Payment of Veterans' Adjusted-service Certificates: Hearings Before the Committee on Finance, United States Senate, Seventy-first Congress, Third Session, Relative to Payment of Veterans' Adjusted-service Certificates. February 18, 1931, Volume 2U.S. Government Printing Office, 1931 - Disabled veterans |
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Page 146
... per cent interest from 1918 . ( c ) Those that contemplate payment of the basic credit , interest at 4 per cent , with full 25 per cent additional credit . ( d ) Those that contemplate payment on present - value basis , allowing earned ...
... per cent interest from 1918 . ( c ) Those that contemplate payment of the basic credit , interest at 4 per cent , with full 25 per cent additional credit . ( d ) Those that contemplate payment on present - value basis , allowing earned ...
Page 153
... 25 per cent , of those who have not heretofore borrowed . In other words , the best experience on which to base a prediction for the future in the case of this bill , particularly in view of the fact that the interest rate has been ...
... 25 per cent , of those who have not heretofore borrowed . In other words , the best experience on which to base a prediction for the future in the case of this bill , particularly in view of the fact that the interest rate has been ...
Page 159
... 25 per cent for deferment , plus 4 per cent compound interest for the 20 - year period . As the face value is about $ 3,423,000,000 , loans at 50 per cent thus create a potential liability for the Government of about $ 1,712 , - 000,000 ...
... 25 per cent for deferment , plus 4 per cent compound interest for the 20 - year period . As the face value is about $ 3,423,000,000 , loans at 50 per cent thus create a potential liability for the Government of about $ 1,712 , - 000,000 ...
Page 160
... 25 per cent in the men who would borrow . " In accordance with the above , it is my estimate that 2,550,000 veterans will avail themselves of the full loan value under the proposed measure , and that the total amount of such loans will ...
... 25 per cent in the men who would borrow . " In accordance with the above , it is my estimate that 2,550,000 veterans will avail themselves of the full loan value under the proposed measure , and that the total amount of such loans will ...
Page 162
... 25 per cent of the face value of the certificate to the men , and that that advance would be a noninterest - bearing loan on the certificate to date of maturity . The disadvantage of that plan , however— Senator WALSH of Massachusetts ...
... 25 per cent of the face value of the certificate to the men , and that that advance would be a noninterest - bearing loan on the certificate to date of maturity . The disadvantage of that plan , however— Senator WALSH of Massachusetts ...
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Common terms and phrases
4½ per cent actuarial principles adjusted compensation act adjusted service certificate adjusted-service certificate fund Administrator of Veterans amended amount apply approximately assume become callable bill billion dollars cash cent interest centum per annum CHAIRMAN compounded annually Congress deficit discount or rediscount eligible endowment policy estimate face value FEBRUARY 18 Federal reserve act Federal reserve bank Federal Reserve Board financing Government life-insurance HINES increase the loan insurance fund interest rate legislation loan basis loan value March 15 number of veterans obligations outstanding paid payment present proposed public debt question rate of interest REED SMOOT round numbers section 502 Senator BARKLEY Senator COUZENS Senator GEORGE Senator HARRISON Senator KING Senator LA FOLLETTE Senator REED Senator THOMAS Senator WALSH Senator WATSON service certificate fund short-term debt THOMAS of Idaho THOMAS of Oklahoma Treasury Department Undersecretary MILLS unemployment United States Government unpaid principal WALSH of Massachusetts
Popular passages
Page 152 - Mortality and interest at 4 per centum per annum, compounded annually. The certificate shall be dated, and all rights conferred under the provisions of this title shall take effect, as of the 1st day of the month in which the application is filed, but in no case before January 1, 1925. The veteran shall name the beneficiary of the certificate and may from time to time, with the approval of the Director, change such beneficiary. The amount of the face value of the certificate (except as provided in...
Page 149 - Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may discount notes, drafts, and bills of exchange...
Page 151 - Affairs for a loan the principal and interest on or in respect of any prior loan under this section have not been paid in full by the veteran (whether or not the loan has matured), then, on request of the veteran, the Administrator shall (1) pay or otherwise discharge such unpaid principal and so much of such unpaid interest (accrued or to accrue) as is necessary to make the certificate available for use as security for the new loan and (2) deduct the same from the then existing loan basis of the...
Page 151 - The rate of interest charged upon the loan by the bank shall not exceed, by more than 2 per centum per annum, the rate charged at the date of the loan for the discount of 90-day commercial paper under section 13 of the Federal Reserve Act by the Federal reserve bank for the Federal reserve district in which the bank is
Page 150 - To permit, or, on the affirmative vote of at least five members of the Reserve Board to require Federal reserve banks to rediscount the discounted paper of other Federal, reserve banks at rates of interest to be fixed by the Federal Reserve Board.
Page 149 - Representatives, changes in existing law made by the bill, as reported, are shown as follows (existing law proposed to be omitted is •enclosed in black brackets, new matter is printed in italics, existing law in which no change is proposed is shown in roman...
Page 152 - ... certificate on the last day of the current certificate year. The reserve value of a certificate on the last day of any certificate year shall be the full reserve required on such certificate, based on an annual level net premium for twenty...
Page 150 - ... rediscount is a member of the Federal Reserve System and whether or not it acquired the note in the first instance from the veteran or acquired it by transfer upon the...
Page 149 - Any national bank or any bank or trust company incorporated under the laws of any State, Territory, possession, or the District of Columbia, hereinafter referred to as any "bank...
Page 150 - ... the note, up to the date of the check issued to the bank. The Director shall restore to the veteran, at any time prior to its maturity, any certificate so accepted, upon receipt from him of an amount equal to the sum of (1) the amount paid by the United States to the bank in...