The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-09-01
H0W II Would BE Paid

EfNAlAAN'Al paNH AUS 0ls 49, 10
amended by the senate. the soldiers
bonus biz would become effective
January /, 1923, and would provide
three optional plans for veterans OF
the World war other than those
whose adjusted service pay would
not ecXeed $50. These would be
paid in cash. The options are.
Adjusted service certificates, pay
able in 90 years or ooner at death
and containing loan provisions.
Vocational training aid at the rate
Of $t.75 a day up TO a total Of l40
per cent Of the adjusted service
credit.
Aid In purchasing a farm or home,
the total amount to range from 100
per cent Of the adjusted service
credit of the money were advanced
in 1928 TO 140 per cent OF the ad-
justcd service credit If the payment
were made in 1928 or thereafter.
81 and St.25 Per Day.
Adjusted service pay, or adjusted
service credit. would be figured on
the basis OF 81 n day for domestic
service and St.25 a day for foreign
service, less the $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 $625.
Adjusted service certificates would
have a face value equal to the sum
adjusted service credit of the vet
Gran increased by 25 per cent plus
interest thereon for 20 years at the
rate OF A per cent q year., COM
pounded annually.
Until January /, 1926, any nation
al bank. Or any bank or trust COM
pany Incorporated under the laws
of any state, territory, possession or
the District Of Columbia would be
authorized to loan to any veteran
upon his promlssory note secured by
his adjusted service certificate any
amount not in eXces of so per cent
Of The total Of tho adjusted service
credit plus interest thereon from the
date of the certificate to the date
Of the loan at the rate of Az per
cen a year.
Should the veteran fail to pay the
principal and interest of the loan
within six months after It's maturity
the government would pay to the
bank the amount of such-principal
and interest and take owe the GER
tiflcate. This would be restored to
the veteran any time prior to its
maturity upon receipts from him Of
the amOunt paid by the government
to the bank plus interest on hat
amount at the rate of " per cent
a year, compounded annually.
In Case of Death.
The rate of interest charged the
veteran by the bank could not eX-
coed by more than ? per cent a year
the rate charged at the date Of the
loan for the discount of commercial
paper by the federal reserve bank
for the federal reserve district in
which the bank was located.
If a veteran died before the ma
tugity of the loan the government
would pay TO the bank the principal
and Interest and TO the beneficiary
named by or to the estate of the
veteran the face value of the certi-
ficate less the amount paid to the
bank.
After January /, 1926, veterans
holding certificates could make di-
rect application through postmasters
for government loans. If such loan
were made at any time not more
than three years after the date of
the certificates IL would not exceed
80 per cent of the sum of the adj
justed service credit of the veteran
plus interest at AZ per cent a year
from the date Of the certificate TO
the date of the loan.
No Loan Over 30 Per Cent.
If the loan were made at any time
more than three years after and not
more than six years after the date
OF the certificate the sur could not
exceed So per cent OF the adjusted
service credit plus interest at IA
per cent from the date of the GER
tificate to the date of the loan.
10 tIn Ia,n mona t,,alA Of a,tF
time more than six years after the
date Of the certificate the sun
could not exceed 70 per cent OF the
adjusted service credit increased by
per cent plus interest at Az per
cent from the date of the certificate
to the date Of the loan.
The veteran would repay the loan
upon an amortization plan by
means of a fixed number OF annual
installmcnts sufficient to cover in
terest on the unpaid principal at the
rate Of Az per cen and such
amount of the principal as would
e~Ntinguish the debt within an
agreed period not exceeding the life
of the certificate. If a veteran failed
TO make any payment when due, the
secretary Of the treasury at any time
prior to the maturity OF the c%ertlfi-
cate would cancel the note and re-
store the certificate to the veteran
upon receipt of all installments in
arrears, together with interest at AZ
per cent, compounded annually upon
such installment from the time.
In event of the death OF the vet
erau before the maturity OF the
loan, the loan and note would be
cancelled and the government would
pay TO the beneficiary named by or
to the estate OF the veteran the face
value Of the certificate less the
principal and interest on the govern
ment loan. The certificate of a
case he failed to redeem ii before
its maturity or II he failed to make
any payment when due and such
default continued TO his death.
! The land settlement aid option OF