The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1931-01-16
ELY LEGION FAvORs
CASH SETTLEMENT
IMMEDIATE PAYMENT OF THE
CERTIFICATES BY THE GOVERN
MENT WAS VOTED AT THE
MEETING TUESDAY EVENING.

VETERANS ADJUSTED-SEkN
CERTIFICATES BY THE GOVERN
MENT WAS VOTED AT THE
MEETING TUESDAY EVENING.
The Frank Lozar Post No. DAB, at
their meeting Tuesday evening. voted
unanimously to go on record favoring
an immediate cash settlement in full
for the face value of the adjusted COM
pensation certificates of world war
veterans The meeting was well at
tended showing the interest taken by
the veterans in the proposal
Cards were sent TO ex-service men
of Ely asking their opinion on the pro-
poSal of a cash settlement in full for
the face value of their certificates and
to date 106 have returned their cards
and in every case they were in favor
of the proposal. A question asking
what they would do with their money
in event of the passage Of the bill,
brought out answers which have been
tabulated as follows: apply on past due
bills, 81; apply on home and home
furnishings, 48; use in business, II;
buy farm or land, Z: everyday neces-
sites, 20 unemployed, g. To question
as to whether they needed the money
now, only six replied NO" Cards are
still coming in and it is hoped that
every eX-service man to whom tbs
QUESTIONABLE was sent viii return it
If it happened that there are any ex-
service men in Ely who did not receive
the card, they may secure one at the
club rooms at the Community Center
The senators and representatives In
Washington and also in St. Paul are
being notified of the action Of the Post
and the members, relative to their at
titude on the bill
good standing for 1881 and twenty
eight of those returning cards, though
not at present in good standing, have
indicated that they would be in shortly
with their dues. This would put the
Post over the top with the largest
membership in its history.
The Post has been active in securing
disqualification for ex-service men and
in helping them apply for benefits due
them under legislation that had been
sponsored by the Legion and which is
now law.
The Legion bowling team reported
that several games with outside Posts
had been scheduled.
committee was named to take a
census of all ex-service men in this
locality for the purpose of determining
the number of unemployed at this time.
Commander Bang reported on the
District meeting which was held at
Chisholm last week and spoke on the
many pieces of legislation that have
been passed and that are still pending
which are of direct benefit to the ex-
service man Mr. Bang read extracts
from a speech regarding the adjusted
service certificates made by the Hon.
Wright Patman of Texas, in the House
of Representatives IN which he said:
Unemployment and distress can be
relieved and our nation made prosper
Gus Immediately without changing OUT
tax laws if Congress viii authorize the
payment in cash at this time of an
honest debt which has been publicly
confessed now owed by the Government
to the veterans of the World War for
services rendered.
To date 3,47s,956 veterans of the
World War, who reside in every section
of the United States, hold adjusted
service certificates for amounts from
$5l to $l,585, of the average value of
s1,0l0 These certivcates are usually
referred to as bonus certificates" but
they do not represent bonus; they
represent the Governments confession
of a debt for services rendered They
are dated January l, 1925, and due
January /, 1945.
In a table showing the amount of
money each state would receive, the
figures for the State of Minnesota are
$89, 500 ,5l178. From this figure it is
estimated that Ely's share would be
over 500, 10000.
The question as to how the govern
ment is going to get the money to pay
the certificates is suggested by Mr.
Patman as follows:
Since we are 81, 600 O0o, 900 ahead of
the program In paying the national
war debt, suggest that payments on
the principal of the national debt
should be diverted to the payment of
the adjusted-service certificates. After
they are paid our Government viii
then be more than $4,000, 100000 ahead
Of the program outlined by Congress
In 1919 for the retirement of the ma
tonal debt. No change in our tax
laws win be Necessary To pay this
debt in full win require S3,513, 745.56o.
There is IN the treasury at this time
a reserve fund to be used to retire the
certificates, when due. of $748-222,7 us
After deducting the latter amount from
the former the remainder. to be raised
by either short-bermed certificates or
bond issue, is $2.765, SO .845. This cash
can be borrowed by our government at
this time for the lowest rate in years.
The government is borrowing money
now for 1T per cent annual interest.
It would be good business policy to
borrow money at a low rate and pay
on these certificates"
It is explained that many veterans
have borrowed money on their certifi-
Gates and are paying high rate OF
interest and not receiving sums large
enough at any one time to be of sub
stantial benefit. If the certificates are
paid IN cash now. the government win
be saved millions OF dollars a year IN
overhead expense and the veterans wiz
be saved millions of dollars In interest
that they are paying for their own
money.