The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-08-31
BONUS BILL
GIVES VETS
THREE OPTIONS
Continued from First Page.)

holding certificates could make dl-
rect application through postmas-
tiers for government loans. If such
loans were made at any time not
more than three years after the
date of the certificate it could not
exceed so per cent of the sum of
the adjusted service credit of the
veteran, plus interest at AZ per
cent year from the date of the
certificate to the date of the loan.
If the loan were made at any
time more than three years after
and not more than six years after
the date of the certificate. the sum
could not exceed IS per cent of the
adjusted service credit, plus inter-
est at AZ per cent from the date
of the certificate to the date of the
loan.
If the loan were made at any
time more than six years after the
date of the certificate, the sum
could not exceed 70 per cent of the
adjusted service credit increased
by 25 per cent plus interest at AZ
per cent from the date of the Ger
tificate to the date of the loan.
The veteran would repay the loan
on an amortization plan by means
of a fixed number OF annual in
stallments sufficient to cover inter-
est on the unpaid principal at the
rate of AZ per cent, and such
amount of the principal as would
extinguish the debt within an
agreed period not exceeding the life
of the certificate.
If veteran failed to make any
payment when due, the secretary
of the treasury, at any time prior to
the maturity of the certificate
would cancel the note and restore
the certificate to the veteran on re-
ceipt Of all installments in arrears,
together with interest at AZ per
cent, compounded annually, on each
such installment from the time
when due.
Effect of Death.
In event of the death of the vet
eran before the maturity of the
loan, the loan and note would be
cancelled and the government
would pay to the beneficiary named
by or to the estate of the veteran
the face value of the certificate,
less the principal Of and interest
on the government loan.
| The certificate of veteran
would be cancelled only in case he
failed to redeem it before its ma
turity, or if he failed to make any
payments when due, and such de-
fault continued to his death.
The land settlement aid option of
the house bill has been stricken
out and the Smith McNary reclaim
alton bill substituted. Under that
measure veterans would be given
preference in employment on
reclamation projects and in obtain
ing homesteads on land reclaimed.
They would be required. however,
to pay for such homesteads with
out further government aid, on the
same footing as other homestead
ers. Settlement would be open to
all veterans of the World war, the
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Philippine instruction. and ire
spective OF whether they had re-
ceived any compensation from the
government under the bonus bill
or other legislation.
I The veterans choice among the
options proposed would he made
by application filed with the score
tary OF war. il he were serving in
or his last service were with the
military forces: or with Of the
secretary Of the navy, il he were
serving in or his last service were
with the naval forces. Such appli-
cation might be made at any time
after the passage Of the bill and
would have to be made personally
by the veterans. except IN the case
; Of physical or mental incapacity
/, In which event it would be made
BY such representatives Of the vet.
Grams and in such manner as the
secretary Of war and the secretary
20 fthe navy might jointly by regu.
lation prescribe.