04/23/1931
https://www.presidency.ucsb.edu...
"It is represented that this measure merely provides loans against a future obligation and that, therefore, it will cost the American people nothing."
"It is now proposed to enlarge the loan rate to 50 per cent of the 'face value,' at a low rate of interest, thus imposing a potential cash outlay upon the Government of about $1,700,000,000, if all vet..."
"No one will deny that under the pressures or allurements of the moment, many will borrow against these certificates for other than absolutely necessary purposes."
"I return herewith, without my approval, H.R. 17054, 'An Act to increase the loan basis of adjusted service certificates.'"