The Hays free press. [volume] (Hays, Kan.) 1908-1924, 1922-09-07
BONUS BILL is PASSED BY THE
SENATE

/
SENATE
Washington, Aug. 31.-The four
billion dollar soldiers bonus bill was
passed today by the senate and now
goes to conference.
Vote AT to p
| The vote was forty-seven to TWEEN
ty-two with party lines wiped out.
The roll call follows. For the
/ bonus:
Republicans.-B randegee, Bursum,
Cameron, Capper, Colt, Cummins,
Curtis, Gooding, Hale, Jones of Wash
ington, Kellogg, Lafollette, Lenroot,
Lodge, Mccormick, MeCumber, Nc
Lear, McNary, Nicholson, Oddie,
Rawson, Shortrdge, StanfeId, Suth-
erland, Townsend, Watson of Indiana,
and Willis-27.
emocrats.-Ashurst, Broussard,
Culberson, Fletcher, Gerry, Heflin,
Hitchcock, Kendrick, Mcclellan, Pitt
man, Pomorene, RansdeI, Reed of
Missouri, Robinson, Sheppard, Sim
mons, Smith, Trammell, Walsh of
Massachusetts,, and Walsh of Montana
20.
Total, At.
Those Opposed
Against the bonus-Republica
Ball, Borah, Calder, Dillingham;,
Edge, France, Frehnghuysen, Keyes,
Nelson, New, Phipps, Reed of Penn
/ sylvania, Smoot, Sterling and Wads-
worth-15.
Democrats Glass, Myers,
Shields, Swanson, Underwood, and
! Williams.
Total, p.
AS amended by the Senate, the
soldiers bonus bill would become eff
| fective January 1, 1928, and would
provide three optional plans for vet
Grams of the world war other than
those whose adjusted service pay
would not exceed $50. These would
be paid in cash. The options are:
Adjusted service certificates, pay
able in twenty years or sooner at
death and containing loan provisions.
Vocational training aid at the rate
of $1.75 day up to total of 14O
per cent of the adjusted service
credit.
Could Purchase Home
Aid in purchasing farm or home,
the total amount to range from 100
per cent of the adjusted service credit
if the money were advanced in 1928,
to 40 per cent of the adjusted ser
vice credit if the payment were made
in 1928 or thereafter.
Adjusted service pay or adjusted
service credit would be figured on
the basis of 81 a day for domestic
service and $1.25 a day for foreign
service, less than $50 paid at dis
charge. But in no event could the
amount of the credit of the veteran
who performed no overseas service
exceed. $500 and the amount of the
credit of the veteran who performed
any overseas service exceed 1925.
The Face Value
Adjusted service certificates would
have a face value equal to the sum
adjusted service credit of the veteran,
increased by 25 per cent, plus inter
est thereon for twenty years at the
rate of 4 y per cent a year COM
pounded annually.
Until January 1, 1926, any nation
al bank or any trust company, incor-
porated under the laws of any state,
territory, possession or the District of
Columbia would be authorized to loan
to any veteran upon his promissory
note secured by his adjusted service
certificate, any amount not in excess
of fifty per cent of the total of the
adjusted service credit plus interest
thereon from the date of the certi-
fcate to the date of the loan at the
rate of y per cent a year.
About the Payments
Should the veterans fail to pay the
principal and interest of the loan
within six months after its maturity
the government would pay to the
bank the amount of such principal
and interest and take over the certifi-
cate. This would be restored to the
veteran at any time prior to its ma
turity upon receiving from him the
amount paid by the government to
the bank, plus interest on that
amount at the rate of 4 z per cent q
year, compounded annually.
The rate of interest charged the
veteran by the bank may not ecxeeC
by more than 2 per cent a year the
rate charged at the date of the loar
for the discount of commercial paper
by the federal reserve bank for the
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