The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1922-06-08
E.;sTIEI ATED go S
OF BONUS PLACED
AT FOUR BILLION
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HI#FUUN &DiLEiUlN
CONTINUED from page one,
! committee and an opponent OF the
Legislation, refused such consent
! WASHINGTON. June s.-Tha
/ Soldier Bonus Bill was to
| have been presented to-
day in the Senate by Chair
man McCumber of the ii
nance committee, with an accom-
panying report placing the prob
I able cost to the federal govern
ment at SO 1858, 491 spread over
4 a period of forty three years from
/! next January L. This is approx
;mately $3.50, 00o.o 900 less than the
4 estimate under the House Bill,
I which was s4.oS9. lis. $50, payable
over twenty years.
The Senate bin is oased on the
! theory that 10 per cent OF the A.
I45S,199 veterans who would be
eligible for compensation would
elect the adjusted service certifi-
/ Gates option; % 1-2 per cent farm,
i home and land settlement aid. and
p 1-2 per cent vocational training
aid.
Should all of the veterans select
the certificate plan the total cost
would be s4,4S6 ,545,976.
| With reference to financing the
legislation, Chairman McCumber's
| report said it was hoped that the
reduction in governmental ex-
nenditures plus the payment Of In
/ terest on the refunded foreign
! oblications would be sufficient 20
obyiate the imposition OF addition
! al taxation.
/; "If 1t dose become necessary to
! impose additional taxes the re-
i mort continued, cit Is believed we
| can better determine the amount
OF the necessary levy and the ways
] Of distributing such burdens at
! later date when the future condl-
| ton of the treasury will be more
accurately established.
| AS to the refunded foreign ooh--
+, cations the hope was expressed
! that these soon would be obtained
and that it will be possible for
! the foreign governments to pro-
vide for the Immediate payment OF
interest thereon, SO such-3nterest
| can be used toward defraylng the
expenses authorized under tnls
| act.
Cash Payments Small
Senator McCumber explained
| that an attempt had been maze
/ to reduce to a minimum actual
| cash payments under the bill dur
ing the next three years While the
Treasury is engaged in refunolns
| the nearly seven billions OF dol
/
cations. The estimated cost OF the
| bonus COR those three years was
$4,000, GOO.
After its presentation to the
Senate the bonus bill will go to the
calendar where it will remain un-
fiji there is an agreement to call
it up. Senator McCumber ana
some other proponents desire
early action but several Repup-
lican leaders are opposed to size
tracking the Tariff Bill as they
! exoect the fight over the bonus to
consume at least month and
narhaps six weeks. This measure
differs somewhat from the House
| bil1 and very widely from the
bonus bill that was reported to
the Senate last year and later
sent back to the finance commit
i fee at the request of. President
Harding. ... w.
Five Plans Offered
The most important. change from
the original measure is the elm
nation of the cash bonus and re-
clamation features as now drafted
the legislation would give eacn
! veteran the right to select any one
| of the following plans:
Adjusted service certificates
with bank and government loan
provision.
| Farm and home aid.
Land settlement aid.
Exp1aining the bill. Chairman
McCumber said in his report that
the amount of the adjusted ser
yica credit would be at the rate u
81 a day for domestic service anu
81 rs for foreign service. less tne
| $50 bonus paid when the veterans
were discharged from the service
In no event, however, could inc
total exceed $500 in the case OF
those who had only domesnc ser
vice ana 1925 for those who MAD
foreign service
Loans From Banks
! The adjusted service certlft-
Gates. payable at the end of twenty
years from the date of issue or
sooner upon death would have
face value of 8 obs times the total
amount OF the adjusted service
credit. Until January l. 1870
hanks would be authorized to loan
70 the veterans an amount equal TO
70 ner cent of the adjusted certi-
ncate plus interest at the rate OF
4 10 per cent compounded an
nualIy from the date of the GER
tificate. After January 1, 1925, the
government would make loans o.,
the certificates in varying amounts
according to the time negotiated.
Asa land settlement provision IN
Mace OF the reclamation, veterans
would be given preference in
making entry on any public or IN
dian lands opened to entry