The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1922-08-31
BILL NOW GOES
TO CONFERENCE.
VETO FEARED
Senators Make Last Minute
Amendments in Effort to
Satisfy President
WANT HARDING'S o. X.
Doubt If He Will Approve Bill
Is Cause for Caution on
the Measure
WANT HARDING'S O. X.
(By the Associated Press)

(By the Associated Press)
Washington, Aug. 31.-The
four billion dollar soldiers
bonus bill was passed today by
the senate, and now goes to
conference.
Passage of the measure was re-
garded as foregone conclusion, but
whether it would reach the senate
books was conceded by friends and
foes alike to be another question.
They held that this probably would
depend upon President Harding
since it was regarded as very doubt
full that there could be obtained in
the senate the necessary two-thirds
to pass bill over the executive veto.
The treasury apparently is conf
dent that the president will veto the
bill if it passes as it now stands.
High officials indicated today that
the president had not changed from
his announced intention to disap-
prove any bonus legislation which
does not carry with it the means OF
raising the revenue needed and the
measure now before the senate, the
treasury officials say, does not meet
that requirement.
The Simmons amendment to de-
vote interest on the foreign debt to
bonus payments is regarded at the
treasury as unacceptable since re-
payment from foreign governments
is considered as pledged to retire
mcnt of liberty bonds.
Effective Jan. 1, 1923
As amended by the senate,
the senate soldiers bonus bill would
become effective January l, 1928,
and would provide three optional
plans for veterans of the world war
other than those whose adjusted
service pay would not exceed $50.
These would be paid in cash. The
options are:
Adjusted service certificates, pay
able in twenty years or sooner at
death and continuing loan provis-
ions.
Vocational training aid at the rate
of $1.75 d day up to a total Of l4O
per cent of the adjusted service
credit.
Farm Purchase Aid
Aid in purchasing farm or
home, the total amount to range
from 100 per cent of the adjusted
service credit if the money were ad-
vanced in 1923 to 140 per cent OF
the adjusted service credit if the
payment were made in 1928 or there
after.
. Adjusted service pay, or adjusted
service credit, would be figured on
the basis of 81 day for domestic
service and $1.25 day for foreign
service, less the $50 paid at dis
charge. But in no event could the
am ount of credit of the veteran who
performed no overseas service ex-
ceed $500 and the amount of the
credit of the veteran who performed
any overseas service exceed $625.
p" q '" Adjusted Service
Adjusted service certificates would
have a face value equal to the sum
of the adjusted service credit Of the
veteran increased by rs per cent
plus interest thereon for 20 years
at the rate of IL per cent year,
compounded annually.
Until January l, 1926, any nationa-
al bank or any bank or trust COM
pany incorporated under the laws OF
any state, territory, possession, or
the District of Columbia, would be
authorized to loan to any veteran
upon his promissory note secured by
his adjusted service certificate any
amount not in excess of fifty per
cent of the toal of the adjusted
service credit plus interest thereon
from the date of the certificate to
the date of the loan, at the rate OF
A 1-2 per cent year.
To Secure Banks
Should the veteran fail to pay the
principle and interest of the loan
within six months after it's maturity,
the government would pay to the
bank the amount of such principle
and interest and take over the certi-
ficate. This would be restored to
the veteran at anytime prior to its
maturity upon receipt from him OF
the amount paid by the government
to the banks plus interest on thai
amount at the rate of 1-2 per cent
a year, compounded annually.
The rate Of interest charged the
veteran by the bank could not ex-
ced more than two per cent year
there rate charged at the date OF
the loan for the discount of COM
mcrcial paper by the Federal Reserve
Bank for the Federal Reserve dis
trict in which the bank was located.
If veteran died before the ma
turity of the loan the government
would pay to the bank the principle
and interest and to the beneficiary
named by or to the estate of the
veteran the face value of the certl-
ficatc less the amount paid to the
bank.
Government Loans
After January /, 1926, veterans
holding certificates could make dl-
rect application through postmasters
for government loans.
If such loans were made at any
(Continued IN Pace 21