Arizona republican., 1922-03-08

At the White House it was said
that Mr.. Harding had not studied,
and consequently had not formed an
opinion as TO the bank loan pro
vision. He was represented. however.
as maintaining the same position that
he did when he wrote Mr.. Fordney
on Feb. 16 that the bonus either
should be paid by a sales tax or the
legislation postponed.
Defers Drain on Treasury
Some OF the majority members OF
the committee believe that since the
new plan defers for three years any
large drain on the federal treasury
the President viii not object TO il.
They say the compromise will en-
able needy veterans 70 obtain cash
without the necessity OF imposing ad
oitional taxes on the general public
just when the bill will be called up
in the house viii not be decided until
after Mr. Fordney returns from a
trip to the west. on which he started
late today. Should the bill be taken
up next Monday the house would
proceed to its consideration under a
suspension OF the rules which would
prevent amendment. IL taken up Ia
ter, Mr.. F'ordney said. there would
have 10 be a special rule. II was
expected that this would be 20 drawn
as TO give precedence 20 committee
amendments, a plan designed to pre-
vent the opening Of the bin to gen
erai amendment.
Mr.. Fordney said the entire ways
and means committee would meet
on Saturday. when the Democrats
would have an opportunity 10 pass
judgment on the bill. Meantime thu
measure will be printed so that they
u ~ IN.
study its provisions
Aside from the substitution OF the
bank loan provision for the cash pay
ment plan. the bill as introduced Is
very similar to that previously passed
by the house. The only immediate
cash payments proposed are TO vet
Grams whose adjusted service pay
would not exceed 500. Other vcter-
ans could select one Of these four
options:
Adjusted service certificate. com
bining a loan and insurance plan
Vocational training.
Farm and home aid.
Land settlement.
Maximum cost $3.50, 100000
The ultimate cost OF the bonus 10
the government, II was said. would
depend upon the number OF men
selecting each OF the options. II was
estimated that the immediate cash
payment 10 those entitled 70 not more
than $50 each would be around $l6,-
100000 The final cost might range
all the way from $1,000. 900, 900 to
$4.750, ,000,0 900, the maximum figure
being predicted upon all of the vet
Grams selecting certificates and hold
ing them until maturity or until their
death.
The adjusted service certificate
would be dated October ], 1929: and
would mature in 20 years. or at the
death Of the veteran, and in
either case would have face value
equal TO the sum OF G) the adjusted
service credit of the veterans in
creased by 25 per cent plus (2) in
terest thereon for 20 years at the
rate OF AZ per cent compounded an
nhalIy. The total amount would be
equal TO S.0i5 times
the adjusted service credit OF the
This credit would be figured on the
basis of s1.25 for each day OF over
seas service and 81 for each day Of
home service, but in no event could
The credit EXCEED $500 in the case OF
4 veteran who performed no over
seas service and s625 in the case OF q
veteran who served overseas.
Prior 70 September 30 1925. any
national bank, or any bank or trust