Every evening, Wilmington daily commercial., 1922-06-08
BONUS TO COST U S.
ABOUT 4 BILLIONS,
M'CUMBER FIGURES
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several Republican leaders arc opposed
90 sidctraokinx the tariff bill ~ they
sgpect thc night over the bonus to
consume at least . month and perhaps
six weeles.
This measure differs somewhat from
the Houae bfll and widely from the
ocnus blu that was reported to the
Senate last year. and later scnt back
- the finance committee at tho request
a Pressdent Harding. The most i'm
portant change from the original
measure - the elimination OF the
cash bonus and reclamation features.
A now drafted the leGislstion would
1--WE each veteran the right to select
anY ons OF the following plans:
Adjusted service pay. but only II
hts adjusted service credit did not ex-
csed $50.
Adjusted service certificate with
hank and government loan provi-
Gfons.
Vocational training aid
Farm and hon,e aid.
Land settlement aid.
The estimated cost for each OF these
piAns Is sl6.0oo.o0o for the cash pay
mcnts: ts,s6s, s,s0g.asl for the adjusted
service certificates. $Ala.425. 900 for
fnrnl. home and land settlement aid.
and $50. .32S 900 for vocational train
ing.
The expenses under vocational train
Ing and the cash bonus would end in
1898. under this estimate and those for
farm. home and land settlement aid
I'm 1879. Expenses under the certif-
cate plan would continue TO 1866 with
n total OF 3eb6.sal.e7o 20 l94S. when the
certificates would begin TO fall due.
Explaining the bill. Chairman Nc
Cumber said. in his report that the
amount OF the adjusted service credit
would he at the rste of 81 n day for
domestic service and sl.25 for foreign
service. less the $50 bonus paid wher
the veterans We're discharged from the
service. In no event. however. could
the total exceed $500 in the case OF
those who had only domestic service
and 1875 for those who had both do
mestic 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 3.0li
times the total amount OF the ad
tustcd service credit. Until Januar,
!. 1926. banks would be authorized u
loan TO the veterans an amount equa
20 90 per cont OF the adjusted servic,
credit. plus interest at the rate OF AZ
per cent. compounded annually from
The date OF certificate After Japuar,
!. 1926. the government would max,
loans on the certificates in varying
amounts according TO the time nego
tia'ed
Chairman McCumber said in his re
port that the committee had recon
meuded elimination OF the reclama
ton provision of the House bill 70
three reasons:
Any reclamation echeme will h,
exceedingly expensive and will in III,
end neccssitate the expenditure o
millions OF dollars IL will be man,
yearS before n veteran Will be able {,
deter1nine whether he could secure an,
rights under such plan. and where IN,
projects VIII be located: and. IN max
Ing any application for such aid IN,
veteran would not know anythin,
relative TO the location, cost or ad
vantage OF the project"
A. a land settlement provision, il
place Of the reclamation. veteran
would be given preference in maxim
entry on any public or Indian land
opened To entry. TO pay for thes
lands they would be entitled 10 n sur
equal 20 the adjusted service cred
increased by IS per cent.