82:. Within an hour the House overrode the veto by a vote of 322 to 98. Even before the Senate sustained the veto, proponents were planning another attempt at passage. Roosevelt argued that the program would invite demands for similar treatment by other groups and that it was not a relief bill since it was not based on the demonstrated needs of the recipients. With respect to the veterans, aside from the wounded, he said: "I hold that that able-bodied citizen because he wore a uniform and for no other reason should be accorded no treatment different from that accorded to other citizens."
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after June 15, 1936. Most veterans redeemed their bonds promptly. The
Treasury issued bonds worth $ 1.745 billion initially. Between June 1935 and June 1936, 80% of the bonds issued had been redeemed. The Treasury paid more than $ 800 million in cash in the last two weeks of 1936 and almost $ 700 million more in the next year. The cash payments constituted an efficient economic stimulus since the program required little government administration, the monies were likely to be spent without delay, and the entire process did not require the long lead time of a public works program.
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Congress sent another version of the bill to the
President on January 22, 1936. As a symbolic response to the President's personal veto message in 1935, a Congressman personally delivered the bill to the White House by taxi. The bill became law when the Senate overrode the President's veto on January
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in denominations of $ 50. The bonds paid interest at an annual rate of 3 percent from June 15, 1936, to June 15, 1945, higher than rates available to savings accounts. Amounts less than $ 50 were paid immediately. The bonds could not be sold, but the
Treasury would redeem them for cash at any time
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of an earlier version of the bill in 1935, called the Patman
Greenback Bonus Bill. The President addressed a joint session of Congress to deliver his veto message. As he concluded his speech, he handed the unsigned bill to the
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27, 1936. The heads of veterans associations met with
Roosevelt and promised that they would recommend their members to hold their bonds until they matured in 1945.
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and relief. The act is sometimes considered to be part of the "New Deal" though it was not supported by then
President
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which was enacted after
Congress overrode President Franklin D. Roosevelt's veto on January 27, 1936.
61:, and the law was one of several pieces of United States legislation popularly known together as the
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221:, no. 65 (Washington, DC: 1944), 174, "Adjusted Compensation awards as of June 30, 1942,"
212:, no. 60 (Washington, DC: 1939), 153, "Adjusted Compensation awards as of June 30, 1937,"
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The Act replaced the service certificates awarded to veterans under the
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160:"Bonus Bond Bill Passes and Rushed to President," January 23, 1936
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United States federal veterans' affairs legislation
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253:History of veterans' affairs in the United States
219:Statistical Abstract of the United States 1943
210:Statistical Abstract of the United States 1938
196:, vol. 26 (2003-2004), 227-43, esp. 232-3, 240
248:Aftermath of World War I in the United States
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73:Congress had sustained Roosevelt's previous
176:"Bonus Bill Becomes Law," January 28, 1936
145:"Highlights of Bonus Veto," May 23, 1935
238:Acts of the 74th United States Congress
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7:
129:"Bonus Movement Swift," May 23, 1935
193:Journal of Post Keynesian Economics
101:World War Adjusted Compensation Act
45:that provided for the issuance of
27:Tooltip Public Law (United States)
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103:of 1924 with bonds issued by the
18:Adjusted Compensation Payment Act
41:) was a piece of United States
189:"The Veterans' Bonus of 1936,"
49:to veterans who had served in
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162:, accessed December 20, 2010
147:, accessed December 20, 2010
131:, accessed December 20, 2010
178:, accessed December 20, 201
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59:Franklin D. Roosevelt
243:1936 in American law
80:Speaker of the House
105:Treasury Department
20:(January 27, 1936,
187:Lester G. Telser,
55:economic stimulus
47:US Treasury Bonds
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223:available online
214:available online
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63:"Bonus Act,"
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51:World War I
43:legislation
232:Categories
204:References
69:Background
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86:Enactment
95:Content
23:Pub. L.
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31:74–425
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112:Notes
35:Stat.
75:veto
39:1099
16:The
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