Henderson daily dispatch. (Henderson, N.C.) 1914-1995, 1936-06-13
VETERANS WARNED
ABOUT THE BONUS
"See Your Banker First" Is
Advice of ''Daddy" of
Service Payments

World War veterans who next week
will receive their l-Onus payments are
warned in an appeal by Congressman
Wright Patman, Democrat, Texas,
daddy" of the bonus payments, about
spending their money. He urged them
to sec their banker first before MAX
ing investments. The following is
quoted from Mr.. Patman's address in
the House of Representatives on
Tuesday of last week, June 3:
NJ. PATMAN. Mr.. Speaker, 1 am
grateful for this early opportunity to
issue a word of warning to the $685.
191 American war veterans who are to
receive their adjusted-service certi-
ficate bonds from the United States
Government on Monday, June Is.
My warning to each of these men is
to beware of the crafty chiselers and
scandalous schemers who are busily
engaged throughout the country in de-
vising shyster ways and means of get
ting their clutches on the veterans
bonus money.
The 1924, 100000 that will shortly
flow from the Treasury into the
hands of ex-service men is a luscious
lure that is attracting the unscrupu-
lous who regard it as a field enor-
mously rich and overflowingly ripe
for their picking.
l am humbly grateful for the pri-
vilcge of fighting long years for
the veterans; for the joy of living to
see that day dawn when our Federal
government issues payment of it's
delt to the soldiers, sailors and
marines.
BY that same token 1 am fired with
a strong fraternal desire to warn
these, my buddies against the blan-
dishments of business bandits who
would snatch the veterans purse and
flee with it.
Now is the time to pause and con-
slider the steps that will be taken by
veterans and to urge caution in the
disposal of their bonus bonds.
My strongest counsel is for each
veteran to go to the bank with which
he does business and discuss his per-
sonal pro- lem with his banker.
| say the bank, because it is the
safest place for Cd the deposit of re-
venue yield of bonds that have been
cashed, and CD because the United
States Government today stands back
of the thousands of banks that have
insured deposits up to $4,000 through
the Federal Deposit Insurance Cor
poration.
Caution In Cashing Bonds
To those veterans who are obliged
to cash in their bonds for needed inn
mediate payment of obligations, I say
Consult your banker first and then
cash in only such number of bonds as
may be actually needed to meet the
individual financial emergency.
This word of counsel is given in
warmest friendship for every veteran
and for the cause that we have cham
pioned together. And it is because I
have a firmly grounded faith in our
American community banker that I
say to the ex-service men, "See your
banker first
Unless veterans are wise in the dis
posal of their bonus bonds there will
be such a titantic torrent of money
as to disintegrate the dam of common
sense and economy, flood the thirsty
sands of greed, and leave nothing but
memory of things that might have
Ieen.,
The proimrose path of summer
spending leads straight to poverty.
But the man of common sense and
vision will bank his bonds against the
bitter cold of coming winter.
Not Ordinary Bonds
These are not plain or ordinary
bonds. They are sound and valuable
They may be redeemed at their face
value at any time during the first
year, but no interest will be paid if
redeemed within a year. Those veter-
ans who hold their bonds for / year
or more from date of issue-June Is,
1936-can redeem them at any time
thereafter, not only for the face value
but plus an additional 3 percent in
terest. This is extraordinary protec-
tiCn against fluctuation in value. All
of these ;eonds will be dated June Is,
1886.
The bonds are not transferable and
not assignable. They are not subject
to attachment by legal proceedings
Every bond will run to June 49, 1915.
Each bond is redeemable by the
Treasury of the United States.
A Large Amount Disbursed
Gen. Frank T. Hines, Administrator
of Veterans Affairs, has told me that
| if the bonds to be issued were laid end
/ t0 and fho1y WOULD roach from New