Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-03-10
COMPROMISE BONUS Bill
Maximum Of $625 for Overseas land
$500 for Home Service.
FULL TEXT OF The LOAN PROVISION

Elaborate Arrangements to Put In
terest Bearing Securities in thu
Hands of Service Men for the Bene-
!; fits of the Money Lenders.
The compromise soldiers bonus bill
was still in the hands Of the Republi-
can members of the Ways and Means
committee Wednesday; but it was ex-
pected that.it would soon be submitted
to the full committee for approval and
then submitted to the house.
One of the more important propos-
ais on which the majority had to act
was that covering payments to i'm
mediate relatives Of former service
men who have died or who may die be-
fore the enactment Of the legislation.
Representative Longworth of Ohio,
and some others were opposed to this
PROVISION and it appeared doubtful
whether it would be approved.
Under the provisions of the bill as
now drawn, veteran would mean an
| individual who was member Of the
military or naval forces of the United
States at any time after April 5, 1917
(the date Of the war declaration) and
before November IL, 1918 the day
after the signing of the armistice). In
computing the length Of service credit
would be given for time served up to
July /, 1919.
Here is the text of the bank loan
provision of the compromise soldiers
bonus bill:
"(A)-That loan may be made to
any veteran prior to September 80,
1926, upon his adjusted service certi-
ficate only in accordance with the pro-
visions Of this section. =.
"CB)-Any national bank, or any
bank or trust company incorporated
under the laws Of any state, territory,
possession or District Of Columbia
hereinafter in this section called
bank) is authorized to loan to any vet
eran upon his promissory note secured
by his adjusted service certificate
with or without the consent OF the
beneficiary thereoD any amount not In
excess Of SO per centum Of its loan
basis (as defined in subdivision F OF
this section) such loan to mature on or
before September g., 1925 The rate OF
interest charged upon the loan by the
bank shall not exceed by more than 2
per centum per annum the rate charged
at the date Of the loan for the discount
of commercial paper under Section 13
Of the Federal Reserve act by the Fed
erol Reserve bank for the Federal Re-
serve district in which the bank Is
located.
"(C)-If the veteran does not pay
the principal and interest Of the Joan
within six months after its maturity,
or in any event by September 80, 1925,
the bank shall present the certificate
and the note to the secretary Of the
treasury not earlier than May 80, 1925
and not later than October is, 1925.
The secretary shall thereupon cancel
the note and the certificate and pay
to the bank the amount Of the unpaid
principal due it, and the unpaid inter-
est accrued, at the rate fixed by the
note, up to the date Of the check issued
to the bank. The difference between 80
per centum of the loan basis Of the
certificate at the time OF its receipt py
the secretary and the amount so paid
to the bank shall be Immediately paid
by the secretary to the veteran If liV-
ing. In case of the veterans death
after the expiration Of the six months
after the maturity of the lean or in
the case of his death after September
30, 1925, such difference shall be paid
to the beneficiary under the certificate,
except that if such beneficiary dies be-
fore the veteran and no new bene-
ficiary is named, or if the beneficiary
in the first instance has not yet been
named, then the payment shall be made
to the estate of the veteran.
"D)-If the veteran dies before the
principal is due, the amount of the un-
paid principal and the unpaid interest
accrued up to the date of his death,
shall be Immediately due and payable.
In such case or If the veteran dies af-
ter the principal is due but before the
expiration of the six months after the
principal is due or before October l,
1925. the bank shall upon notice Of
death present the certificate and note
to the secretary who shall thereupon
cancel the note and pay to the bank
in full satisfaction Of its claim the
amount of the unpaid principal and
interest, at the rate fixed in the note,
accrued up to the date Of the check is
sued to the bank, except that If prior
TO the payment of the bank is notified
of the death by the secretary of the
treasury and fails to present the GER
tifcate and note to the secretary with
in fifteen days after notice, such in
terest shall be only up to the fifteenth
day after such notice. The secretary
shall deduct the amount so paid from
the face value (as determined under
section 511) of the certificate.
"(E)-When any loan is in default,
the bank shall within thirty days
thereafter notify the secretary Of the
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