoming more in the mood to press for currency expansion was further indicated to-day when Senator Wheeler introduced a Bill to compel the Treasury to purchase 50,000,000 ounces of silver in the' world market every month until 1,000,000,000 ounces have been acquired or until a 16 to 1 price in the ratio to gold has , been established.