The midland journal. (Rising Sun, Md.) 1885-1947, 1924-05-02
NEWS REVIEW OF
CURRENT EVENTS
Senate Passes Bonus Bill
After Rejecting the Cash
Option Amendment.
Ry HOWARD w. PIcKARp

~ 1A01 Tue AIlcTlCdu cA-ScIflCC
a man who fought in the World war
seems assured of receiving bonus, or
as he prefers to call it, an adjusted
compensation. The senate on Wednes-
day passed the bill essentially as 1t
was adopted by the house, and in
both cases the majority was so great
that there is no doubt 1t would be
repassed over presidential veto. But
the bonus provided for is not in cash,
SO It may be Mr.. Coolidge can see his
way clear to approval of the measure.
He. like President Harding, was op-
posed to a., cash bonus for the pay
ment of which no special financial
plan was offered.
According to the present measure,
instead Of cash the former service
man will receive twenty-year en-
dowment insurance certificate on which
he can obtain a loan after two years,
equal to- 90 per cent Of the current
cash value Of the policy. This loan
will be obtained through bank which
will be. reimbursed by the government
in the event of default. The loan
value of $1,000 policy would be $751;
93 at the end of two years, $153.52 in
five years, and $5S9.19 in fifteen years.
Senator Copeland Of New York.
supported by number of Democrats,
tried to have the bill amended to pro-
vide for cash option, but this was
defeated, 81 48, because most Of
the senators felt it would mean the
certain veto of the measure and per-
haps its defeat. However, the
Democratic leaders announced after
passage of the bill that they con-
sidered it an unsatisfactory makeshift
and that next winter they would make
fight for the cash option. If a
Democratic administration is elected in
the fall they believe they can so amend
the law. With several minor amend
ments adopted on the floor, the bill
was passed by vote of 81 to IL. Eight
Republicans and nine Democrats were
recorded in opposition.
The cost Of the bonus under the in
surance plan is expected to be some
where between $2.2O2, 467, 42O, the
figure given by the actuary of the
veterans bureau, and $3,831 ,047, 691,
the, amount claimed by the treasury
actuary. The cost the first year would
be considerably in excess of 100000
600.
Under its terms the basic rate of
compensation Is 81 a day for home
service and $1.25 for overseas service,
with maximums Of $500 for home serv-
ice and 1925 for overseas service. The
first sixty days of service. are ex-
cluded from the computation. En-
listed men of the army, navy, and
marine corps and officers up to and
including captains in the army and
marine corps and lieutenants in the
navy are embraced within its scope.
Those entitled to $50 or less receive
cash. Others receive no cash, but are
given twenty-year endowment insur-
ance certificates, the face value Of
which is the adjusted service credit
plus 25 per cent plus interest at per
cent compounded annually.
Having thus disposed of the bonus,
the senate turned its attention to the
revenue bill, and the prospect was
that the discussion of this measure
would continue for several weeks.
Even so, the leaders in congress now
think 1t may be possible tip adjourn
early In June, before the opening Of
the Republican national convention.
EVEN the most enthusiastic prohi-
IL bitionist will not deny tile intense
and widespread interest in the hear
ings started last week before the house
judiciary committee which Had under
consideration fifty-nine bills to amend
the Volstead act and legalize the manu-
facture, sale and consumption of 2.75
per cent beer and of light wines. First
were heard those who argued for this
liberalization of the law, and the most
interesting and perhaps most influen-
tial of these was Samuel Gompers,
who spoke for the 100000 members
Of the American Federation of Labor.
a few Of his sentences were: