Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-09-05
SOLDIER BONUS BILL
Provisions Of Bill Passed by the Sen
ate On Last Friday.
THREE OPTIONAL PLANS FOR VETS
Compensation Adjusted On Basis of 81
Day for. Home and $1.25 Day
for Foreign Service-Limits Are
$500 and S625.

/
a Day for Home and $1.25 a Day
for Foreign Servce-Limits Are
$500 and S625.
As amended by the senate, the Sol
diers' Bonus Bill would become effect.
i've January l, 1928. and would provide
| three optional plans for veterans OF
the World war other than those whose
adjusted service pay would not exceed
$50. These would be paid in cash.
The options are:
Adjusted service certificates, paya-
BILE in twenty years or sooner at death
and containing long provisions.
Vocational training aid at the rate
of $1.75 n day up to total of i4o per
cent of the adjusted service credit.
Aid in purchasing farm or home,
the total amount to range from 100
per cent of the adjusted service credit
If the money were advanced in 1928 to
140 per cent of the adjusted service
credit II the payment were made in
1928 or thereafter
One More Dollar Day.
Adjusted service pay or adjusted
service credit would be figured on the
basis OF 81 a day for domestic service
and $l25 n day for foreign service.
less the $50 paid at discharge. But in
no event could the amount of the
credit CT the veteran who performed
no overseas service exceed $500 nor
the amount of credit OF the veteran
who performed any overseas service
exceed $625. u - ~
Adjusted service certificates would
have face value equal to the sum Of
the adjusted service credit of the vet
eran increased by 25 per cent, plus in
terest thereon for twenty years at the
rate of 4 IL per cent n year, COM
pounded annually.
Until January 1, 1926, any national
bank or any bank or trust company
Incorporated under the laws of any
state, territory, possession or the Dis
trict of Columbia would be authorized
to loan any veteran upon his promis-
sorry note, secured by his adjusted SER
vice certificate, any amount not In ex-
cess of so per, cent of the total of the
adjusted service credit, plus interest
thereon from the date of the certif-
cate to the date of the loan, at the rate
OF 4 1-2 per cent a year.
Should the veteran fail to pay tho
principal and interest Of the loan
within six months after It's maturity,
the government would pay to the bank
the amount Of such principal and In
terest and take over the certificate.
This would be restored 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
41-2 per cent a year, compounded an
nually.
Interest Fixed In Loan Plan.
The rate of interest charged the vet
eran by the bank could not exceed by
more than 2 per cent year the rate
charged at the date Of the loan for the
discount of commercial paper by the
Federal Reserve bank for the Federal
Reserve district in which the bank
was located.
II veteran dies before the maturi-
ty of the loan the government would
pay back to the bank the principal and
interest and to the beneficiary named
by the veteran, or the estate of the
veteran, the face value of the certifi-
cate less the amount paid to the bank.
After January 1, 1926, veterans hold
ing certificates could make direct ap-
plication through postmastcrs for
government loans.
If such loans were made at any time
not more than three years after the
date of the certificate it could not ex-
ceed so per cent of the sum of the adj
| justed service credit of the veteran,
plus interest at 4 1-2 per cent n year
from the date of the certificate 10 the
date of the loan.
If the loan were made at any time
more than three years after the date
of the certificate the sum could not
exceed So per cent of the adjusted
service credit plus interest at 41-2
per cent from the date of the certit.
cate to the date of the loan.
If the loan were made at any time
more than six years after the date of
the certificate the sum could not ex-
coed 20 per cent of the adjusted SER
vice credit increased by 25 per cent,
plus interest at 41-2 per cent from
the date of the certificate to the date
of the loan.
To Repay In lnstalments.
The veteran would repay the loan
upon an amortization plan by means
of q fixed number Of annual INSTALL
ments sufficient to cover interest on
the unpaid principal at the rate Of
41-2 per cent, and such amount Of
the principal as would eXtinguish the
debt within an agreed period not ex-
ceeding the life of the certificate.
If veteran failed to make any pay
ment when due the secretary Of the
| -