The Washington times., 1931-02-27
BUREAU BEGINS
To ORGANIZE
FOR WORK
$20,0 600, 900 Now Available
and First Checks Can Be
Mailed Almost At Once

World War veterans. who are
not in actual need of immediate
funds were urged today by Col.
George IjamS, director of the
Veterans Bureau, to withhold
their applications for loans until
those in dire circumstances can
be served.
Letters were sent to the radio
broadcasting stations asking that
this message be given to the
veterans as frequently as possible.
Needy Should Come First
Iiams said he was not seeking
to discourage any veterans in
applying for loans and that the
bureau was prepared to handle
the applications as expeditiously
as possible. He explained:
"The ldea is that those in
real poverty should be given
the opportunity to @t their
money first. The others can
come in later"
Within 10 or Is days of receipt
of the first applications for loans
under the increased borrowing
value of adjusted service certifi-
Gates veterans should receive their
checks, officials of the Veterans
Bureau declared.
There now is on hand at least
20,0O0,O0O to pay loans. By
March to 10 income tax pay
mentS will begin to reach the
Treasury, which will increase the
Treasury's general fund.
Security Issue Planned
J. Treasury and Veterans Bureau
officials believed these combined
sources will be sufficient to meet
the early payments. March Is
the Treasury will have securities
issue of about $500, ,000, 900 to pay
what loans will come in before
June Is, when an issue of $400,-
0OO, 900 will be made, if that addi-
tional fund is necessary.
In addition to the securities
issue necessary to meet bonus
loans, the Treasury must float
bonds of approximately $1,100,-
10000, March IS, to finance the
refunding of 31a per cent notes Of
that amount which will be re-
tired.
In June more than $500, ,000, 900
in certificates falls due. so that
securities of that amount, as well
as the necessary volume to meet
veterans loans will be authorized
by Secretary Mellon at that
time.
S75O, ,OOO, 900 in Fund
There is approximately $780,
OOO,OOO in the adjusted service
fund in the form of a per cent ad-
justed service notes registered
with the Secretary of the Treas
ury. Securities will be issued, the
notes retired, and the money de-
rived from the bond issues placed
in the fund, from which the loan
payments will be made. 1t sim
ply means that payment will be
made to veterans now instead of
at the date of maturity of the GER
tificate. Interest on the loan, if
the latter is not repaid, will be
charged against the remaining
credit on the certificate.
Force to BE Expanded
There are still some details to
be worked out by Brig. Gen. Frank
T. Hines, head of the veterans ad~
miniStration. However. looking
to the passing of the bill over the
Presidential veto, a considerable
force of bureau employees has been
trained to handle the adjusted
compensation loans, not only in
Washington, but in regional Of
fices.
If necessary the personnel will
be expanded in Washington and
the 81 regional offices. This
extra force will be recruited from
those having civil service status
only. 1t was understood that
the available list is sufficient to
meet the requirement.
Veterans may file applications
for loans at the regional offices.