The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1922-04-19
of Bonus Bill
as Passed by the House

DIS L dSSeu ny Tic I1OuSc
The Congressional Record of April
9Th carried synopsis of the proposed
service mems adjusted compensation
bill prepared by Senator Spencer of
Missouri, which presents the propo-
sition in concise form and under
standable language. 1t is as follows:
1. The name of the bill is the
World War adjusted compensation
act.
1t applies to practically every vet
eran in military and naval forces
in the United States between April
5, 1917, and November IL, 1918.
2. 1t provides for the payment of
$125 for each day of oversee serv-
ice, and S1.00 day for each day of
home service Excluding the first 60
days of service, which was taken care
of by the original bonus of $6O), with
limit Of $625 for oversee service
and $500 for home service.
It does not apply to anyone with a
grade above that of captain in the
army and it's relative rank in the
other branches of service.
8. Four optional plans are pro-
vided:
a. For adjusted service pay, pro-
vided that if the amount coming to
the ex-service man is $50 or less, it
is payable at once.
b. To receive vocational training
aid.
C. To receive farm or home aid
d. To receive land settlement aid.
The choice must be made by the
ex-service man by application to the
Secretary of War if he was with the
military forces, or to the Secretary
of the Navy if he was with the naval
forces, and must be made on or be-
fore July 1. 1928. Full regulations
giving detailed information as to pre-
cisely what could be done will be
by the War Department and
the Navy Department and distributed.
4. No one can interfere by any at
tachment or levy or any other legal
or equitable process with this bonus.
1t comes from the Government direct
to the ex-service man, or if he dies
in meantime, to his named beneficiary
or estate, nor can the rights under
this law be assigned by the ex-service
man to anyone else. He must avail
himself of it.
5. If the ex-service man elects to
take an adjusted service certificate,
he receives a certificate for the
amount due him at the rate of S1.00
a day or SIPS, as above provided,
and in addition for an amount equal
to Is per cent of the actual service
and in addition to this,
on the full amount at Az
per cent compounded annually for 20
years, so that the actual face value
of the adjusted service certificate
which the ex-service man has is about
three times the amount due him at
the rate of $125 or S1.00 a day for
he time served, as above indicated.
For example, if a man served $50
days oversee, he would be entitled
. $1.25 per day for every day after
the first so days. This would entitle
aim to $375. To this amount there
would be added 25 per cent of it,
1875, and in addition there would
be added interest on both amounts
at Az per cent for 20 years. so
that the face value of his certificate
would be approximately SLIPS.
This certificate is payable in 20
years; that is, on or before September
20. 1912. If the holder should die be-
fore this maturity, then the full
amount is Immediately payable to the
person designed by him as his bene-
iciary, or, failing such designation,
20 his estate.
If anex-service man needs any
money at any time before September |
[, 1925, he can borrow at any State |
II National bank a half of the amount |
due him for service at the |
ate per day mentioned above, plus
interests on such amount at Az per |
,ent compounded annually for the
ime the certificate has actually run. |
This loan is based not upon the value
# the certificate at maturity but upon
he amount due him at the rate per
lay indicated above, together with in
crest.
After September 80, 1925, the
erms of the loan are more advan-
ageous. A loan then can be made at |
my post office at AZ per cent in
crest. Between October 1, 1925, and
october l, 1928, IS per cent of the
mount actually due for service, plus
interest thereon compounded annual
Y, can be borrowed, and as the GER
ificate gets older the borrowing priv
leges are more and more liberal.
The second choice is vocational
nd. To the man who selects this plan