The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-03-08
HOUSE REG VES
BILL F BONUS

DeA gVGSS1
Washington, Marc 3 THE Repub-
lican leaders are ScoI 5iderinR putting
the bonus bill throu5h the house un-
der suspension rule OF shutting off
amendments and linn Ing debate to 40
minutes.
Washington, Marc n. ~ The COM
promise soldiers, bot ns bill. Carving
a bank provision in lace of the cash
installment payment plan originally
proposed and once tpproyed by the
house, finally was agreed TO today by
Republican members of the ways and
means committee, IN was introduced
later in the house by Chairman Ford
ney, who announced That it would not
be called up until btxt Monday, if
then. X 70, L.
Passage of the bill9Tas predicted by
Mr.. Fordney. His opinion appeared
to be shared by memHers Of the house
generally, some ofwkom said that on
the final vote party hes would disap-
pear.
There was someE SPECULATION in
house lobbies and 6fridors as to
President Harding's NewsSof the COM
promise plan and also as.to whether
he would find occa$ion to express
those views before thS house voted.
Chairman Fordneyfstill declined to
say whether he had dncassed the COM
promise with the executive. At the
White House it was said that Mr..
Harding had not studied and conse-
quently had not formed an opinion of
the bank loan provision. He was rep
resented, however, as. maintaining the
same position that he did when he
wrote Mr.. Fordney on February 16
that the bonus either should be paid
by sales tax or thslegislation post
poned. ~
Some of the majofity members of
the committee believe that since the
new plan defers forithree years any
large drain on the federal terasury
the president viii not object to it.
They say the compromise will enable
needy veterans to obtain cash with
out the necessity Of imposing addi-
tional taxes on the general public.
Mr.. Fordney said. the entire ways
and means eomn1ittee would meet on
Saturday when the fbemoerats would,
havesan@o opportnsts isgs{s indgment1
on the bill.
Aside from the substitution of the
bank loan provision for the cash pay
ment plan, the bill is very similar to
that previously passed by the house.
The only immediate cash payment
proposed is to veterans whose adjust
cd service pay would not exceed $50.
Other veterans could select one of
these four options:
Adjusted service certificate, COM
hining loan and insurance plan.
Vocational training.
Farm and home aid.
Land settlement.
The ultimate cost of the bonus to
the government, it was said, would de-
pend on the number of men selecting
each Of the options. 1t was estimated
that the immediate cash payment to
those entitled to not more than $50
each would be around $4,000. 900. The
final cos might range all the way
from 81 ,0O0,0l0,000 to $4,750,000,000.
the maximum figure being predicted
upon all of the veterans selecting GER
tificates and holding them until ma
turity or until their death.
The adjusted service certificate
would be dated October 1, 1922; would
mature in 20 years, or at the death
Of the veteran, and in either case,
would have face value equal to the
sum Of (1) the adjusted service credit
of the veteran increased by 25 per
cent plus (2) interest thereon for 20
ears at the rate of 12 per cent
compounded annually. The total
amount would be Approximately
equal to 3.015 times the adjusted SER
vice credit of the veteran increased by
25 per cent plus (2) interest thereon
for 20 years at the rate of 12 per
cent compounded annually. The total
amount would be Approximately
equal to 3.015 times the adjusted SER
vice credit of the veteran"
This credit would be figured on the
basis of $1.25 for each day of over
seas service and 81 for each day of
home service, but in no event could
the credit exceed $500 in the case of
a veterans who performed no overseas
service, and 1925 in the case of
veteran who served overseas.
Prior to September 80, 1925, any
rational bank, or any bank or trust
company incorporated under the laws
of any state, territory, possession, or
the District of Columbia, would be
authorized to loan to veteran on
the certificate any amount not in ex-
cess Of so per cent of the adjusted
service credit plue interest at A l-2
per cent from October l, 1922. The
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