The Mankato free press., 1922-09-01
MONEY Is VOTED
FORMER SOLDIERS
ACTION OF UPPER HOUSE
THIS AFTERNOON
PROvlSOs OF MEASURE
Document Will Be Taken Up
For Discussion In
Conference

Conference
ASSOCIATED Press Dispatch,l
! Washington, D. C., August 81.
| The four billion dollar SOL
diers bonus bill was passed to-
day by the senate, and now goes
to conference.
The vote was forty seven to
twenty two, with party lines wiped
out The roll calls follow:
For the bonus, republicans: Bran
degee, Bursum, Cameron. Cspper.
Hale, Jones of Washington; Kel-
logg, LaFollette, Lenroot, Lodge.
Mccormick, McCumber,s Mclean,
McNary, ,Nicolson, Oodie, Rawson,
Shortridge, Stanffeld, Sutherland,
Townsend Watson of Indiana and
Willis-twenty seven.
Democrats (for the bonus): Ash
urst, BToussard Culberson, Fletcher,
Heflin, Hitchcock, Kendrick, Nc
Kellar, Pittman, Pomerene Ransdell,
Reed of Missouri, Robinson, Shep-
pard, Simmons, Smith, Trammell,
Walsh Of Massachusetts and Walsh
Of Montana-twenty. Total: Forty
cans: Ball, Borah, Calder, Dfiiing.
ham, Edge, France, Frelinghuysen,
Keyes Nelson, New Phipps, Reed of
Pennsylvania, Smoot, Sterling and
Wadsworth-15. Democrats: Dial
Glass, Myers, Shields, Swanson. I'M
derwood and Williams-seyen. To-
tai; Twenty two.
Abstract of The sIIl
AS amended by the senate, the
soldiers bonus bill would become
effective January /. 1923 and would
provide three optional plans for
than those whose adjusted service
pay would not exceed $50. This
would be paid in cash. The op-
tions are:
Adjusted service certificates, par
able in twenty years or sooner
death and containing loan pzoT
yocational tralnings aira.e Il
rate of SIT 6a4 O. s. i knfaI q;
credit.
Aid in purchasing farm or hon,e
the total amount to range from 100
credit Of the money were advance
In 1923 to 140 per cent of the ad-
justed service credit if the pay,
ment were made In 1928 or there
after.
Adjusted service pay or adjusted
service credit, would be figured on
the basis of 81 day for domestic
service and 81 .25 day for foreign
service, less the $50 paid at Dis
charge. But in no event could the
amount Of credit of the veteran
who performed no overseas service
exceed $500 and the amount of the
credit of the veteran VINO perform
ed any oversee service exceed $625.
Adjusted service certificates would
have a face value equal to the sum
OF the adjusted service credit OF the
veteran increased by 25 per cent,
plus interest thereon for twenty
years at the rate OF Ia per cent
a year, compounded annually.
Loans For Veterans.
Until January /. 1926, any nation
al bank or any bank or trust COM
pany Incorporated under the laws
of any state, territory, possession,
or the District OF Columbia would
be authorized to loan to any veter-
an upon his promissory note secur-
ed by his adjusted service certifi.
cate any amount not in excess Of
fifty per cent of the total Of the
adjusted service credit plus inter-
est thereon from the date Of the
certificate to the date of the loan.
at the rate OF 4S1-2 per cent a year.
Should the veteran fair to pay
the principal and interest OF the
loan within six months after its
maturity, the government would pay
to the bank the amount of such
principal and interest and take over
stored, to the veteran at any time
prior to its maturity upon receipt
from him of the amount paid by
the government to the bank plus
interest on that amount at the rate
OF IL per cent year, compound
ed annually. q
The Rate Of Interest.
The rate of interest charged the
veteran by the banA could not ex-
ceed by more than swo per cent
year the rate charged at the
the loan for the discount of com
mercial paper by the federal re-
serve bank for the federal reserve
dfvtrict in which the bank was 10
Gated.
If a veteran died before the ma.
turity of the loan the government
would pay to the bank the prinri
pal and interest and to the benefi
ciary named by or to the estate
the veteran the face value of the
fertlncate less the amount paid To
the bank.
After January 1, 1926, veterans
holding certificates could make di-
rect application through postmas-
ters for government loans.
If such loans were made at any
time not more than three years az
ter the date of the certificate they
"ould not exceed fifty per cent OF
the sum of the adjusted service
redit of the veteran plus insar.t
at Ia per cent year from the
date of the certificate to the date of
the loan.
If the loan were made at sn-r
more than three years after apF
not more than six years after thu
date of the certificate the sum
could not exceed S5 per cent of the
adjusted service credit plus interest
ro..ts.s =. ~ a,