The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-03-07
BONUS BILL
DRAFT NEAR
VOTE STAGE
Compromise Measure Ex
pected to Reach Com
pleted Form Today.

Washington, March Final
agreement on the compromise SOL
dier bonus bill was reached today
by house ways and means commit
tee Republicans, who authorized
Chairman Fordney to present the
measure to the house before ad-
TORMENT today.
Representative Fordney announ-
ced that the Democrats on the COM
mittee would be called in on Sat
urday to pass formally on the bill.
He said it was his plan to present
the formal report to the house i'm
mediately after the measure had
been approved by the entire COM
mittee. The Democrats are not ex-
pected to submit a minority re-
port.
Washington, March THE COM
promise soldiers bonus bill was be-
fore Republicans of the house ways
and means committee again today
and they were hopeful of perfecting
| the final draft before night. II
then would be submitted to the en-
tire committee, and after formal
approval be reported to the house
1t was indicated that its presenta-
tion in the house probably would
| be delayed for several days.
Here are the chief provisions o.
the bank loan section of the bill:
"(A). That a loan may be made
to any veteran prior to Sept. 30
1925, upon his adjusted service GER
tificate only in accordance with tht
provisions of this section.
"(B). Any national bank, or an,
bank or trust company is authoriz
ed to loan to any veteran upon hi
promissory note secured by his ad
justed service certificate with o
without the consent of the benefi
ciary) any amount not in excess o
so per cent of its loan basis, sucl
loan to mature on or before Sept
80, 1925. The rate of interest shall
not exceed by more than two pc
cent the rate charged at the date o
the loan for the discount of com
mercial paper by the federal re
serve bank.
go" If the veteran does no
pay the principal and interest o
the loan within six months after it!
maturity, or in any event by Sept
80, 1925, the bank shall present thu
certificate and the note to the sec
retary of the treasury not later thar
Oct 1, 1925. They shall thereupoI
cancel the note and the cartifcat,
and pay to the bank the amount o
4 n,
unpaid interest accrued. The diff
ference between so per centum, o
the loan basis of the certificate ani
the amount so paid to the banl
=, shall be Immediately paid to the vet
eran if living.
In Case of Death.
"(D). IL the veteran dies befoTt
the principal is due, the amount c
the unpaid principal and the un
paid interest accrued up to the dat
of his death, shall be immediatel,
due and payable.
"CE). When any loan is in de
fault the bank shall within 80 day
thereafter notify the secretary Q
the treasury.
"(F). The loan basis of any Ger
|
adjusted service credit, plus inter
est from Oct. /, 1922, at the rate o
Az per cent compounded annual
ly.
"(G). No payment upon any not
shall be made by the secretary .
the treasury to any bank, unless tn
: note, when presented to him, is ac
companied by an affidavit statini
that the bank has not charged o
collected or attempted to charge o
collect any fee in respect to or be
cause of any loan made to a vet
eran.'
After Sept 80. 1925, the govern
ment would loan to veterans on Ger
: tificates. The amount advanced IL
: TO Oct. l, 1928, would be So per cen
: of the sum of o. the adjusted ser
vice credit of the veteran.
: II the loan were made after DC
: 1, 1928, and before Oct. l, 1912, ttli
date of maturity, the amount ad
: vanced would be 20 per cent of tn
: sum of the total due.
NOT SETTLED