The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1922-03-09
TEXT OF BONUS
PROPOSAL NOW

: : I
The following text has been Is
sued officially Of the bank loan
provision Of the compromise sol
diers' bonus bill:
(a) That . loan may be made
to any veteran prior to September
30, 1925. upon his adjusted service
certificate only in accordance with
the provisions Of this section.
Banks 10 Mako Leans
(b) Any national bank or any
bank or trust company incorporated
under the laws Of any state, terri
tory, possession or District Of Co.
lumbia hereinafter In this section
called "bank") il authorized to loan
to any veteran upon his promissory
note secured by his adjusted service
certificate with or without the
consent Of the beneficiary thereby
any amount not In excess Of fifty
per cent Of It's loan value Gas de-
fined in subdivision F Of this sec
tion). such loan to mature on or
before September 8, 1925. The
rate Of interest charged upon the
loan by the bank shall not exceed
by more than two per cent per
annum the rate charged at the date
Of the loan for the discount Of
commercial paper under section 10
Of the federal reserve act by the
federal reserve bank for the federal
reserve district In which the bank
II located.
(c) II the veteran does not pay
the principal and interest of the
loan within nix months after its
maturity or in any event by Sep
TENDER 80, 1925, the bank shall
present the certificate and the note
to the secretary Of the treasury not
earlier than May 80, 1925, and
not later than October Is, 1925.
The secretary shall thereupon can
Gel the note and the certificate and
pay to the bank the amount Of the
unpaid interest accrued at the rate
fixed by the note. up to the date
Of the check issued to the bank.
The difference between 80 per cent
Of the loan basis Of the certificate
at the time Of its receipt by the
secretary and the amount 20 paid
TO the bank shall be immediately
paid by the secretary to the veteran
II living. In case Of the veterans
death after the expiration Of the
six months after the maturity Of the
loan or in the case Of his death
after September 80, 1925, such
difference shall be paid to the ben
eficiary under the certificate, ex-
cept that II such beneficiary dies
before the veteran and no new ben
eficiary il named, or II the bene-
ficisry In the first instance has
not yet been named, tl4en the pay
ment shall be made to the estate
Of the veteran
Pretsetiss Given
(d) II ths veteran dies before
the principal u due the amount Of
the unpaid principal and the un-
paid interest accrued up to the date
Of his death shall be immediately
due and payable. In such case or
II the veteran dies after the prin-
cipal II due but before the expira-
ton Of the six months after the
principal il due or before October
l, 1925, the bank shall upon notice
Of death present the certificate and
note to the secretary who shall
thereupon cancel the note and pay
TO the bank In full satisfaction of
its claim the amount Of the unpaid
principal and interest at the rate
fixed in the note, accrued up to
the date Of the check issued to the
bank; except that II prior to the
payment the bank is notified of
the death by the secretary of the
treasury and fails to present the
certificate and note to the secre-
tary within fifteen days sfter notice
such interest shall only be up to
the fifteenth day after such not
ice, such interest shall be only up
to the fifteenth day after such
notice. The secretary shall deduct
the amount 30 paid from the face
value las determined under Sec
tion 501) sof the certificate.
(e) When any loan Il In default
the bank shall within 80 days
thereafter notify the ssssetary Of
the treasury of the facts relstive
to the note, the names Of the vet
eran and the numbers Of his GER
tificate.
Loan Basis Fixed