Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1922-06-07
The Soldiers Bonus Bill.

The Soldiers Bonus Bill.
The Chronicle has been asked to!
explain the provisions of the pending
soldier bonus bill.
We are using statement made by
the Washington correspondent of the
New York Times. The bill ordered
Wednesday by the senate committee
t. be reported is entitled SThe World
War Adjusted Compensation Act"
Under it a veteran of that war is any.
Individual who was member of the
American military or naval forces at
any time after April S, 1917, and be-
fore Nov. IL, 1918, but it does not in
clude any man who was dishonorsbly
discharged from the service, con-
scientious objectors who performed
no military duties and persons dis
charged from the service because
they were aliens.
The compensation is to be comput-
ed on basis of 81 day for home
service and S1.25 for overseas SER
vice when that service exceeded in
duration sixty days. The maximum
payment to men who remained in the
United States is $500 and those who
served overseas S625. Veterans whose
compensation is $50 or less will re-
ceive cash in full settlement OF all
claims.
Those whose compensation exceeds
$50 have the right to avail themselves
of one of the following plans:
1. Adjusted service certificate upon
which they will be authorized to bor-
row from any national bank, bank or
trust company so per cent of the face
value of each certificate, such loan to.
mature on or before December 81,
1925, the interest on the loan not to
exceed per cent.
2. Vocational training aid.
3. Farm or home aid.
q. Land settlement aid.
The controlling provision of the
bill is the plan of the adjusted service
certificate which, in the event that
it's face value is not obtained through
loans, natures in twenty years from
the date it is issued. In the event OF
the death of the holder, the govern
ment will pay the sum to his heirs.
If veteran who borrows money upon
his certificate does not meet his note
within six months after it's maturity,
the bank holding the note and certifi-
cate will present them to the Secre-
tary of the Treasury who will cancel
the note and pay to the bank the
amount Of the unpaid principle and
unpaid accrued interest. This provis-
ion applies only to loans maturing
prior to January is, 1926.
After January, 1925, the Post
master General is authorized and di-
rected to instruct Postmasters of the
first, second and third classes to take
applications for government loans
and to collect the payments on them
at maturity. The loans secured by
the certificates will oe paid by the
Secretary of the Treasury, who is di-
rected to send check for the amount
involved to the holder of certificate.
The veteran will make repayment
upon an amortization plan by means
of a fixed number of annual install
ments sufficient to cover, first, inter
est on the unpaid principal at the rate
of Az per cent, and, second, such
amount of the principal as will ex-
tinguish the debt within an agreed
period, not exceeding the life of the
certificate.
When veteran fails to make a
payment when due, the Secretary of
the Treasury will cancel the note and
restore the certificate to the veteran
upon receipt of the total amount due
thereon, principal and interest, to-
gether with interest at Az per cent
annually on all payments that were in
arrears.
If the loan is made three years af-
ter and before six years after the
date of the certificate, the amount
obtainable is IS per cent of the sum
due the veteran, plus the interest
from the date of the certificate to the
date of the loan at the rate of AZ
per cent. On the other hand, if the
loan is made after six years from the
date of the certificate, the loan may
be 70 per cent Of the sum of the ad-
justed service credit, increased by 25
per cent, year, plus Az per cent
interest, compounded annually.
No certificate issued under the
provisions of the bill is to be nego-
table or assignable as security for a
loan except under the conditions laid
down. Any negotiation, assignment,
or loan made in violation of the law
will be held void. This provision is
intended to prevent the tra,'sfer OF
the certificates to money lenders and
spectators in government securities.
The other options included in the
b ill, such as vocational training and
land settlement aid. are practically