Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-09-01
THREE OPTIONAL
PLANS PROVIDED
IN BONUS BILL
Measure as Amended by
Senate Would Become
Effective January |, 49,;
Land Settlement Aid.

|
amended by the senate, the SOL
diers' bonus bill would become eff
fective January 1, 1923, and would
provide three optional plans for
VETERANS of the world war other
than those whose adjusted service
pay would not exceed $50. These
would be paid in cash. The op-
tions are:
Adjusted service certificates,
payable in twenty years or sooner
at death and containing loan pro-
visions.
Vocational training aid at the
rate of st.75 day up to a total Of
,l4o per cent of the adjusted service
lcredit.
/ Aid in purchasing a farm or a
home, total amount TO range from
100 per cent of the adjusted service
credit if the money were advanced
lin 1928 to 140 per cent of the ad q.
iusted service credit if the pay
Iment were made in 1928 or there
latter.
+ Adjusted Service Pay.
Adjusted service pay, or adjusted
service credit, would be figured on
the basis of 81 a day for domestic
service and $1.25 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 veterans who per-
formed any overseas service eX-
ceed $625.
Adjusted service certificates
would have a face value equal to
the adjusted service credit Of the
veterans increased by 25 per cent,
plus interest thereon for twenty
years at the rate of Il per cent
year compounded annually.
Until January l, 1926, any ma
tional bank, or any bank or trust
company incorporated under the
laws Of any state, territory, possess
sion or the District of Columbia
would be authorized to loan to any
veteran upon his promissory note
secured by his adjusted service GER
tificate any amount not in excess
of so per cent of the total of the
adjusted service credit, plus inter-
est thereon from the date of the
certificate to the date of the loan,
at the rate of Az per cent year.
Should the veteran fail to pay
the principal and interest Of the
loan within six months after its
maturity, the government would
pay to the bank the amount of such
principal and interest and take over
the certificate. This Iould be re-
stored to the veteran at any time
prior to its maturity upon receipt
from him of the amount paid by
the government to the bank plus
interest on that amount at the rate !
of Az per cent year, compound |
ed annually.
Rate of Interest.
The rate of interest charged the
by the bank could not eX-
ceed by more than two per cent a |
year the rate charged at the date
Of tie loan for the discount of |
paper by the federal
reserve bank for the federal re-
serve district in which the bank |
was located.
IL veteran died before the !
of the loan, the govern
ment would pay to the bank the |
principal and interest and to the
named by or to the
estate of the veteran the face |
value of the certificate, less the
paid to the bank.
After January /. 1926, veterans
holding certificates could make di-
'ect application through postmast
srs for government loans.
IL such loans were made at any
ime not more than three years
,fter the date Of the certificate il
,ould not exceed so per cent of the
sum of the adjusted service credit
# the veteran, plus interest at Az
,er cent a year from the date of
he certificate to the date of the
oan.
If the loan were made at any time
more than three years after and
lot more than six years after the
late of the certificate the sum
.ould not exceed IS per cent of the
ldjusted service credit, plus inter-
'st at Az per cent from the date
e the certificate to the date OF the
oan.
If the loan were made at anyt
ime moro than six years after the
late OF the certificate the sum
Continued ON Pase Two. L