Show CASH FEATURE OF BONUS eliminated FORMER SOLDIERS WILL BE ABLE TO BORROW FIFTY PER CENT ON certificate agreement Is reached so 0 o as to enable soldier to receive cash cah on tl tiete where set sum Is I 1 not exceeded washington unanimous agreement to ellin nate the cash feature of tho the soldiers bonus except in the case of men adjusted service pay would not exceed 50 was reported ported ic thursday by the special subcommittee of republican members of tho the house ways vais end and means committee to which the whole ft hole bonus question was referred in lieu of cash tor for the other service men it was agreed tj t add a ww new pro vision to the bonus bill under v velch bach the men it en nee e epting adjusted service could borrow immediately on those certificates from banks a sum equal to GO 0 per cent of the total adjusted service sen ice pay computed at tile fhe rate of 1 a day tor for domestic service ice and a day for foreign service tills this official statement of 0 the agreement 0 of f tile subcommittee was issued by ch airman bordney neY the subcommittee consisting ot of chairman cordney ney Bless rs green longworth 11 hawley awley treadway and copley have tentatively agreed upon and prepared prep nied a aroh provision islon to be submitted which in substance is as follows the elimination of tile the cash feature of the bonus bill where the veterans are entitled to than 00 50 adjusted service pay but adding a now new loan pro vividn to the adjusted service certificate title which will enable holders of such certificates to borrow from any national bank or bank or trust company incorporated under the laws of tiny state 50 percent per peK cent of the pum sum ot of the he adjusted service pay prior to september 30 1925 this date was fixed because after that tittle time the bill bil I 1 as originally drafted by the committee provides for a larger percentage of loan by the government and has not been changed by tilt the subcommittee chairman fordney said lila pill plan was expected to meet with general approval since it enabled the soldiers who may bo be in need to obtain cash immediately in after the issuance of tile the would relieve the treasury of 0 tiny large cash payment during tilt tho enormous refunding operations which must be carried out in the next two years find and would no additional tax burden upon the public governor of the fet leral reserve board was before the subcommittee tuesday discussing the interest and other questions it was suggested that the interest rate should not exceed a figure greater than alinn 2 per ent cent above the rediscount rate of 0 tile the regional reserve bunks banks under another t tentative provision being considered the tittle to the certificates could not be disposed of by the sere men the idea being mr fordney explained to prevent ill alie e fown fa illing into the hands of 0 loan sharks irks it was explained that the 50 cash payment wits was returned in the hill bill because the men entitled to only this oils amount undoubtedly would prefer the cash to a 20 year vear certificate |