NEW BONUS BILL WILL AVERAGE $2.65 A DAY FOR MILITARY SERVICE & COST $2 BILLION
Washington, D.C. (JFK+50) On March 12, 1924, The Evening Star reports "the paid-up life insurance policies, which will be given veterans under terms of the new soldier bonus bill*, will be valued at $1 a day for home service & $1.25 a day for overseas service."
This was decided today by the House of Representatives Ways & Means Committee.
The average value per policy will be $2.65 per day of service with the total cost coming in at two billion dollars.
The first sixty days of service cannot be included in total service credits.
*Bonus Bill (HR 7959, World War Adjusted Compensation Act) was vetoed by President Coolidge (like Harding before him) but the veto was overridden by Congress on May 19, 1924. Coolidge said "patriotism bought & paid for is not patriotism."
JFK+50 NOTE
The Great Depression hit veterans particularly hard so in 1932 they marched on Washington to ask for early payment of their bonuses (not due until 1945). Known as the Bonus Army, they encamped in the District of Columbia & were attacked by the US Army by order of President Herbert Hoover. It was one of the key events that led to Hoover's defeat for re-election. The Bonus Bill was a basis for the G.I. Bill of Rights of 1944.
SOURCE
"Bonus Will Cost U.S. $2,000,000,000," The Evening Star, Washington, D.C., March 12, 1924, Chronicling America, Library of Congress, www.loc.gov/
