New-York tribune., 1922-03-24
Bill CiUes Veterans Choice of Five
Distinct Plans Of Compensation

IN the event the veteran dies within SIX
months after the lonn natures, the GER
tiGcate and note shall be presented to
the Secretary by the bank and thc Sec
retary ehnll cancel the note and pay
tho banks claim. The Secretary shall
then deduct the amount Of the claim
from the face value Of The certificate
and pay the remainder to the veterans s
beneficiary or his estate.
When any loan becomes in default
/ the hank shall notify the Secretary Of
tho Treasury within thirty days, stat
ing all the facts in tho case. The Sec
rctary of the Treasury can not pay
any note presented by Il bank unless
the note is accompanied by an anidayit
made by ar officer Of the bank, stating
that the bank has not charged or at
tempted to collect any fec or compcnsa-
ton in respect to making the loan, A
penalty Of 500. to be recovered in a
civil suit brought by the veteran, is
PROVIDED where n bank or any Of its
officers attempt to charge or collect
fees.
After September so. 1925 and before
October |, 1928, veteran may borrow
from the government, through the
Treasury. n sum not to cNcoed 80 por
I
| as heretofore stated. Applications for
such loans are to be made through the
postmasters of the first. second and
third class postoficcs.
after October /, 1928. and before
the date of tho maturity of the certifl-
cate October |, 1942), the loan basis
is slightly increased. The new basis is
the sum Of the adjusted service credit
increased by IS per cent plus interest
thereon, from October /, 1922, to the
date of the making OF the loan, at the
rate OF 4 = per cent per Bnnum, com
pounded annually The veteran may
borrow not to exceed 70 per cent OF the
amount on this new basis after October
l, 1928,
"The veteran shall repay the loan
upon an amortization plan by a fixed
number OF annual installmcnts su1i-
cient to cover the interest and the un-
paid principal at the rate of AZ per
cent pcr annum, and such amount of
the principal as viii cXtinguish the
debt within an agreed period not eX
ceoding the life OF the certificate.
"lf the veteran fails TO make pay
ment when due and if such default con-
tinucs for year, the Secretary of the
Treasury shall declare the certificate
of the veteran to be forfeited and can
eel and surrender the note to the vet
eran. Should the note be forfeited by
mistake, however, tho Secretary Of the
Treasury may rcinstate the note upon
payment of the amount then due the
government on the loan and new note
will be issued for the remaining
amount due
eff veterans certificate is for
feited By default when he has borrowed
an amount less than the maximum au-
thoriZed, the Secretary of the Treasury
shall pay to the veteran 80 per cent
of the difference between what he has
borrowed and the maximum which ne
was authorized to borrow. No certf-
cate issued under the provisions OF this
title shall be negotiable or assignable
or serve security for a loan except
il the manner provided, Should the
veteran die after making application
for the adjusted service certificate and
before October /. 1922, the amount of
the adjusted service credit Of the vet
eran shall be paid to his estate"