South Bend news-times. (South Bend, Ind.) 1913-1938, 1922-06-01
PLAN RETAINS
ORIGINAL BANK
LOAN MEASURE
Amended Bill Adopted by
Finance Committee by
9 to I Vote.
REJECT SHOOTS PLAN
viii Report Bill TO Senate
Within Few DAYS and Ask
for Immediate Action.
By Associated Press.

By Associated Press.
WASHINGTON. MAY ST. The
house soldiers bonus bill. amended
in several important particulars. but
much discussed bank loan provision
retained. was approved wednesday
by the senate finance committee. (.
TO 4. Chairman NIcCumber proposes
to report the measure 70 the senate
within a few DAYS. and said he hoped
to get action before the passage OF
the tariff bill
The more important alterations
were:
Changing of the effective date OF
the legislation from next October
to January ], 1928
Removal OF the time limit OF the
fling OF applications for adjusted
service compensation.
Abandonment of the reclamation
plan and substitution OF a provision
under which veterans would be given
preference in making entry on pub
lie or Indian lands opened 10 entry.
Elimination Of the forfeiture pro-
vision, under which veterans failing
10 repay loans made by banks OF the
government on adjusted service GER
tihcates would have forfeited their
certificates.
Under the amended bali such vet
Grams could reclaim their certificates
az any time before their maturity.
% years from the date OF issue. upon
payment OF the sum their were in
default plus interest AT ~ per cent.
compounded annually.
Reject SmoOt's Plan.
Approval Of the altered house
measure. the McCumber plan. was
voted by the committee after rejec-
ton. S 10 3. Of a measure offered
| by Sen. Smoot, OF Utah. repu bIican.
proposing paid up life insurance.
on the vote for the NIcCumber
measure. Sen. Mclean. republican.
Conn, broke the tie that had existed
among the 10 republicans OF com
mittee, as between two propositions
Others supporting the amended
house bill were: 0fcCumber. North
Dakota: Dafollette. Wisconsin: Wat
son, Indiana Curtis. Kansas. and
Sutherland. West Virginia All repub-
leans. and Simmons. North Caro-
lima; Walsh. Massa chusetts. and
Gerry. Rhode Island. democrats.
Senator Simmons. ranking minor
ity member OF the committee. said
the democrats supported the Nc
Cumber plan. not because they fav-
ored. but 20 obtain quick action
bonus
Charge Against Treasury.
Neither Pres't HardinE's views on
the bonus nor methods Of financing
the legislation entered into commit
tee discussion. senators said chair
man McCumber said that after the
first three years the necessary funds
proba bly, would be supplied from IN
terest on the refunded foreign debt.
AS drafted the bill IS a charge against
the federal treasury.
Present plans for calling Up the
bonus bill In the senate are indehn-
tie. Senator McCumber said he did
not desire 20 make II partisan
question but that he hoped 70 reach
an agreement under which a final
vote could be taken before the pass
age Of the tariff bill
Under the bill as the senate viii
receive e the amount OF compensa-
ton credit for veterans Will be COM
puted on the length OF service. less
the $50 bonus paid the men az their
discharge. but would not exceed
$500 for domestic service. and S62S
for service oversees
A cash bonus would be paid only
20 those veterans whose total credit
does not exceed $50. other veterans
would be entitled 20 elect certain
options