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PAYMENT OF VETERANS ADJUSTED-SERVICE

CERTIFICATES

MONDAY, JANUARY 26, 1931

UNITED STATES SENATE,
COMMITTEE ON FINANCE,

Washington, D. C. The committee met, pursuant to call, at 10 o'clock a. m., in its committee room in the Senate Office Building, Senator James E. Watson presiding.

Present: Senators Watson (presiding), Shortridge, Couzens, Deneen, Keyes, Bingham, La Follette, Thomas of Idaho, Simmons, Harrison, King, George, Walsh of Massachusetts, Barkley, Thomas of Oklahoma, and Connally.

Present also: Senator Brookhart.

Senator WATSON (presiding). The committee will come to order. As you gentlemen know, the chairman (Senator Smoot) is confined to his bed by illness.

There are five bills, before the committee, as follows: S. 3324, by Senator Barkley; S. 3966, by Senator Dill; S. 5060, by Senator Caraway; S. 1222, by Senator Brookhart; and S. 5811, by Senator Vandenberg.

Senator CONNALLY. And then there is H. R. 15589, introduced by Representative Garner, which I should like to have considered, as I intend to offer a similar bill.

Senator WATSON. Very well. Let the bills be made a part of the record.

(S. 1222, Seventy-first Congress, first session)

A BILL To provide for the immediate payment to veterans of the face value of their adjusted-service

certificates

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That notwithstanding any provision of the World War adjusted compensation act, as amended, the Secretary of the Treasury is authorized and directed to pay, under such rules and regulations as he may prescribe, to any veteran making application therefor, and upon receipt of his adjusted-service certificate properly indorsed, an amount equal to the face value of the certificate.

SEC. 2. The Secretary of the Treasury is hereby authorized to issue bonds in such amounts as may be needed to carry out the purpose of this act. Such bonds are to be known as t'adjusted compensation bonds,” to bear such rates of interest as the Secretary of the Treasury in his discretion may determine, and to be redeemable in fifteen years after the passage of this act.

Sec. 3. Nothing in this act shall be construed to prevent the Director of the United States Veterans' Bureau from making payments upon any adjusted-service certificate in accordance with the provisions of the World War adjusted compensation act, as amended, except where payments have been made by the Secretary of the Treasury in accordance with the provisions of section 1 of this act.

SEC. 4. Terms defined in the World War adjusted compensation act, as amended, shall, when used in this act, have the meaning assigned to such terms in that act.

[S. 5811, Seventy-first Congress, third session] A BILL To provide for making emergency loans to veterans upon their adjusted-service certificates

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 502 of the World War adjusted compensation act, as amended, is hereby amended by adding the following new subdivisions:

“(1) In addition to the loan basis of certificates determined in accordance with the provisions of subdivision (g) of this section, there is hereby created for each such certificate an emergency loan value in an amount equal to the amount by which 50 per centum of the face value of such certificate exceeds the loan basis of such certificate.

“(m) The Administrator of Veterans' Affairs is authorized in his discretion to make an emergency loan upon his certificate to any veteran making application therefor, in an amount not exceeding the emergency loan value of such certificate at the time of such application. The provisions of this section relating to loans by the administrator shall apply to such emergency loans; except that (1) interest upon any such emergency loan shall be at the rate of 4 per centum per annum, and (2) such emergency loans shall be made out of the adjusted-service certificate fund so long as moneys are available in such fund. At the time of making any such emergency loan the veteran shall be required to deliver his certificate to the administrator as security for such loan unless at such time such certificate is held by the administrator as security for a prior loan under this section. In the event that the certificate of a veteran making application for an emergency loan is held by a bank as security for a prior loan, no such emergency loan shall be made until arrangements satisfactory to the administrator are made for transmission to him of such certificate upon the payment of such prior loan. The total amount of outstanding loans under this section upon a certificate shall at no time exceed 90 per centum of the face value of such certificate.”

SEC. 2. Section 507 of such act, as amended, is amended to read as follows:

“Sec. 507. All amounts in the fund shall be available for payment, by the administrator, of adjusted-service certificates upon their maturity or the prior death of the veteran, for payments under section 502 to banks on account of notes of veterans, and for making emergency loans authorized by subdivision (m) of section 502.”

