The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1922-03-07
ARRANGEMENT SOUGHT BY THE
GOVERNMENT TO ENLIST AID OF
THE NATIONAL BANKING SYSTEM


bank shall within thirtydays there
after notify the secretary of the
treasury of the facts relative to the
note, the name of the veteran and the
number of his certificate.
f. The loan basis of any certificate
at any time, shall, for the purpose of
this section, be the amount Of the ad-
justed service credit, plus interest
thereon from October /, 1922, to such
time, at the rate of 1-2 per centum
rer annum, compounded annually
G. No payment upon any note shall
be made under this section by the
secretary of the treasury to any bank,
unless the note when presented to
him, is accompanied by an affidavit
made by an officer of the bank before
a notary public or other officer desig-
mated for the purpose by regulation OF
the secretary, and stating that the
bank has not charged or collected or
attempted to charge or collect, d.
rectly or indirectly. any fee or other
compensation Except interest as au-
thoriZed by this section) in respect
or because of any loan made under
this section by the bank to a veteran.
Any bank which, or director, Officer
or employe thereof who does so
charge, collect or attempt to charge
or collect any such fee or compensa-
tion, shall be liable to the veteran for
q penalty of one hundred dollars to
be recovered in a civil suit brought
by the veteran.
H. The secretary Of the treasury
shall make regulations for the en-
forcement of the provisions of this
section.
This safeguarding provision as to
loans and certificates is contained in
the bill:
mo certificate issued or right con-
ferred under the provisions of this
title shall be negotiable or assign
able or serve as security for loan
other than one made under the pro-
visions of SOB and 5O4 (the provisions
authorizing loans by banks or the fed
eral government.) Amy loan made in
violation of any provision of this Sec
ton shall be held void. Whenever
the secretary of the treasury finds
that any such certificate or right has
been negotiated or assigned or has
served as security, in violation of
provision of this section. the rights
of the veteran under this title shall
be forfeited"
After September 80, 1925, the gov
ernment would loan to veterans on
certificates, the amount advanced If
the loan were made before October l.
1918, being IS per cent of the sum of
% the adjusted service credit of the
veteran (fiured on the basis of 81
day for domestic service and SIPS
for overseas service with the mini
mum fixed at $625 for those who serv-
ed overseas and $500 for those who
did not) plus (2) interest thereon
from October 1. 1929, to the date Of
the making of the loan at the rate of
41-2 per cent annually, compounded
annually.
If the loan were made after Oct
ber 1, 1928, and before October 1, 1912
(the date of the maturity of the GER
tifcate) the amount advanced would
be 20 per cent of the sum Of (D the
service credit increased by 25 per
cent, plus (2) interest at the rate OF
IL per cent compounded semf-an-
nually.
If veteran defaulted for one year
in his payments to the government
his certificate would be voided, but If
he borrowed less than the maximum
authorized by law he would be paid
80 peg cent of the difference between
what The borrowed and what he was
authd drized by the law to borrow. II
veteran held his certificte for the
full twenty years he would be paid
the sum of his service credit increas-
ed by 4 -12 per cent interest, CON-
pounded annually.
Washington, March Final agree
ment on compromise soldier bonus
bill was reached today by the House
ways and means Republicans who au-
thorized Chairman Fordney to present
the measure to the House before ad-
iournment tOdaY