Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-06-08
Blocks Bonus
Bill il, Senate
Continued from Pase One

SOntluueu ItOm EuB0 OnO
treasury will be more accurately estab.
As to the refunded foreign obliga.
tions, the hope was expressed that these
soon would be obtained and that 1t
will be possible for the foreign Gov.
ernments to provide for the immediate
such interest can be used toward de-
fraying the expenses authorized under
this act"
Senator McCumber explained that an
attempt had been made to reduce to q
minimum actual cash payments under
the bill during the next three years
while the treasury is engaged in re-.
funding the nearly $1,000, ,O0O, 900 OF
maturing Government obligations. The
! estimated cost of the bonus for those
three years was $242, 100000.
Different From House Bill
This measure differs somewhat from
the House bill and very widely from
the Bonus Bill that was reported to
the Senate last year and later sent
back to the Finance Committee at the
request of President Harding. The most
important change from the original
measure is the elimination of the cash
bonus and reclamation features. As
now drafted tho legislation would give
each veteran the right to select any
one Of the following plans:
Adjusted service pay, but only IL
his adjusted service credit did not ex.
ceed $50.
Adjusted service certificate with bank
ana Government loan provisions.
Vocational training aid.
Farm and home aid.
Land settlement aid.
The estimated cost for each of these
plans Is sig, 600. 900 for the cash pay .
service certificates; $412,425, 900 for
farm, home and land settlement aid.
and $52. 1926 900 for vocational train .
Ing. The expenses under vocational
training and the cash bonus would end
IN 1875. under this estimate, and those
for farm. home and land settlement
aid In 1929. Expenses under the cr'-
titicate plan would continue to 1865,
with total Of 1855, ,901 $40 to 1043,
when the certificates would begin to
fall due.
McCumber Explains Bill
Explaining the bill, Chairman Nc
Cumber said that the amount of the
adjusted service credit would be at the
rate Of ~ a day for domestic service
and $l.2o for foreign service, less the
$6O bonus paid when the veterans were
discharged from the service. In no
event, however, could the total exceed
5000 In the case Of those who had only
domestic service, at $625 for those who
had both domestic and foreign service,
The adjusted service certificates,
payable at the end of twenty years
from the date Of issue or sooner upor
death. would have face value OF
$3:O15 times the total amount of the
adjusted service credit. Until Jam
uary 1, 1925. banks would be author.
lied to lend to the veterans an amount
equal to 90 per cent Of the adjusted
service credit. plus interest at the rate
OF 4 "a per cent compounded annually
from the date of certificate. After
January /, 1925. the Government would
make loans on the certificates in vary
ing amounts according to the time ne
gotiated.
Reclamation Provision Eliminated
Chairman McCumber said the com .
mittee had recommended elimination OF
the reclamation provision of the Houss
bill for three reasons:
Amy reclamation scheme will be ex
ceedingly expensive and Will in the end
necessitate the expenditure of millions
of dollars; 1t will be many years be-
fore veteran will be able to determine
whether he could secure any rights
under such plan and where the projects
Will be located; and, in making an an
plication for such aid, the veteran
would not know anything relative to tbe
location, cost or ADVANTAGE ~ tbS
project"
AS land settlement provision in
place Of the reclamation. veterans would
be given preference in making entry on
any public or Indian lands opened ia
would be entitled to sum equal 70 the
adjusted service credit increased by 25
per cent.