Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1924-03-17
BONUS BILL
Continued from Page One)


and depend on senate action for the
full cash payment option.
Twenty-one of the 80 Democratic
| members from New York state sign
ed a statement today declaring they
favored passage of soldier bonus leg
islation, but preferred immediate
all-cash payments"
Chairman Green in his report said
two bonus bills had passed the house
and one of them both the senate and
house. The latter. he said. was We
toed by President Harding. but the
present measure was framed 80 that
it will become law" 1t would confer
substantial benefits on the soldiers,
he said. It's cost will be capable of
accurate and definite determination
and the necessary appropriations
could be made without embarrassing
the treasury.
The average of the insurance pol
icies would be S962 90. The policies
would be valued on the basis of the
adjusted service compensations pro-
vided in the vetoed bill. 81 for each
day of home service and $l.2o for
each day overseas. The first sixty
days would not be counted.
Veterans who served ! more than
ITO days and would not be entitled
to cash would receive paid-up 90
year endowment policy for the
amount of insurance their adjusted
service credit plus Is percent would
purchase at their age. Such insur-
ance is computed in accordance with
accepted actuarial principles and
based upon American experience
tables of mortality. with interest at
four percent per annum compounded
annually.
"If the veteran dies before the 20
years are up. the full amount of the
policy woul1 be paid his beneficiaries
or his estate. At maturity the face
value of the policy would be payable
in full The policies would be dated
from next January l."
The majority report estimated the
average adjusted compensation due
veterans would be $3.50 each. The
maximum number of days which
could be counted at $50. Service any
| time between April 5, 1919. and July
1, 1919, would be counted if enlist
ment was made prior to November
IL, 1918. Adjusted service credit of
$4,000 would be worth a policy
value at $1,000.
Chairman Green estimated that on
January 1, 1924, there were $685.
| 2S3 veterans living who would be en-
titled to the insurance policies and
| $50, $50 veterans who served from 81
days to ITO days who would be en-
titled to the cash payments. Also
there were 1S3,S05 veterans who died
prior to January this year and
whose dependents would be entitled
| to the adjusted service compensation
in ten annual installments. The av-
| erage age of veterans was figured at
80 years, as of January l, 1924. OFF,
GERS above the rank of captain in the
army and marine corps and lieuten-
ant in the navy would not be eligible
| for the bonus.
The cash payments might be made,
Mr.. Green said, within the calendar
year, if the bill is passed, although
| insurance policies would not be dated
until January l, 1925.
Loans could be made on the poll
! cies after two years from the date
! OF issuance at banks incorporated
under the laws Of state, territory
! or District of Columbia, and the rate
| of interest could not be higher than
| two percent more than the Federal
Reserve rates of the district in which
the loaning bank is situated. Loans
could not exceed so percent of the
reserve value of the certificate for
/ the current year nor 60 percent of the
/ face value at any time.