New-York tribune., 1922-09-01
Veterans Get 3 Options
In Senate Bonus Bill
adjusted SerDice Certificates,
Training for Vocasions and
Home Purchase Helm Offered

WASHINGTON, Aug. 81 Three OPP
tionai plans are provided in the sol
diers' bonus bill as amended by the
Senate for veterans of the World War
other than those whose adjusted serv-
ice 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 containing loan provisions.
Vocational training aid at the rate
OF Sl.7b day tip to total of 140
per cent of the adjusted service
credit.
Aid in. purchasing farm or home.
the total amount to range from 100
per cent OF the adjusted service credit
If the money were advanced in 1898
to l40 per cent of the adjusted sery-
ice credit il the payment were made
IN 1928 o. thereafter.
NO allowance is to be made to any
commissioned officer above the grade
Of captain in the Army or Marine
Corps, senior lieutenant in the Navv.
first lieutenant or first lieutenant Of
engineers in the Coast Guard or passed
assistant surgeon in the Public Health
service or to any person having the
pay ard allowances, If not the rank, OF
any officer superior in rank TO any of
such grades. Nor is any allowance to
be made TO any individuals entering
the military or naval service after No
vember II, 1918, the date Of the ar
mistice. In the case Of enlistments
after April 8. 1917, and before the ar
mistice adjusted service credit is com
puted for time of service after April
5, 1917, and before July /, 1919, in ex-
cess of sixty days.
s1.25 Day Overseas Reward
Adjusted service pay, on adjusted
service credit, would be figured on the
basis of 81 day for domestic service
and S1.25 a day for foreign service,
less the $50 paid at discharge 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 performed any overseas service
exceed S625
Adjusted service certificates would
nave face value equal to the sum of
the adjusted service credit Of the vet
eran increased by 25 per cent pIds in
terest thereon for twenty years at the
rate of AZ per cent year COM
pounded annually.
Until January /, 1926, any national
bank or any bank or trust company in
e.
territory, possession or the District
Of Columbia would be authorized to
loan to any veteran upon his proniis-
sorry note secured by his adjusted serv-
i've certificate any amount not in ex-
cess OF 30 per cent Of the total of the
adjusted service credit, plus interest
thereon from the date OF the certificate
to the date of the loan, at the rate of
41s per cent a year.
Should the veteran fail to pay the
principal and interest Of the loan with
in six months after its maturity, the
government would pay to the bank the
amount of such principal and interest
and take over the certificate. This
would be restored to the veteran at
any time prior to its maturity upon
receipt from him of the amount paid
by the government to the bank plus
interest on that amount at the rate
OF N per cent year, compounded
annually.
The rate of interest charged by the
bank could not exceed by more than
z per cent year the rate charged at
the date of the loan for the discount
of commercial paper by the Federal
Reserve Bank for the Federal reserve
district in which the bank was located
If 8 veteran died before the matur-
ity of the loan the government would
fay to the bank the principal and in
bsssest. and to the beneficiary named, or
Che estate Of the veteran, the face
value of the certificate less the amount
paid to the bank.
After January !, 1926, veterans hold
ing certificates could make direct sp-
plication through postmasters for gov
ernment loans.
II such loan were made al any tins
not more than three years after the
date Of the certificate, it could not ex-
ceed so per cent Of the sum Of the
adjusted service credit of the veteran
plus interest at Az per cent year
from the date Of the certificate to the
date OF the loan
II the loan were made at any time
more than three years after and not
more than six years after the date OF
the certificate, the SUM could not eg-
coed So per cent of the adjusted serv-
ice credit Plus interest at AZ per cent
from the date of the certificate to the
date Of the Loan.
II the loan we're made at any time
nosc than six years after the date Of
the certificate the sem could not ex-
ceed 10 per cent Of the adjusted
service cfedit Increased by IS per cent
plgs interest at 4 a per cess from the
j AaEe 81 $40 certificate Co sse aats 81
{Ah inan.
gstegss womld repay $40 IuAa
Keter1n wsnld zspay the losn