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New Orleans, La.-Pennsyl

Bituminous

6.99

16.38
6.29

vania anthracite-Stove..

21.25

19.25 St.

Chestnut

21.25

19.50

Bituminous

9.71

10.07

.......

Paul, Minn.-Pennsyl

vania anthracite-Stove

Chestnut

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New York, N. Y.-Pennsyl

Bituminous

12.94 10.70

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vania anthracite-Stove..

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Salt Lake City, Utah.-Col

Chestnut

13.67

13.63

...

orado anthracite

Fur

Norfolk, Va.-Pennsylvania

anthracite-Stove

Chestnut

Bituminous

Omaha, Neb.-Bituminous..

Peoria, Ill.-Bituminous..

Philadelphia, Pa.

vania anthracite-Stove.."

Chestnut

Pittsburgh, Pa.-Pennsylvania

anthracite-Stove

Chestnut

Bituminous

Portland. Me-Pennsylvania

anthracite-Stove

Chestnut

Portland, Ore.-Bituminous.

nace, 1 and 2 mixed.

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Stove, 3 and 5 mixed..

17.50

17.75

15.00

14.50

Bituminous

8.40

7.34

11.43

8.22

10.89

9.72

San Francisco,

Cal-New

Mexico anthracite-Cerillos

6.69

6.31

egg

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Colorado anthracite-Egg.....

24.00

24.50

14.54 14.89

Bituminous

16.00

15.94

Savannah, Ga.-Pennsylvania

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anthracite-Stove

17.05 17.00

Chestnut

17.05 17.00

7.39

7.06

Bituminous

11.28 10.78

Scranton, Pa-Pennsylvania

15.84 16.08
15.84 16.08

anthracite-Stove

9.82 10.18

Chestnut

9.82

10.15

13.57 12.21

Seattle,

Wash.-Bituminous..

10.08

9.88

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Springfield,

Ill.-Bituminous

4.98

4.40

vania anthracite-Stove..

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Washington, D. C.-Pennsyl

Chestnut

15.00

15.50

vania anthracite-Stove..

[blocks in formation]

Richmond. Va.-Pennsylvania

Chestnut

15.33

15.01

anthracite-Stove

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Bituminous

*10.36

8.56

Chestnut

15.63 15.50

United

States-Pennsylvania

Bituminous

11.78

8.90

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Rochester,

N. Y.-Pennsyl

10.04

8.84

vania anthracite-Stove..

[blocks in formation]

Chestnut

13.45 13.85

Alabama-Wetumpka.

anthracite-Stove

Chestnut

*Per ton of 2.240 pounds.

STATE PRISONS IN THE UNITED STATES.

Alaska Sitka (U. S. jail).

Arizona-Florence.

Arkansas-Little Rock.

California-Folsom.

San Quentin.

Colorado Canon City.
Connecticut-Weathersfield,
Delaware-Wilmington
(workhouse).

District of Columbia-U.S. jail.
Florida-Tallahassee (commis-

sion).

Georgia-Atlanta (commission).
Idaho Boise.

Illinois-Joliet, Chester.
Indiana-Michigan City.

Indianapolis (women).

Iowa-Fort Madison. Anamosa.
Kansas-Lansing.

Kentucky-Frankfort.

Eddyville (branch).

Louisiana-Baton Rouge.

Maine-Thomaston.

Maryland-Baltimore.
Massachusetts-Charlestown.

Bridgewater.

South Framingham (women).

Michigan-Jackson.
Marquette (branch).
Minnesota-Stillwater.
Mississippi-Jackson (commis-

sion).

Missouri-Jefferson City.
Montana-Deer Lodge.
Nebraska-Lincoln.
Nevada-Carson City.
New Hampshire-Concord.
New Jersey-Trenton.
New Mexico Santa Fe.
New York-Auburn.

Dannemora (Clinton).

Great Meadows (Comstock).
Sing Sing (Ossining).
North Carolina-Raleigh.
North Dakota-Bismarck.

