New-York tribune., 1922-03-08

SGjuSNeO SSINiSc pay SecNloH - WhiSt
allows immediate cash payments TO al
-sot entitled to more than $50. The
balance Of snc first years cost will be
fer administration OF the bonus act
The adjutant generals otiice and other
o.fices which will handle the actual
business of paying the bonus will re
ouire, according to data submitted tc
the committee. approximately 2,l0o ad
disional clerks, and the first years
administrative cost will be abou,
100000.
Five Options offered Men
--~~The bill contains five optional plans
FAey are:
III. To receive adjusted service pay
- provided in Title d, but the veteran
stSannot choose this plan Il the amount
,siof his adjusted service credit is more
rhan $50.
49, 2. To receive an adjusted service
| tscortifcate as provided under Title 5.
~ 3. To receive vocational training aid
Us provided in Title 6.
.: 4. To receive farm or home aid as
4 provided in Title z.
- s. To receive land settlement aid as
!. provided in Title 8.
II The first of the plans applies only
s;to veterans whose adjusted service
+; ;,credit, computed on the excess of sixty
!, ,.days OF active service between April
,f5, 1917, and July i. 1919, does not cx-
s,ceed $50. Payment will be made by
j. the Secretary Of War if the veteran S
stlast service was with the military
:. orces and by the Secretary of The
), Navy # the last service was with the
avail forces. If veteran dies after
!: making application for the plan and
= before receiving payment, payment will
De made to his estate
- Under the adjusted service certif-
cate plan man will receive at the
!. end Of twenty years an amount equal
!. % approximately 3.015 times the ad-
- justed service credit due him, The
!, face value OF certificate will equal
Il the SUM of the adjusted service credit
/ Of the veteran, increased By d premium
= ate OF IA per cent compounded an
: uualiy. The certificates will be dated
/. october 1, 1922. They are develop
Z laent OF the ola paid-up insurance plan
/, md still retain for the veteran the
!, privilege Of naming and changing Is
! beneficiary, who would receive the face
!. alue upon the death OF the veteran.
! Against Fraudulent Loan.
/, Eight pages or the bill are devoted
I, u the provisions governing the meth
! ois by which q veteran may obtain
! . cash loan from q bank. The loan
: privilcges before October I, 1925, and
! +hose after September so, 1925, are
I taken up separately. Especial care has
/; been taken 70 ii axe borrowing trans
!, action an alright matter between the
f.. veteran and the bank, in order that
! mere will be 10 room for fraudulent
: practices.
/ Any national bank or any bank or
: trust company incorporated under the
laws cf any state, territory, possession
: a. he District Of Columbia is author
lied 20 lend TO any veteran upon his
. promissors rose, secured by his ad-
not III excess Of so per cent Of the
certificate before October l, 1925.
: he rate Of interest charged upon
9 tie loan shall not exceed by more than
: > per cent per annum the rate charged
st the date OF the lean for the discount
Of commercial paper under Section Is
o. the Federal reserve act, by the Fed
era! Reserve bank for the district in
. which the bank IS located.
Il the veteran does not pay the prin-
! opal and interest OF the loan within
xix months after It's maturity the bank
snail present the certificate and the
.ote 10 the Treasury not earlier than
, lay 80. 1870, and not later than Octo-
Der 10. 1928. The Secretary OF the
Treasury shall thereupon cancel the
ooe and the certificate and pay to the
ban. tie amount Of the unpaid prin-
cipai due it and the unpaid interes
1 accrued up 70 the date of the cneci
. Issued to the bank. The difference be-
/ tween 50 per cent of the loan basis Of
The certificate at tha time of it's re-
csipt by the Secretary and the amount
80 paid to the bank shall be immedi-
ately paid by the Secretary to the
veteran or his estate.
Death Before Maturity Covered
Other parts Of this section cover
death before maturity Of the loan and
pecify technical details Of the nc
-. citations.
= Three years after the enactment Of
tae bill, or after September 80, 1925. il
---e provided that the Postmaster Cen
ira shall receive through all post
'siaices applications for loans. The
yRovernment loans, secured by the cer-
'i!cates, shall De made by the Secro-
cary OF the Treasury, and shall not ex-
fceed 30 per cent Of the face value.
Loans made after October /, 1928, and
before October l, 1912, shall not sx-
fceed 70 per cent of the face value.
Under the vocational training aid
plan the Veterans Bureau is directed
20 pay an applicant. upon certifcation
by the Secretary Of Var, the sum Of
s1.75 for each day OF his attendance
or or after January /, 1923. at course
os vocational training previously ap-
proved as suitable. Tie total, how
yer, shall not exceed 14O per cent OF
the amount OF the adjusted service
credit Of the veteran. Payments shall
De made monthly and there shall be no
deductions for Sundays, holidays or
vacations not exceeding two weeks.
national veterans settlement
board, TO be composed of Eve members,
headed by the Secretary of the In.
! terior, with four others to be named by
{ the President, is created for the ed
, Tninistration Of the farm or home aid
and land settlement plans.
Z After January l, 1928, the board Is
directed, under the farm or home