Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-03-08
BONUS BILL
Continued from Pase One)

Just when the bill will be called
up III the House will not be decided
until after Mr.. Fordney returns from
trip to the west. on which he start
ed late today. Should the bill be
taken up next Monday the House
would proceed to it's consideration
under suspension of the rules
which would prevent amendment. If
taken up later, Mr.. Fordney said
there would have to be special
rule. 1t was expected that this
would be SO drawn as to give prece-
dence to committee amendments. a
plan designed to prevent the opening
up of the bill to general amendment.
Mr.. Fordney said the entire Ways
and Means committee would meet on
Saturday when the Democrats would
have an opportunity to pass judge
mcnt on the bill. Meantime the
measure will be printed so that they
and the House members generally
can study its provisions.
Aside from the substitution of the
bank loan provision for the cash
payment plan, the bill as introduced
IS very similar to that previously
passed by the House. The only i'm
mediate cash payments proposed are
to veterans whose adjusted service
pay would not exceed $50 Other
veterans could select one of these
four options:
Adjusted service certificate, com.
bining a loan and insurance plan.
Vocational training.
Farm and home aid.
The ultimate cost of the bonus to
the government, it was said, would
depend upon the number of men Sc
estimated that the immediate cash
payment to these entitled to not
more than $50 each would be
around 100000. The final cost
might range all the way from 3d.
oO0.oo0,000 to s4.75O,000,0o. the
maximum figure being predicated
upon all of the veterans, selecting
certificates and holding them until
maturity or until their DEATH,
The adjusted certificate would be
dated October /, 1922; would mature
IN twenty years. or at the death of
the veteran. and. in either case,
would have face value equal to the
sum of CD the adjusted service
credit of the veteran increased. by
"A per cent, plus e. interest thereon
for twenty years at the rate of II
per cent compounded annually. The
total amount would be "approximate-
fn
service credit of the veteran"
This credit would be figured on the
basis of S1.25 for each day of over
seas service and 81 for each day of
home service, but in no event could
the credit exceed $500 in the case of
veteran who performed no over
seas service. and S625 in the case
of veteran who served overseas.
Prior to September so, 1925, any
national bank. or any bank or trust
company incorporated under the
laws of any state, territory. posses
sion or the District Of Columbia
would be authorized to loan to a
veteran on the certificate any
amount not in excess of so per cent
of the adjusted service credit plus
interest at 4 IL per cent from Oc-
tober i, 1922. The loan would have
to mature not later than September
so, 1925 and the rate of interest
charged by the bank could not en-
coed by more than two per cent
year the rate charged at the date of
the loan for the discount of ninety
days commercial paper by the federal
reserve bank in the federal reserve
district in which is located the bank
making the advance to the veteran.