Ohio-Columbus.

Oklahoma-McAlester.

Oregon-Salem.

NATIONAL HYMNS.

14.98 15.06

Pennsylvania-Philadelphia.

Allegheny (Pittsburgh).
Rhode Island-Howard.
South Carolina Columbia.
South Dakota-Sioux Falls.
Tennessee-Nashville.
Petros (branch).
Texas-Huntsville.

Rusk.

Utah Salt Lake City.
Vermont-Windsor.
Virginia-Richmond.

Washington-Walla Walla.

West Virginia-Moundsville.

Wisconsin-Waupun.
Wyoming-Rawlins.

United States Prisons.
Atlanta, Ga.-Penitentiary.
Fort Leavenworth, Kas.-Peni-
tentiary.

McNeil's Island, Wash.-Peni-
tentiary.

Mare Island, Cal.-Naval prison.
Boston, Mass.-Naval prison.
Portsm'th, N.H.-Naval prison.

Following is a list of songs used as national | Denmark-"Kong Kristian Stod nymne or anthems in various countries of the world:

United States- The Star Spangled Banner."*
"America" and "Hail, Columbia," are also
used as national songs,

Great Britain-"God Save the King."
Germany-"Deutschland Uber Alles" (Germany
Over All) and "Die Wacht am Rhein" (The
Watch on the Rhine).
France-"La Marseillaise."

Austria (before the revolution)-"Gott Erhalte
Unsern Kaiser" (God Preserve Our Emperor).
Hungary-"Isten Ald Meg a Magyart" (Lord,
Bless the Hungarian).

Belgium-"La Brabanconne" (Song of the Bra-
bantines).

Ved Hoien
Mast" (King Christian Stood Beside the
Lofty Mast)

Norway-"Ja, Vi Elsker Dette Landet" (Yes
We Love This Land).

Poland-"Boze Cos Polske" (God Save Poland'
and "Jeszcze Polska Nie Zginela" (Polan
Is Not Yet Lost).

Finland-"Vaart Land" (Our Land).
Sweden-"Fosterjorden" (Land of My Birth).
Italy-"Marcia Reale Italiana" (Royal Italia
March)

icans, at the Cry of War).
Mexico "Mexicanos, al Grito de Guerra" (Me:
Wales "Land of My Fathers."

*Official in navy.

"

WORK OF THE 68TH CONGRESS-FIRST SESSION.
Session began Dec. 3. 1923; ended June 7, 1924.

Act to provide adjusted compensation for vet-
erans of the world war; passed by house
March 18, 1924; by senate April 23; vetoed
by President Coolidge May 15; passed by
house over veto May 17; by senate May 19.
Act to limit the immigration of aliens into
the United States; passed by house April
12, 1924; by senate April 18; approved
May 26.

Act to reduce and equalize taxation and to provide revenue; passed by house March 6. 1924; by senate May 10; approved June 2. Act for the reorganization and improvement of the foreign service of the United States; passed by house May 1, 1924; by senate May 15; approved May 24.

Act to provide for the protection of forest
lands, reforestation of denuded areas and the
extension of national forests; passed by
house April 23, 1924; by senate June 6;
approved June 7.

Act to create an inland waterways corpora-
tion; passed by house May 16, 1924; by
senate May 20; approved June 3.
Act to extend for nine months the power of
the war finance commission to make ad-
vances; passed by senate and house Feb.
9. 1924; approved Feb. 21.
Act to equip the United States penitentiary at
Leavenworth. Kas.. for the manufacture of
supplies for the government; passed by sen-
ate Dec. 19, 1923; by house Jan. 30, 1924;
approved Feb. 13.

Act to extend insurance and collect-on-delivery
service to third-class mail; passed by house
Feb. 5, 1924; by senate June 5; approved
June 7.

Act to amend sections 11 and 12 of the mer-
chant marine act of 1920; passed by house
April 2, 1924; by senate May 22: approved
June 6.

