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Show "- Here's The A. B. C. of Vets Cash Bonus Payment Bill lly "KHill T I'AT.M.W I Ifomis I'ayiut'nt Lnuler In Congress John Doe was u private soldier during the war, He holds an adjusted-service certificate for $1000, which is the average; it is dated January 1, UM;Y Doe claims the government gov-ernment owes him $UX!0 for adjusted ad-justed pay at this time and he should therefore not be reiiuired to die or wait until liH5 before it is collected. Congress passed a law in 1924 acknowledging that all veterans of the world war were entitled to $1 a day extra pay for home service and $1.25 a day extra pay for service serv-ice overseas. Doe was entitled to the following: 210 days' home service. :a $1 a day extra $210 200 days' service overseas, at $1.25 a day 250 Total $460 When Was It Due? The question is, when was the money due? If it is paid as of 1925, that would be equal to a payment of about 60 or 70 cents as of the time the services were rendered in 1917 and 1918. If the money is paid as of the time the service were rendered and a reasonable interest in-terest is calculated from a date representing halfway between the begfnning and ending of the emergency emerg-ency period during the war, or June 1, 1918, Doe was entitled to the full $1000 on October 1, 1931. How much interest should Doe be I allowed? For many' years the government gov-ernment caused Doe to pay 6, 7 and 8 per cent interest, compounded compound-ed annually, for his own money. Therefore, the government should invoke the same principle for Doe that it has always invoked for others under similar circumstances und pay him at least 6 per cent, 'compounded annually. Finding the .Total Now $460 compounded annually at 6 per cent amounts this year to $1039.93. fc Instead of Doe receiving the $460 i as of the time the services were rendered he was given an adjusted-service adjusted-service certificate for $1000. When Doe was discharged he was given $60 for the purpose of purchasing pur-chasing civilian suit of clothes, he having given his civilian suit to the Red Cross to be sent to Belgium and France to relieve distress there at the time of his entry into the service. This left $400. congress declared that he should have 25 per cent added to his credit for waiting until un-til January 1, 1945, for his money. How It's Figured This increased his credit by $100 or to $500. Five hundred dollars was a sufficient amount to pay a single 'premium on $1000 isurance policy similar to his adjusted-service certificate and instead of the cash settlement he was given the $1000 certificate. Doe in asking for full payment is merely asking that his certificate be dated back to the time the services serv-ices were rendered, the interest rate computed as above mentioned, the $60 not to be deducted and the $100 credit for waiting be eliminated. |