Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-03-02
ELIMINATION OF CASH
CLAUSE IN SOLDIER
BONUS BILL DISCUSSED
Continued from rage one)

/ CHARGE, increased by 40 per cent,
plus interest thereon for twenty
years at the rate of AZ per cent a
year, compounded annually The
/ total fcce value thus would be APP
proximately 1888 times the amount
Of cash that a veteran would have
received under the cash feature.
Immediately after the certificate
was received the service man could
/ obtain from q bank an amount
equal TO so per cent of the total OF
the adjusted service pay, If. at the
expiration OF three years the sum
thus obtained plus interest had not
been paid by the service man, the
! bank could make demand on the
| federal treasury for the amount.
The government thus would take
over and carry the loan.
Loan Provisions.
Provisions respecting loans to be
made by the government on the
certificates after three years from
their issue would be retained IN
tho bill, it was said Under THESE
provisions, II the loan were mace
within from three to five years al
ter issue the amount could not eX-
coed 80 per cent of the sum OF the
adjusted service pay, plus interest
from the date of issue at rate oil
4 IL per cent compounded an
nually. If the loan were maze
after five years the amount could
not exceed so per cent of the sum
of the adjusted service pay IN
creased by 40 per cent plus inter-
est from the date of issue Mt the
rate OF 4 IL per cent compounded
annually.
Representative Longworth ex-
pressed the opinion that the sug-
gested plan IL it could be put into
workable form would meet the APP
proval of President Harding and
also both the house and senate.
He also thought it would be accept
able to the service men.
Test or Strength.
The agreement among the ways
and means committee republicans
to undertake the working out or
a compromise plan was reached
after there had been another test
of strength on the proposal made
by President Harding that the cash
bonus be financed by means of a
sales tax. 1t was learned today
that a motion to write such tax
provision into the bill was reject
ed late yesterday by a vote of 9 to
6, with one member absent,
This left the question of report
ing a bill without any means Of
81. t11A This
was vigorously opposed by some
members and the discussion final
ly got around to the basis of a POS
sible compromise along the lines
now under' consideration by the
sub committee. The basis was
suggested after some of the mem
bers had communicated with Of /.
ficials of the American legion.
Sentiment Eavors Plum.
Restriction of the cash feature |
previously had been approved by |
several members of the house who |
served with the colors during the |
world war, and 1t was said there |
had been growing sentiment |
among the house membership for
this plan as compromise. Repre-
sentative Fish. republican, New |
York, o former service man, had
drawn an amendment restricting I
the cash to those taking vocational .
training, the sick and the unem-
ployed. Another plan suggested |
was that of insurance for all of the
men with sick and unemployment |
benefits and monthly cash pay
ment after the beneficiaries reach
ed the age of 65.
Mr.. Fish submitted his amend
ment TO President Harding today |
at the White House and said after
ward that Mr.. Harding favored a
restriction of the cash feature and
had expressed the hope that con-
gress would not be swept off their
feet on the bonus question.