The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-06-01
SOLDIERS BONUS
BILL APPROVED

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Washington, May 31.1The houss
soldiers' bonus bill, amended in sew
seral important particulars, but with
the much discussed bank loan provis-
ion retained, was approved today by
the senate finance committee by q
vote Of 8 TO q. Chairman McCumber
proposes to report the measure to the
senate within a few days and said he
hoped to get action on it before the
passage OF the tariff bill.
The more important alterations
made IN the house measure were:
The changing Of the effective date
of the legislation from next October
1 to January 1, 1923.
Removal Of the time limitation on
the fling of applications by world
war veterans for adjusted service
compensation.
Abandonment of the reclamation
plan and the substitution Of provis-
ion under which veterans would be
: zen preference in making entry on
Mic or Ifudan lands when opened
ID entry.
Elimination of the forfeiture pro-
vision under which veterans failing
to repay loans made by banks of the
government on adjusted service GER
tificates would have forfeited their
certificates.
!, Under the amended bill such vet
asrans could reclaim their certificates
! t any time before the maturity-20
ears from the date of issue-upon
paynent of the sum they were in de-
tsnlt plus interest at 4 1-2 per cent
= compounded annually.
/, approval Of the altered house meas
ure, commonly called the McCumber
plan, was voted by the committee af-
ter rejection, 8 to 8, of measure of +.
fered by Senator Smoot of Utah, pro-
posing paid up life insurance in lieu
of all other forms of compensation.
Senator Simmons, North Carolina,
ranking minority member of the COM
mittee,. said the Democratic members
supported the McCumber plan, not be-
cause they favored it, but to obtain
quick action on bonus legislation.
Neither President Harding's views
with respect to the bonus, nor meth
DDS OF financing the legislation en-
tered into committee discussion, SEN
ators said. Leading proponents of the
|. McG Guuher, plan. expressed the belief
!, that this plan would prove not unac-
ceptable to the executive, since its
called for no heavy expenditures dur
ing the next three years that would
require either new taxes or any large
drafts on the treasury.
Chairman McCumber said that after
the first three years the necessary
funds probably could be supplied
from interest on the refunded foreign
debt. AS now drafted the bill is sim
ply charge against the federal treas
ury. Senator McCumber expressed the
opinion that no additional legislation
would be necessary in order to divert
interest from the foreign debt to the
channel of bonus financing as the in
terest payments would go into the
general treasury fund.
Present plans for calling up the
bonus bill in the senate are indefinite.
Senator McCumber said he did not de-
sire to make 1t a partisan question,
but that he hoped to reach an agree
ment under which final vote could
be. taken before the passage of the
tariff bill.
The bonus bill is certain to lead to
a long fight in the senate.
The Democrats expressed them
selves as not pleased with it's pres
ent form and have indicated that they
will have number of amendments to
offer. Senator Smoot plans to offer
his insurance measure as a substitute
and may introduce the issue of the
sales tax into the discussion.
Opponents Of bonus in any form
who include Senators Borah, Idaho;
Moses, New Hampshire; Wadsworth
New York, Republicans, and Williams
Mississippi and Myers, Montana
Democrats, are preparing for deter
mined fight on the bill. Bonus pro-
tonents contended, however, that they
have the votes to put adjusted service
compensation legislation through the
senate and they are confident such
legislation will be enacted before this
session of congress ends.