You can see the 1974 pay scale
here.
But the vast majority of new recruits and draftees are/were 18 year olds right out of high school, and so it is not as if they would see a drop in pay in most cases. And of course housing, meals, and medical are not an issue for this group since the military provides those things.
Perhaps the military provided food in 1974; I can't find a confirmation one way or another on that. I know they don't provide my meals these days, unless I'm in a hostile fire zone. Instead, they provide a basic allowance for subsistence (BAS); if you are deployed to an area where the meals are provided, the BAS stops.
You'll notice that in 1974, an E1 (straight out of basic training) received $344 each month; if he was married, he received with dependent pay for housing (meaning, he didn't get base quarters, he was required to obtain off-base housing). When I first went active duty in the late 80's, E1-E4 did not get base housing. That means you found an apartment for your family, and you hoped that the allowance for housing covered at least the rent, and most likely didn't cover the utilities.
So figure an E1 with basic allowance for housing with dependents made $454.80 a month; that's $5,457.60 a year.
What did someone in a comparable civilian position make per month in 1974? I found one study that said the median salary for university librarians was $11,800.
That's $6,000 more than the military member.
SO -- would it be safe to say that the increase in pay for military members after 1974 was simply to make their pay comparable to their civilian counterparts?
Or should we consider decreasing military pay, since the proposal is to draft them and force them to serve, rather than ask them to volunteer to protect their country?