Act to amend and re-enact sections 20, 22 and
50 of the act of March 2, 1917, entitled "An
act to provide a civil government for Porto
Rico": passed by senate April 2, 1924; by
house June 4; approved June 7.
Act to regulate and fix rates of pay for em-
ployes and officers of the government print-
ing office; passed by house June 4, 1924:
by senate June 5; approved June 7.
Act authorizing an appropriation to indemnify
damages caused by the search for the body
ef Admiral John Paul Jones: passed by
senate March 10, 1924: by house May 7:
approved May 13.

Act to authorize the settlement of the indebt-
edness of the republic of Finland to the
United States of America; passed by house
Feb. 2. 1924; by senate March 6: approved
March 12.

Act to extend the provisions of certain laws
to the territory of Hawaii: passed by house
Jan. 21, 1924; by senate Feb. 28; approved
March 10.

Act to authorize coinage of 50-cent pieces to
commemorate beginning of work on South
mountain monument to valor of soldiers of
the south; passed by senate March 6, 1924;
by house March 11; approved March 17.
Act to authorize the director of the census
to collect and publish statistics of cotton;
passed by senate Jan. 23, 1924; by house
March 18; approved April 2.

Act for the incorporation of the Grand Army
of the Republic; passed by house March 3,
1924; by senate May 22; approved June 3.
Act to incorporate the United States Blind
Veterans of the World War; passed by house
April 21, 1924; by senate June 6; approved
June 7.

Act to authorize an appropriation to enable the director of the United States veterans' bureau to provide additional hospital facili

ties; passed by senate May 22, 1924: by
house June 2; approved June 5.

Act to consolidate, codify, revise and re-enact
the laws affecting the establishment of the
United States veterans' bureau and the ad-
ministration of the war risk insurance act
and the vocational rehabilitation act; passed
by senate May 5, 1924; by house June 2:
approved June 7.
Act to issue service medals to Texas cavalry;
passed by house March 3, 1924; by senate
April 3; approved April 16.

Act to provide for the equitable distribution
of war devices and trophies to the states
and territories: passed by senate Jan. 10,
1924; by house June 7; approved June 7.
Act to provide for the inspection of the bat-
tle fields in and around Fredericksburg and
Spotsylvania Court House, Va.: passed by
senate May 22, 1924; by house June 5:
approved June 7.

Act to protect navigation from obstruction and injury by preventing the discharge of oil into the coastal navigable waters of the United States; passed by senate Jan. 16. 1924; by house June 7; approved June 7. Act to establish upper Mississippi river wild life and fish refuge; passed by house June 5, 1924; by senate June 6; approved June 7. Act to enlarge the area of the Custer state park game sanctuary in South Dakota; passed by senate May 22, 1924; by house June 4: approved June 7.

of

Act for the protection of the fisheries Alaska; passed by house April 9, 1924; by senate May 28; approved June 6.

1

Act to protect birds and animals in game
refuges; passed by senate March 28, 1924:
by house April 7; approved April 15.
Act for the protection of the northern Pacific
halibut fishery; passed by senate June 4,
1924; by house June 7: approved June 7,
Act to authorize the withdrawal of lands for
the protection of antelope and other game
animals and birds; passed by senate May
22, 1924: by house June 5; approved June 7.
Act to establish the Utah national park in
the state of Utah; passed by senate April
2 1924: by house June 4: approved
June 7.
Act to authorize the settlement of the indebt-
edness of the kingdom of Hungary to the
United States; passed by house May 12,
1924; by senate May 17; approved May 23.
Act to regulate the practice of optometry in
the District of Columbia; passed by house
May 12, 1924; by senate May 22; approved
May 28.

Act to establish a dairy bureau in the depart-
ment of agriculture; passed by house April
7. 1924: by senate May 24; approved
May 29.

