Herbert Hoover actually said...

"Although I have been a good deal opposed to the passage of the bonus legislation in its provisions for loans from the Treasury to people who do not need the money, now that the law is passed we propos..."

"It is represented that this measure merely provides loans against a future obligation and that, therefore, it will cost the American people nothing."

"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."

"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..."