The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1922-03-07
Long Step Has Been
Taken By Congress In
Reaching a Definite
Plan for the Recogni-
ton of the Men Who
Served In the World
War

War
Washington, March THE compro-
mise soldiers bonus bill was before
Republicans of the House ways and
means committee again today and
they were hopeful of perfecting the
final draft before night. 1t then would
be submitted to the entire committee
and after formal approval be reported
to the House. 1t was indicated that
its presentation in the House proba-
bly, would be delayed for several
days.
One Of the more important propo-
sails on which the majority has yet to
act is that covering payments to i'm
mediate relatives of former service
men who have died or who may die
before the enactment of the legisla-
tion. Representative Longsworth, of
Ohio, and some others are opposed to
this provision and it appeared doubt
fUl whether it would be approved.
Under the provisions of the bill as
now drawn, veteran would mean
any individual who was a member of
the military or naval forces of the
United States at any time after April
5, 1917 (the date of the war declara-
tion) and before November IL, 1918
(the day after the signing of the ar
mistice). In computing the length of
service credit would be given for time
up to July 1, 1919.
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 30,
1925, upon his adjusted service certi-
ficate 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, territory, pos
session or District of Columbia
hereinafter in this section called
Bank) is authorized to loan to any
veteran upon his promisory note Sc
cured by his adjusted service certi-
ficate with or without the consent Of
the beneficiary thereof) any amount
not in excess of so per centum of its
loan basis (as defined in subdivision
F of this sectioa) such loan to ma
ture on or before September 80, 1925.
The rate of interest charged upon the
loan by the bank shall not exceed by
more than 2 per centum per annum
the rate charged at the date Of the
loan for the discount of commercial
paper under Section 13 of the Federal
Reserve act by the Federal Reserve
bank for the Federal Reserve district
in which the bank is located.
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 this September 30,
1925, the bank shall precent the Ger.
tificate and the note to the secretary
Of the treasury not earlier than May,
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 accrued, at the rate
fixed by the note, up to the date of
the check issued to the bank. The
difference between 80 per centum of
the loan basis of the certificate at the
time of its receipt by the secretary
and the amount so paid to the bank
H
:, .,retary to the veteran. In case of the
.veterap's death after the expiration
. of the six months after the maturity
of the loan or in case of his death af-
ter September 80, 1925, such differ
ence shall be paid to the beneficiary
under the certificate except that il
such beneficiary dies before the vet
eran and no new beneficiary is named,
or if the beneficiary in the first in
stance has not yet been named, then
The payment shall be made to the es-
tate of the veteran.
d. If the veteran dies before the
principal is due, the amount of the
unpaid principal and the unpaid inter
est accrued up to the date OF his
death, shall be Immediately due and
payable. In such case or If the vet.
eran dies after the princinal is due
but before the expiration of the six
months after the principal is due or
before October 1, 1925, the bank shall
upon notice of death present the GER
tificate and note to the secretary who
shall thereupon cancel the note and
pay to the bank in full satisfaction OF
its claim the amount of the unpaid
principal and interest at the rate fixed
in the note, accrued up to the date OF
the check issued by the bank: except
that If prior to the payment the bank
is notified of the death by the secre
tary of the treasury and fails to pre-.
sent the certificate and note to the
secretary within is days after notice
such interest shall be only up to the
fifteenth day after such notice. The
secretary shall deduct the amount SC
paid from the face value (as deter
mined under Section 501( Of the GER
tificate.
3. When any loan is in default, tn