Act making appropriations for the navy de-
partment: passed by house March 22, 1924:
by senate April 29; approved May 28.
Act authorizing the secretary of the interior
to issue certificates of citizenship to Indians:
passed by house March 18, 1924; by senate
May 15: approved June 2.

Act to amend section 5 of the trade-mark act
of 1905 relative to the unauthorized use of
portraits: passed by senate May 29, 1924; by
house June 6: approved June 7.

Act to construct and repair trails and roads in national parks: passed by house March 18. 1924; by senate April 3: approved April 9.

Act to authorize a temporary increase of the coast guard for law enforcement; passed by house March 13, 1924; by senate March 23; approved April 21.

Act prohibiting the importation of crude opium for the purpose of manufacturing heroin;

passed by house April 21, 1924; by senate June 7; approved June 7.

Act for the establishment of a federal industrial institute for women; passed by senate Jan. 9, 1924; by house June 2; approved June 7.

Act for the abandonment of a portion of the present channel of the south branch of the Chicago river; passed by senate May 31, 1924; by house June 5; approved June 7. Joint resolution proposing an amendment to. the constitution of the United States for the regulation of child labor; passed by house April 6, 1924; by senate June 2. Joint resolution directing, the president to institute and prosecute suits to cancel certain leases of oil lands and incidental contracts; passed by senate Jan. 31, 1924: by house Feb. 1: approved Feb. 8.

Joint resolution to provide an appropriation for the prosecution of suits to cancel certain leases; passed by house Jan. 28. 1924; by senate Feb. 21; approved Feb. 28. Joint resolution directing the secretary of the interior to institute proceedings to assert and establish the title of the United States to certain sections within the limits of naval reserve No. 1 in California; passed by senate Feb. 7, 1924; by house Feb. 16; ap. proved Feb. 23.

Joint resolution providing for the appointment of a commission for the purpose of erecting in Potomac park, District of Columbia, a memorial to those members of the armed forces of the United States from the District of Columbia who served in the great war; passed by senate May 22, 1924: by house June 5; approved June 7.

Joint resolution authorizing the erection on public grounds in the city of Washington, D. C., of an equestrian statue of Gen. San Martin presented by the people of Argentine: passed by senate April 10, 1924: by house June 4: approved June 7.

Joint resolution in relation to a monument to commemorate the services and sacrifices of the women of the United States in the world war: passed by senate March 14, 1924; by house June 7; approved June 7. Joint resolution to provide that the powers and duties conferred upon the governor of Alaska for the protection of wild animals and birds in Alaska shall be transferred to the secretary of agriculture: passed by senate May 22, 1924; by house June 6: approved June 7.

Joint resolution authorizing appropriations for the maintenance by the United States of membership in the international statistical bureau at The Hague; passed by senate March 11, 1924; by house April 21; approved April 28.

Joint resolution to provide for the representation of the United States at the meeting of the inter-American committee on electrical communications to be held in Mexico City in 1924; passed by senate March 11. 1924; by house April 21; approved April 28. Joint resolution authorizing an appropriation to provide for the representation of the United States at the seventh Pan-American sanitary conference to be held in the city of Havana, Cuba; passed by senate March 11, 1924: by house April 21; approved April 28. Joint resolution authorizing an appropriation for the participation of the United States in two international conferences for the control of traffic in habit-forming narcotic drugs: passed by house April 7, 1924; by senate May 5: approved May 15. Joint resolution requesting the president to invite the Interparliamentary union to meet in Washington city in 1925 and authorizing an appropriation to defray the expenses of

the meeting; passed by senate April 21. 1924; by house May 7; approved May 14. Joint resolution to provide for the remission of further payments of the annual installments of the Chinese (Boxer) indemnity; passed by house May 7, 1924; by senate May 12; approved May 12.

Joint resolution authorizing the erection in Washington of a navy and marine memorial: passed by senate Feb. 1, 1924; by house Feb. 5; approved Feb. 18.

