Herbert Hoover actually said...

"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."

"When the bonus act was passed it was upon the explicit understanding of the Congress that the matter was closed and the Government would not be called upon to make subsequent enlargements."

"I return herewith, without my approval, H.R. 17054, 'An Act to increase the loan basis of adjusted service certificates.'"