Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-03-09

WASHINGTON, March 8.-Final
agreement On the compromise SOL
der bonus bill was reached today
by house ways and means Repub.
licans who authorized Chairman
Fordney to present the measure to
the house before adjournment today.
Representative Fordney announc-
ed that the Democrats on the ccTn-
mittee would be called IN Saturday
to pass formally on the bill. He
said it was his plan to present the
ately after the measure had been
approved by the entire committee.
The Democrats are not expected to
submit a minority report.
AS finally drawn the measure car,
ries four options, with an added
provision of immediate cash pay
ment to those former service men
entitled to not more than $50 Of adj
iusted service pay.
Three Options
1t was stated that no changes of
Importance had been made in the
new bank loan provision Of the adj
justed service certificate title CIR in
the other three options, which are:
Vocational training, home and
farm aid, and land settlement.
The effort to have included in the
measure a provision providing for
the payment of compensation to inn
Sot 1f hEun
died since their discharge from the
service was unsuccessful.
Chairman Fordney epredicted tn
measure would be passed by the
house.
Under the provisions OF the bill
as now drawn, veteran would mean
any Individual who was a member
CT the military or naval forces Of
the United States at any time after
April 5, 1917 Che date of the war
and before November II.
1918 (the day after the signing of
the armistice). In computing the
length Of service credit would be Civ
Ell for time served up to July l,
1919.
Text of Loan Provision
Here is the text Of the bank loan
provision of the compromise soldiers
bonus bill:
(A) That a loan may be made to
any veteran prior to September 80,
1925, upon his adjusted service GER
tificate only in accordance with the
provisions of this section.
B) Any national bank, or any
bank or trust company incorporated
under the laws of any state, terri
tory, possession, or District of Co
lumbia Hereinafter in this section
called banl) is AUTHORIZED to loan to
any veteran upon his pronIssory
note secured by his adjusted service
certificate with or without the con-
sent of the beneficiary thereof any
not in excess of SO per cent
Of it's loan basis las defined in suo-
division T Of this secticn} such loan
to mature on or before September
30, 1925. The rate Of interest charged
upon the loan by the bank shall not
exceed by more than 2 per cent per
annum the rate charged at the date
Of the loan for the discount of com
mercial paper under section thir-
teen of the federal reserve act by the
Federal Reserve bank for the fed
eral reserve district in which the
bank is located.
In Event of Protest
"(c) If the veteran does not pay
the principal and interest of the loan
within six months after it's maturity,
or in any event by September 80,
1925, he bank shall presen the GER
tificate and the note to the secre-
tary of the treasury not earlier than
May 30, 1925, and not later than
October Is, 1925. The secretary
shall, thereupon, cancel the note and
the certificate and pay to the bank
the amount of the unpaid principal
due it and the unpaid interest &C.
crued at the rate fixed by the note.
up to the date of the check issued to
the bank. The difference between
eighty per centum of the loan basis
of the certificate at the time of it's
receipt by the secretary and the
amount so paid to the bank shall be
Immediately paid by the secretary to
the veteran, if living. In case of the
veterans death after the expiration
of the six months after the
maturity of the loan or in case of
his death after September so, 1925,
such difference shall be paid to the
beneficiary under the certificate, eX-
cept that if such beneficiary dies be-
fore the veteran and no new bene-
ficiary 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.