The Lubbock avalanche. (Lubbock, Tex.) 1909-1922, 1922-09-05

II Shlrtridge, Stanficld, Sutherland
| Townsend, Watson of Indiana, am
II Willis-27.
Il Democrats Ashhurst, Broussard
II Culberson, Fletcher. Gerry, Hefln
Il Hitchcock, kendrick. Mcclellan, Pitt
man. Pomerene, Ransdell, Reed Of
| Missouri. Robinson, Sheppard, Sim
mons. Smith, Trammell, Walsh oil
Massachusetts and Walsh Of Mon
tana 20
Total az.
Against the bonus:
Il Republicans Ball. Borah, Calder
Dillingham;. Edge, France, Freauling
! / huysen. keyes, Nelson New, Phipps
| Reed of Pennsylvania, Smoot. Ster.
| ling and Wadsw0rth- 10.
| Democrats Dial. Glass. Myers
Shields, Swanson, Underwood and
William.
Total %.
Bonus Bill in Detail as Passed BY
Senate
Washington, Aug 3l.-As amend
ed by the Senate the soldiers bonus
bin would become effective January
], 1923, and would provide three
optional plans for veterans of the
world war other than those whose
adjusted service pay would not ex-
coed $50. These would be paid in
cash. The options are:
/ Adjusted service certificates, pay
able IN twenty years or sooner AT
death and containing loan provisions.
Vocational training aid az the
rate of .S1.75 a day up 20 a total of
! lao per cent Of the adjusted service
credit.
Aid in purchasing a farm or homo
/ the total amount TO range from
| 100 per cent Of the adjusted service
credit il the money were advanced
in 1928 20 l40 per cent Of the ad.
iusted service credit II the money
were made In 1928 or thereafter
Adjusted service pay or adjusted
service credit would be figured on
the basis of 81 day for domestic
service and 81 25 a day for foreign
service. less the $50 paid at dis
charge But in no event could the
amount of the credit Of the veteran
who performed no overseas service
exceed $500 and the amount Of the
credit Of the veteran who perform
ed any overseas service exceed 1928
Adjusted service certificates
would have face value equal l1
the sum adjusted service credit of
the veteran increased by % per cent /
plus interest thereon for twenty I
years az the rate Of ! - per cent /
per year, compounded annually
Until January ], 1926, any ma
ti0nal bank or any bank on trust |
f..I fH..sI..r h..
laws of any state, territory. posses |
sion or the District of Columbia (
would be authorized 10 loan 70 any
veteran upon his promissory note /
secured by his adjusted service GER
tificate any amount not in excess Of |
10 per cent Of the total Of the adj /
iusted service credit plus interest |
thereon from the date of the certi- 1
ficate to the date of the loan al |
the rate Of l-2 per cent year
Should the veteran fail 20 pay |
the principal and interest of the loan I
within six months after rs maturity /
the government would pay the bank |
the amount of such principal and /
interest and take over the certifi- !
cate This would be restored to |
the veteran al any time prior 20 /
It's maturity upon receipt from him |
Of the amount paid by the Govern
nent TO the bank plus interest on |
that amounted at the rate of Z ~ 1
per cent year, compounded an
nually
The rate of interest charged the |
veteran by the bank could not ex-
coed By more than two per cent "a !
year the rate charged at the date |
of the loan for the discount of /
commercial paper by the Federal Re-
serve Bank for the Federal Reserve
district in which the bank was To-
Gated
If a veteran died before the ma
turity of the loan the Government
would pay to the bank the principal
and interest and 10 the beneficiary
named by or TO the estate Of the
veteran the face value of the certi-
ficate less the amount paid TO the
bank
After January /, 1926, veterans
holding certificates could make d.
rect application through postmasters
for government loans.
II such loan were made az any
time not more than three years az
ter the date of the certificates il
could not exceed so per cent Of the
sum Of the adjusted service credit
Of the veteran plus interest al l-2
per cent a year from the date Of
the loan.
II the loan were made az any
time more than three years after
and not less than six years after
the date Of the certificate the sum
could not exceed 35 per cent Of the
adjusted service credit plus interest
az Z i-2 per cent from the date Of
the certificate 10 the date of the
loan.
II the loan were made al any
time more than six years after the
date Of the certificate the sum
could not exceed 20 per cent Of the
adjusted service credit increased by
% per cent plus interest az 10
per cent from the date 81 the Cer-
tflcate 90 the date ~ the loan
Tho veteran VIII repay he loan