The New York herald., 1922-03-16


who does not believe the bonus bill
ever will become law. said he had no
idea how much additional work and
expense would be piled on his depart
ment by the terms of the measure.
I'VE have work enough on hand
now said the new Postmaster-Gen-
eral, without speculating on improb-
abilities | believe if Congress would
have a poll taken among the veterans
themselves it would be found that not
more than one soldier in five is de-
manding a bonus. Where one man
would receive 1t four or five working
alongside Of him would have to pay
the bill"
Another official of the department
estimated that to carry out the terms
of the certificate loan bill a very large
and tremendously expensive bureau
would have to be added to the Post
Office Department. He said:
To set up such machinery as is pro-
vided in the certificate loan bill would
cost millions. Just how many millions
we don't know because we have not
devoted any study to the matter"
Post ONCE Cooperation.
Under the terms of the bonus bill
the Postmaster General is authorized
and directed to instruct postmasters
to take the applications OF veterans
Tor Government loans and to collect
payments on them. The section of the
measure relating to the Post Office
Department reads as follows:
Application for Government loans
may be made at any post office of
first, second or third class. Such
loans. secured by the adjusted SER
vice certificate. shall be made by the
Secretary OF the Treasury, with or
without the consent of the beneficiary,
and payments thereon collected in ac-
cordance with the provisions of this
title, under rules and regulations to
be prescribed by him. He shall sup
ply postmasters of the first. second
and third classes with blanks upon
which veterans may make applica-
tons for Government loans.
Such applications shall be in the
form prescribed by the Secretary of
the Treasury and have attached there
to form of pronlisory note TO be
executed by the veteran, and a re-
ceipt to be delivered to the veteran,
which shall be signed by the post
master receiving the application. and
which shall acknowledge the receipt
OF the note and the certificate and
contain q description of each.
The postmaster shall thereupon
transmit to the Secretary of the
Treasury the application, note and
certificate. Upon the approval of the
loan by the Secretary of the Treasury
he shall transmit to the veteran a
check for the amount of the loan. He
shall also issue in triplicate a state
u,ent showing the name and service
certificate and a schedule of the
THE veteran shall make repayment
the dates when due.
Method OF Payments.
THE original of the statement shall
be retained with the application. the
postmaster receiving the application
ard the tripiicate to the veteran. The
postmaster holding such statement
shall receive and indorse thereon the
payments made by the veteran: shall
give a receipt to the veteran and shall
properly transmit payments to the
Secretary of the Treasury. Such pay
ments shall be turned into the Treas
ury as miscellaneous receipts.
THE veteran shall make payment
of the loan upon an amortization plan
nv means of fixed number of an
nual installments sufficient to cover
% interest on the unpaid principal
at the rate OF AZ per centum per an
mum, and 20 such amount OF the
principal as will eXtinguish the debt
within an agreed period not exceed
ing the life OF the certificate"
other features OF the loan certificate
bill will compel the Treasury. War
and Navy departments to provide ex-
tensive machinery for receiving and
investigating applications and redeem
ing them.