Joint resolution to provide for the free transmission through the mails of certain publications for the blind; passed by senate May 22, 1924; by house June 4; approved June 7. Joint resolution for the relief of the droughtstricken farm areas of New Mexico; passed by senate Feb. 26. 1924; by house April 15; approved April 26.

COMPENSATION FOR VETERANS.

(Soldiers' bonus law.)

Following is the full text of the soldiers' bonus bill, which was vetoed by President Coolidge but became a law without his signature. The house passed it over the veto by a vote of 313 to 78 and the senate did the same by a vote of 59 to 26. The veto message is appended to the act.

An act to provide adjusted compensation for veterans of the world war and for other purposes.

Be it enacted by the senate and house of representatives of the United States of America in congress assembled,

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at any time after April 5, 1917, and before Nov. 12, 1918; but does not include (1) any individual at any time during such period or thereafter separated from such forces under other than honorable conditions, (2) any conscientious objector who performed no military duty whatever or refused to wear the uniform, or (3) any alien at any time during such period

or

thereafter discharged from the military or naval forces on account of his alienage; (b) The term "oversea service" means service on shore in Europe or Asia, exclusive of China, Japan and the Philippine islands: and service afloat, not on receiving ships; including in either case the period from the date of embarkation for such service to the date of disembarkation on return from such service, both dates inclusive;

(c) The term "home service" means all service not oversea service;

(d) The term "adjusted service credit" means the amount of the credit computed under the provisions of title II.: and

(e) The term "person" includes a partnership, corporation, or association, as well as an individual.

Title II-Adjusted Service Credit. Sec. 201. The amount of adjusted service credit shall be computed by allowing the following sums for each day of active service, in excess of sixty days. in the military or naval forces of the United States after April 5. 1917, and before July 1, 1919, as shown by the service or other record of the veteran: $1.25 for each day of oversea service and $1 for each day of home service; but the amount of the credit of a veteran who performed no oversea service shall not exceed $500, and the amount of the credit of a

veteran who performed any oversea service shall not exceed $625.

Sec. 202. In computing the adjusted service credit no allowance shall be made to

(a) Any commissioned officer above the grade of captain in the army or marine corps, lieutenant in the navy, first lieutenant or first lieutenant of engineers in the coast guard, or passed assistant surgeon in the public health service, or having the pay and allowances, if not the the rank, of any officer superior in rank to any of such grades-in each case for the period of service as such; (b) Any individual holding a permanent or provisional commission or permanent or acting warrant in any branch of the military or naval forces, or (while holding such commission or warrant) serving under a temporary commission in a higher grade-in each case for the period of service under such commission or warrant or in such higher grade after the accrual of the right to pay thereunder. This subdivision shall not apply to any noncommissioned officer:

(c) Any civilian officer or employe of any branch of the military or naval forces, contract surgeon, cadet of the United States military academy, midshipman, cadet or cadet engineer of the coast guard, member of the reserve officers' training corps, member of the students' army training corps (except an enlisted man detailed thereto). Philippine scout, member of the Philippine guard, member of the Philippine constabulary, member of the national guard of Hawaii, member of the insular force of the navy, member of the Samoan native guard and band of the navy, or Indian scout-in each case for the period of service as such;

(d) Any individual entering the military or naval forces after Nov. 11, 1918 for any period after such entrance;

(e) Any commissioned or warrant officer performing home service not with troops and receiving commutation of quarters or of subsistence for the period of such service:

ice shall first be used in computing the sixty days' period referred to in section 201.

(d) For the purpose of computing the sixty days' period referred to in section 201 any period of service after April 5, 1917, and before July 1, 1919, in the military or naval forces in any capacity may be included, notwithstanding allowance of credit for such period, or a part thereof, is prohibited under the provisions of section 202, except that the periods referred to in subdivisions (b), (c) and (d) of that section shall not be included.

(e) For the purposes of section 201, in the case of members of the national guard or of the national guard reserve called into serv ice by the proclamation of the president dated July 3, 1917, the time of service between the date of call into the service as specified in such proclamation and Aug. 5, 1917, both dates inclusive, shall be deemed to be active service in the military or naval forces of the United States.