[S. 3966, Seventy-first Congress, second session] A BILL To provide for the immediate payment to veterans of the amount of their adjusted-service credit

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That notwithstanding any provision of the World War adjusted compensation act, as amended, the Secretary of the Treasury is authorized and directed to pay, under such rules and regulations as he may prescribe, to any veteran making application therefor, and upon receipt of his adjusted service certificate properly indorsed, an amount equal to the adjusted service credit of the veteran plus interest upon such credit at the rate of 4 per centum per annum compounded annually, from the date of issuance of such certificate to the date of payment by the Secretary of the Treasury.

SEC. 2. There is authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, $ or so much thereof as may be necessary to carry out the provisions of this act.

SEC. 3. Nothing in this act shall be construed to prevent the Director of the United States Veterans' Bureau from making payments upon any adjusted service certificate in accordance with the provisions of the World War adjusted compensation act, as amended, except where payments have been made by the Secretary of the Treasury in accordance with the provisions of section 1 of this act.

Sec. 4. Terms defined in the World War adjusted compensation act, as amended, shall, when used in this act, have the meaning assigned to such terms in that act.

(S. 5060, Seventy-first Congress, third session)

A BILL To provide for the immediate payment to veterans of the face value of thier adjusted-service

certificates

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That notwithstanding the provisions of the World War adjusted compensation act, as amended, the Secretary of the Treasury is authorized and directed to pay to any veteran making application therefor within one year after the date of approval of this act, the face value of his adjustedservice certificate upon receipt of such certificate properly indorsed. In the event that a loan has been made to any such veteran upon his adjusted-service certificate which has not matured prior to the date of approval of this act, the Secretary of the Treasury shall first pay the amount of the unpaid principal of the loan, and the unpaid interest accrued upon such loan to the date of the application by the vereran for payment under the provisions of this act, upon receipt of such certificate from the person holding the same as security for the loan, and shall then pay to the veteran the difference between the face value of such certificate and the amount of the principal and interest so paid by the Secretary of the Treasury.

SEC. 2. The payments by the Secretary of the Treasury as herein provided shall be made upon the application of the veteran under such rules and regula tions as the Secretary may prescribe. Any veteran may transmit his adjustedservice certificate to the Secretary of the Treasury for payment as herein provided or may deposit the same with any national bank for transmission to the Secretary of the Treasury.

SEC. 3. Nothing in this act shall be construed to prevent the Director of the United States Veterans’ Bureau from making, payments upon any adjustedservice certificate in accordance with the provisions of the World War adjusted compensation act, as amended, except where payments have been made by the Secretary of the Treasury in accordance with the provisions of this act.

Sec. 4. The Secretary of the Treasury is authorized and directed to report to the Congress at the beginning of each calendar year all proceedings taken under the provisions of this act during the preceding calendar year.

SEC. 5. There is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, such sums as may be necessary to carry out the provisions of this act.

(S. 3324, Seventy-first Congress, second session]

A BILL To provide for the payment of adjusted-service certificates at their face value on and after

March 1, 1930 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the World War adjusted compensation act, as amended, is hereby further amended to provide: That the Secretary of the Treasury is authorized and directed to pay to any veteran making application therefor, under such rules and regulations as he may prescribe, the face value of any adjusted-service certificate which has been properly indorsed and presented for payment on or after March 1, 1930.

SEC. 2. The Secretary of the Treasury is hereby authorized to issue bonds in such amounts as may be needed to carry out the purpose of this act. Such bonds are to be known as "adjusted-compensation bonds,” to bear such rates of interest as the Secretary of the Treasury in his discretion may determine, and to be redeemable in fifteen years after the passage of this act.

SEC. 3. Nothing in this act shall be construed to prevent the Director of the United States Veterans' Bureau from making payments upon any adjustedservice certificate in accordance with the provisions of the World War adjusted compensation act, as amended, except where payments have been made by the Secretary of the Treasury in accordance with the provisions of section 1 of this act.

Sec. 4. Terms defined in the World War adjusted compensation act, as amended, shall, when used in this act, have the meaning assigned to such terms in that act.

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