The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-08-31
BONUS BILL
CONTINUED from Page One.)


ity of the loan the government would |
pay to the bank the principal and in
terest and to the beneficiary named |
by or to the estate of the veteran the
face value of the certificate less the
amount paid TO the bank.
After January 1, 1926, veterans hold
ing certificates could make direct ap-
plication through postmasters for gov
eminent loans.
Other Details
If such loan were made at any time
not more than three years after the
| date of the certificate it could not ex-
/ coed SO per cent of the sum of the ad-
| justed service credit of the veteran
plus interest at Az per cent a year
from the date of the certificate to the
date of the loan.
| If the loan were made at any time,
more than three years after and not
more than six years after the date of
the certificate. the sum could not ex
coed IS per cent of adjusted service
credit plus interest at Az per cent
from the date of the certificate to
the date of the loan.
If the loan were made at any time
more than six years after the date
of the certificate, the sum could not
exceed 20 per cent of the adjusted
service credit increased by c5 per
cent plus interest at Az per cent
from the date of the certificate to
the date of the loan.
! Repays Loan
The veteran would repay the loan
upon an amortization plan by means
of a fixed number of annual Install
ments sufficient to cover interest on
the unpaid principal at the rate OF
Az per cent and such amount OF the
principal as would extinguish the, debt
within a nagreed period not exceeding
the life of the certificate.
If veteran failed to make any pay
j ment when due the secretary of the
treasury at any time prior to the ma
turity of the certificate would cancel
the note and restore the certificate
to the veteran upon receipt of all in
stallments in arrears, together with
= interest at Az per cent, compounded
= annually upon each such installment
from the time when due.
Loan Cancelled
IN event of the death of the veteran
before the maturity of the loan, the
, loan and note would be cancelled and
the government would pay to the
beneficiary named by or to the estate
of the veteran the face value of the
certificate less the principal of and
interest on the government loan.
The certificate of a veteran would
be cancelled only in case he failed to
. redeem it before its maturity or if
he failed to make any payments when
due and such default continued to
, his death.
The land settlement aid option of
: the house bill has been stricken out
and the Smith-McNary reclamation
bill substituted. Under that measure,
veterans would be given preference in
. employment on reclamation projects
and in obtaining homesteads on land
reclaimed. They would be required
however, to pay for such homesteads
without further government aid, on
the same footing as other homestead
ers.
open To All.
Settlement would be open to all vet
Grams of the World war, the Spanish
American war, and the Philippine in
surrcetion and irrespective of whether
they had received any compensation
from the government under the bonus
bill or other legislation.
The veterans choice among the on
tons proposed would be made bv ap
plication filed with the secretary q
war, if he were serving in, or his las
service were with the military forces;
or with the secretary of the navy if he
were serving in or his last service
were with the naval forces. Such ap
plication might be made at any tins
after the passage of the bill and would
have to be made personally by thu
veteran. except in the case of physica
or mental incapacity, in which even
it would be made by such representa-
tive of the veteran and in such name,
as the secretary of war, and the secre
tary Of the navy might jointly by reg
ulation prescribe.