Title III-General Provisions. Benefits Granted Veterans. Sec. 301. Each veteran shall be entitled: (1) To receive "adjusted service pay" provided in title IV.. if the amount of his adjusted service credit is $50 or less;

as

(2) To receive an "adjusted service certificate" as provided in title V. if the amount of his adjusted service credit is more than $50. Application by Veteran.

Sec. 302. (a) A veteran may receive the benefits to which he is entitled by filing an application claiming the benefits of this act with the secretary of war, if he is serving in, or his last service was with, the military forces; or with the secretary of the navy, if he is serving in, or his last service was with. the naval forces.

(b) Such application shall be made on or before Jan. 1, 1928, and if not made on or before such date shall be held void.

(c) An application shall be made (1) per

(f) Any member of the public health serv-sonally by the veteran, or (2) in case physice for any period during which he was not detailed for duty with the army or the

navy;

(g) Any individual granted a farm or industrial furlough-for the period of such furlough;

ical or mental incapacity prevents the making of a personal application, then by such representative of the veteran and in such manner as the secretary of war and the secretary of the navy shall jointly by regulation prescribe. An application made by a representative other than one authorized by any such

any

(h) Any individual detailed for work on roads or other construction or repair work-regulation shall be held void. for the period during which his pay was equalized to conform to the compensation paid to civilian employes in the same or like employment, pursuant to the provisions of section 9 of the act entitled "An act making appropriations for the service of the postoffice department for the fiscal year ending June 30, 1920, and for other purposes," approved Feb. 28, 1919; or

(d) The secretary of war and the secretary of the navy shall jointly make regulations necessary to the efficient administration of the provisions of this section. Transmittal of Application.

(i) Any individual who was discharged or otherwise released from the draft-for the period of service terminating with such discharge or release.

Sec. 203. (a) The periods referred to in subdivision (e) of section 202 may be included in the case of any individual if and to the extent that the secretary of war and the secre. tary of the navy jointly find that such service subjected such individual to exceptional hazard. A full statement of all action under this subdivision shall be included in the reports of the secretary of war and the secretary of the navy required by section 307.

(b) In computing the credit to any veteran under this title effect shall be given to all subdivisions of section 202 which are applicable.

(c) If part of the service is oversea service and part is home service, the home serv

Sec. 303. (a) As soon as practicable after the receipt of a valid application the secretary of war or the secretary of the navy, as the case may be, shall transmit to the director of the United States veterans' bureau (hereinafter in this act referred to as the "director") the application and a certificate setting forth

(1) That the applicant is a veteran; (2) His name and address;

(3) The date and place of his birth; and (4) The amount of his adjusted service credit together with the facts of record in his department upon which such above conclusions are based.

(b) Upon receipt of such certificate the director shall proceed to extend to the veteran the benefits provided for in title IV. or V.

Publicity.

Sec. 304. (a) The director shall, as soon as practicable after the enactment of this act, prepare and publish a pamphlet or pamphlets containing a digest and explanation of the pro

visions of this act; and shall from time to time thereafter prepare and publish such additional or supplementary information as may be found necessary.

(b) The publications provided for in subdivision (a) shall be distributed in such manner as the director may determine to be most effective to inform veterans and their dependents of their rights under this act. Statistics.

Sec. 305. Immediately upon the enactment of this act the secretary of war and the secretary of the navy shall ascertain the individuals who are veterans as defined in section 2. and, as to each veteran, the number of days of oversea service and of home service. as defined in section 2. for which he is entitled to receive adjusted service credit, and their findings shall not be subject to review by the general accounting office, and payments made by disbursing officers of the United States veterans' bureau made in accordnce with such findings shall be passed to their credit.

Administrative Regulations.

any

Sec. 306. Any officer charged with function under this act shall make such regulations, not inconsistent with this act. as may be necessary to the efficient administra

tion of such function.

