The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-03-07
AGREED UPON
COMPROMISE
BONUS Plan
To Call in Democrats Satur-
day Minority Report Not
Expected To Rush Formal
Report.
four OPTIONS CARRIED
(By Associated Pressl

dSIScluSilI uH the compromise SOI0lSI6
bonus bill was reached today by house
ways and means.
Rep. Fordney announced that the
Democrats on the committee would be
called in Saturday to pass formally on
the bill He said that it was his plan
to present the formal report TO The
house Immediately after the measure
had been approved by the entire
committee. The Democrats are not
expected to submit minority report
AS finally drawn the measure car
ries the four options with an added
| provision of immediate cash payment
f.! to those former service men entitled
| to not more than $50 of adjusted serv-
| ice pay.
| 1t was stated that no changes of
| importance had been made in the new
] bank loan provision of the adjusted
! service certificate title or in the other
! three options which are vocational
| training, home and farm aid and land
7, settlement.
Effort Falls
The effort to have included In tha
measure provision for the payment of
compensation to immediate relatives
! of men. who have died since their dis
charge from the service was unsuc-
cessful. Charles Fordney predicted
that the measure would be passed by
! the house.
Under the provisions of the bill as
now drawn, veteran would mean any
individual who was member of the
military or naval forces of the United
States at any time after April 5, 1917
tthe date of the war declaration) and
before November IL, 1918 (the day
after the signing of the armistice). In
computing the length of service credit
would be given for time served up to
July l, 1919
Text Of Provision
Here is the text of the bank loan
provision of the compromise soldier
bonus bill:
'(A) That loan may be made 10
any veteran prior to Sept 80, 1925.
upon his adjusted service certificate
!. tonly in accordance with the proEi.
sions of this section.
"(Be Any national bank or any bank
or trust company incorporated under
. the laws of any state, territory, pos
session or District of Columbia (here-
: matter in this section called 'Bank)
| is authorized to loan to any veteran
: upon his promisory note secured by
his adjusted service certificate with
or without the consent of the benefic-
iary thereof) any amount not in ex-
cess of fifty percentum of it's loan
| basis tas defined in subdivision 'F' OF
: this section), such loans to mature
| on or before Sept. so, 1926. The rate
of interest charged on the loan by the
! bank shall not exceed by more than
: two percentum per annum the rate
: charges at the date of the loan for the
discount of commercial paper under
: section Is of the Federal reserve Act
0 by the Federal reserve bank for the
Q federal reserve District in which the
r bank is located
], Shall Cancel Note
"(C) If the veteran does not paw the
. principal and interest of the loan with
; in six months after it's maturity, or in
A any event by Sept. so. 1925, the bank
II shall present the certificate and the
a note to the secretary of the Treasury
not earlier than May 80, 1925 and not
later than Oct Is, 1925. The Secre-
k tary shall thereupon cancel the nota
d and the certificate and pay to the
n bank the amount of the unpaid prin
IS cipal due it and the unpaid interest,"
5 accrued at the rate fixed by the note.
. up to the date of the check issued to
the bank The difference between so
! percentum of the loan basis of the
n certificate at the time of it's receipI
p by the secretary and the amount SO
g paid to the bank shall be Immediately
n paid by the Secretary to the veteran
r. if living. In case of the veteran 5
death after the expiration of the six
r. months after the maturity of the loan
or in the case of his death after Sept.
30, 1925, such difference shall be paid
to the beneficiary under the certificate
|. except that if such beneficiary dies
before the veteran and no new ben
p eficiary is named, or if the beneficiary
in the first instance has not yet been
named. then the payment shall be
\ made to the estate of the veteran.
\ In Case of Death
I'D If the veteran dies before the
principal is due the amount of the IN
paid principal and the unpaid interest
s. accrued up TO the date of his death,
is shall be Immediately due and payable.
IL In such case or if the veteran dies
N after the principal is due but before the
lg expiration of the six months after the
r principal is due or before o'clock.
ss 1925. the bank shall upon notice of
death present the certificate and note
le to the secretary who shall thereupon
n cancel the note and pay to the bank
N in full satisfaction of its claim, the
lS amount Oh lDt uHpdlQ piiAeipri ouo
ed interest at the rate fixed in the note,
"a accrued up to the date of the check
e. issued to the bank; except that il
IS prior to the payment the bank is noif
fed of the death by the secretary OF
g the treasury and fails to present the
or certificate and note to the secretary
ly within Is days after notice. such inter
a est shall be only up to the fifteenth
b. day after such notice. The secretary
al shall deduct the amounts SO paid from
IS the face value, as determined under
ne section sol, of the certificate
en- "(E) When any loan is in default
We the bank shall within thirty days
lis thereafter notify the secretary of the
IT. treasury of the facts relative to the
ar note, the name of the veteran and the
us number of his certificate
OF "(F) The loan basis of any certifi
OIL cate at any time shall for the pur
lal poses of this section, be the amour
| Continued on Page Twelve)