Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1922-03-15
COMMITTEE D. K.
ON BONUS BILL
Final Draft of Compromise Meas
ure Given Out.
DOES NOT SATISFY HARDING
President Serves Warning Upon Con-
aress That the Soldier Bonus Act
Must Carry the Sales Tax
to Get His Approval.

10 GeI TVS HPPfOHaa'
Washington, March S.-President
Harding served warning upon congress
that the soldier bonus bill must carry
the sales tax.
There was a strong intimation thar
the insurance certificate plan. or any
other form of bonus measure that
does not include the sales tax, will be
vetoed If It reaches the White House.
The White House announcement,
coming on the heels of an agreement
among Republican leaders in the house
TO force the passage of the insurance
certificate plan. threw the bonus ana
sales tax opponents at the capitol into
CONSERVATION.
The program that had been carefully
worked out by Republican House Lead
or Mondell, Chairman FOrdney OF the
ways and means committee. Chairman
Campbell of the house rules committee
and other influential leaders. TO defeat
the bonus by forcing the certificate
scheme through the house, was halted.
The bonus opponents are without
program and IL is probable that the
ways and means committee will recon-
slider the whole bonus problem before
permitting the bill to be considered by
the house.
Text of Bank Loan Provision.
Here Is the text of the bank loan
provision of the compromise soldiers
bonus bill:
"(A) That a loan may be made to
any veteran prior to September 80,
1925. upon his adjusted service certiti-
cate only In accordance with the pro-
visions Of this section.
"(B) Any national bank, or any
bank or trust company Incorporated
under the laws Of any state. territory,
possession or District of Columbia
thereafter In this section called 'bankO
is authorized 10 lend to any veteran
upon his promisSory note secured by
his adjusted service certificate with
or without the consent of the benetici-
airy thereof any amount not i'm excess
Of 30 per cent of its loan basis (as de-
fined I'm subdivision + Of this Section),
such loan to mature on or before Sep
TENDER 80. 1925. The rate Of inter
est charged upon the loan by the bank
shall not exceed by more than per
cent per annum the rate charged at
the date of the loan for the discount
of commercial paper under section IL
of the federal reserve act by the Fed
eral Reserve bank for the federal re-
serve district in which the bank is
located.
"(C) In case OF the veterans death
after expiration Of the six months
after the maturity Of the loan or in
the case Of his death after September
80. 1925. such difference shall be paid
tn the beneficiary under certificate. ex-
sept that II such beneficiary dies he
fore the veteran. and no new bene-
fciary Is named. or II the beneficiary
i'm the first instance has not yet been
named. then the payment shall be
made 10 the estate of the veteran.
Provisions Affecting Veterans Death.
"(D) If the veteran lies before the
principal Is due. the amount of the
unpaid principal and the unpaid inter-
est accrued up 10 the date of his death
shall he Immediately due and payable.
"(E) When any loan is in default.
the bank shall, within go days there
after notify the secretary of the treas
ury of the facts relative To the note,
the name Of the veteran and the num-
Der Of his certificate.
"(F) The loan basis Of any certif-
cate at any time shall. for the pur-
poses Of this section, be the amount
of the adjusted service credit. plus in
tereSt thereon from October l, 1922. TO
such time. at the rate Of AZ per cent
pcr annum. compounded annually.
Bars Collection Of Fees.
"(G) No payment upon any note
shall be made under this section by
the secretary Of the treasury 10 anv
bank. unless the note. when presented
20 him. is accompanied by an affidavit
made by an officer of the bank before
a notary public or other officer desig-
mated for the purpose by regulation Of
the secretary. and stating that the
bank has not charged or collected. or
attempted 10 charge or collect. direct
~ or indirectly. any fee or other COM
pensation Except interest as author
lied by this section1. in respect To or
because Of any loan made under this
section by the bank TO a veteran"