Reports.

Sec. 307. Any officer charged with the administration of any part of this act shall make a full report to congress on the first Monday of December of each year as to his administration thereof.

Exemption from Attachment and Taxation. Sec. 308. No sum payable under this act to a veteran or his dependents, or to his estate, or to any beneficiary named under title V., no adjusted service certificate, and no proceeds of any loan made on such certificate, shall be subject to attachment, levy, or seizure under any legal or equitable process, or to national or state taxation.

Unlawful Fees,

Sec. 309. Any person who charges or collects, or attempts to charge or collect, either directly or indirectly, any fee or other compensation for assisting in any manner a veteran or his dependents in obtaining any of the benefits, privileges or loans to which he is entitled under the provisions of this act shall, upon conviction thereof, be subject to a fine of not more than $500, or imprisonment for not more than one year, or both.

Title IV-Adjusted Service Pay. Sec. 401. There shall be paid to each veteran by the director (as soon as practicable after receipt of an application in accordance with the provisions of section 302, but not before March 1, 1925), in addition to any other amounts due such veteran in pursuance of law, the amount of his adjusted service credit, if, and only if, such credit is not more than $50.

Sec. 402. No right to adjusted service pay under the provisions of this title shall be assignable or serve as security for any loan. Any assignment or loan made in violation of the provisions of this section shall be held void. Except as provided in title VI. the director shall not pay the amount of adjusted service pay to any person other than the veteran or such representative of the veteran as he shall by regulation prescribe.

Title V.-Adjusted Service Certificates. Sec. 501. The director. upon certification from the secretary of war or the secretary of the navy, as provided in section 303. is

hereby directed to issue without cost to the veteran designated therein a nonparticipating adjusted service certificate (hereinafter in this title referred to as a "certificate") of a face value equal to the amount in dollars of twentyyear endowment insurance that the amount of his adjusted service credit increased by 25 per centum would purchase, at his age on his birthday nearest the date of the certificate, if applied as a net single premium, calculated in accordance with accepted actuarial principles and based upon the American Experience Table of 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 first day of the month in which the application is filed, but in no case before Jan. 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 subdivisions (c). (d), (e) and (f) of section 502) shall be payable out of the fund created by section 505 (1) to the veteran twenty years after the date of the certificate, or (2) expiration of such twenty-year period, to the upon the death of the veteran prior to the beneficiary named; except that if such beneficiary dies before the veteran and no new beneficiary is named, or if the beneficiary in the first instance has not yet been named, the amount of the face value of the certificate shall be paid to the estate of the veteran. the veteran dies after making application under section 302, but before Jan. 1. 1925, then the amount of the face value of the certificate shall be paid in the same manner as if his death had occurred after Jan. 1, 1925. Loan Privileges.

If

Sec. 502. (a) A loan may be made to a veteran upon his adjusted service certificate only in accordance with the provisions of this section.

(b) Any national bank, or any bank or trust company incorporated under the laws of any state, territory, possession or the District of Columbia (hereinafter in this section called "bank"), is authorized, after the expiration of two years after the date of the certificate, to loan to any veteran upon his promissory note secured by his adjusted servof the beneficiary thereof) ice certificate (with or without the consent any amount not

in excess of the loan basis (as defined in subdivision (g) of this section) of the certificate. 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 ninety-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 located. Any bank holding a note for a loan under this section secured by a certificate (whether the bank originally making the loan or a bank to which the note and certificate have been transferred) may sell the note to. or discount or rediscount it with, any bank authorized to make a loan to a veteran under this section and transfer the certificate to such bank. Upon the indorsement of any bank, which shall be deemed a waiver of demand. notice and protest by such bank as to its own indorsement exclusively, and subject to regulations to be prescribed by the federal reserve board, any such note secured by a certificate and held by a bank shall be eligible for discount or rediscount by the federal reserve bank for the federal reserve district in which the bank is located. Such note shall

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