Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-09-01
4 BILLION DOLLAR
Continued From Page -

any time prior to its maturity upon
receipt from him of the amount paid
bv Nthe government to the bank plus
interest on that amount at the rate
oil Az per cent a year, compounded
annually.
The rate of interest charged the vet
eran by the bank could not exceed by
more than two per cent a year tne
rate charged at the date loan for the
discount of commercial paper by the
federal reserve bank for the federal
reserve district in which the bank was
located.
If a veteran died before the matur-
ity of the loan the government wouiu
pay to the bank the principal ana IN
terest and to the beneficiary named oy
or to the estate of the veteran the
face of the 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.
If such loan were made at any time
not more than three years after the
date of the certificate it could not ex-
coed fifty per cent of the sum OF the
adjusted 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 the adjusted sery-
ice credit plus interest at AZ per cent
from the date of the certificate to the
date of the loan.
IL 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 % per cent
plus interest at Az per cent from the
date of the certificate to the date OF
the 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
40 per cent and the amount of the
principal as would extinguish the debt
within an agreed period not exceeding
the life of the certificate.
May Be Restored
If a veteran failed to make any
payment when due. the secretary OF
the treasury at any time prior to the
maturity of the certificate would canoe
the note and restore the certificate to
the veteran upon receipts of all install
ments in arrears, together with lnte'
rest at Az per cent, compounded an
nually upon each such installment from
the time when due.
In event of the death of the veteran
before the maturity of the loan. the
loan and note would be cancelled ant
the government would pay TO the
beneficiary named by or to the estate
of the veteran the face value of thu
certificate less the principal of ant
interest on the government loan.
The certificate of a veteran would
be cancelled only in case he failed Il
redeem it before its maturity or if HI
failed to make payments when du'
and such default continued to his death
The land settlement aid option Of
the house bill has been stricken gu
and the Smith McNary reclamation bill
substituted. Under the bill the veterans
would be given preference in employ.
ment on reclamation projects and II
obtaining homesteads or land reclaim,
ed. They would be required, however
to paw for such hOmesteadS without
further government aid. on the same
footing as other HON esteaders. Settle
AiiNbl 'blh W pPNh w III "
the world war. the Spanish-Americar
war and the Philippine insurrection ant
irrespective of whether they had re
ceived any compensation from the gov
under the bonus bill or othel
legislation.
The veterans choice among tn,
options proposed would be made b.
application filed with the secretary o
war. if he were in service OF his las
service were with the naval forces
Such application might be made at an,
time after the passage of the bill AM
would have to be made personally b.
the veterans except in the case o
physical or mental ~incapacity, in whic
event it would be made by such rep
resentative of the veteran and in sucl
manner as the secretary of war an
the secretary of the navy might joint
by regulation prescribe.