Evening star., 1947-05-18
House Bill 10 Permit
FORMER GIs 10 Cash
Terminal Pay Bonds
BY .he Assoeia.sd Press

Representative Rogers, Democrat,
OF Florida yesterday proposed q
new plan for enabling former GIs
to get cash now for their terminal
leave pay bonds.
His bill, to be introduced tomor-
row, would make the bonds nego-
table so that veterans could sell
them to anyone who might be in
terested in holding them as invest
merts.
The bonds, which are not nego-
liable now and may not be cashed
for i've years after the veterans
discharge, bear 81 per cent interest.
Mr.. Rogers would require purchasers
under his plan to pay veterans at
least face value of the bonds plus
the interest which has accrued to
the date OF their transfer.
Mr.. Rogers, co-author Of the 1916
act that gave former enlisted men
and women the bonds In payment
for leave accrued but not received
before their discharge, introduced a
bill on the opening day Of this seS-
sion calling for the Government to
cash the bonds Immediately.
Bottled up In Committee.
This measure has been bottled up
in the Armed Services Committee.
Mr.. Rogers has obtained some 100
signatures to petition to force the
bill to the floor for action, but he
needs 218.
"This is better plan" he said
Of his new bill. I'm willing to drop
the other bill so long as the needy
bondholders can get their money"
The Budget Bureau is reported
opposed to the measure for cashing
the bonds but Rogers told Newsmen
it should not object to his new plan.
He said the bureau simply did not
want the bonds turned into the
Treasury before their planned ma
turity date"
"The bonds won't mature any
sooner" he continued, "but the G1
holding them, won't have to wait
for the five years before he gets
his cash. Many bond holders need
the cash now"
Seller Won't Lose Anything.
A clause of Mr.. Rogers proposed
bill provides that anyone purchasing
q bond before maturity must pay
the interest accrued up to the last
day of the month in which it is
sold. The new purchaser then
draws the regular interest rate for
the remaining time.
"In this manner" Mr.. Rogers ex-
planned, "the man selling his bond
won't lose anything. AS matter
of fact, he probably will make a
little, since the bonds are such good
investments that they probably will
sell at a premium. There are many
banks and other investors anxious
to acquire such securities at two and
one-haf per cent interest. 1t won't
make any difference financially to
the Government, since 1t has to
pay the interest anyhow"
More than 10,3OO,O 900 former en-
listed men have applied for their
terminal leave payments and the
Army, Navy and Marine Corps ex-
pect another 10000 requests with
in the next three months, check
showed last night.
7,724,0O0 Applications.
Army finance officers have pro-
cessed more than 7,724,000 of the
applications. but have had to send
back for corrections more than
10000 of the forms. Expense of
the program for former Army men
and women has run to 81 ,249, ,018, ,907.
The Navy has paid more than
100000 of its former personnel
at an expense of $473, ,000, 900 and
the $4,000 ex-Marines have re-
ceived check and bonds totalling
$7S,2o0, 900.
Deadline for filing the leave
form is August 81.