The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-18
WILL BE A POPULAR LOAN
NExT ISSUE OF BONDS TO BE Of
FERED DIRECT no THE PEOPLE.
Every IIaa or Woman with $50 Will
BE Given "a Chance to Invest in
Government Securities.
special to the indianapolis Journal.

Special to the Indianapolis Journal.
WASHINGTON, April 1.-THE number of
bondholders in the United States is likely
to be largely increased very soon. In case
a war loan becomes necessary the people
will be given the widest opportunity to SUBJ
scribe. While Congress has not yet placed
upon the statute books any act authorizing
an issue of bonds in any form, it is known
that the plans are to make the proposed
bond issue popular loan" in the widest
and fullest sense of the term.
Congress has, of course given us no au-
thority in the matter of a war loan,' said
Assistant Secretary Vanderlip, talking upon
this subject, but you can safely say that
the intention everywhere is, in case a loan
becomes necessary, to give the greatest pos
sible facility for the masses to become hold
ers of these bonds. The bonds will pre-
sumably be in sums of $50 and multiples,
and will be available to any and all who
may choose to send checks. drafts, money
orders or any other device for transmitting
money. or who may prefer to deposit the
money with their banker or subtreasurer
in their vicinity. The bonds undoubtedly
will be offered at par in sizes and quantities
TO suit all Bidders, and every citizen who
desires to assist the government in raising
money or who desires to invest his money
and become q bondholder will have full
opportunity
But suppose the subscriptions exceed
the amount OF bonds offered?"
Then the small bidders will have the
fi-st preference. Our desire, and in this
am sure that everybody in authority joins
is that bids of $1,000 and under shall be
given the preference in the distribution of
the bonds. and that if it is necessary to
scale down the bids, that process will only
be resorted to in the larger bids. We de-
sire to give every citizen the fullest possi-
BILE opportunity to subscribe to any bonds
which it may become necessary to issue,
and especially to those who desire to SUBJ
scribe in small sums, thus making the issue
in the broadest sense a popular Loan
Two conditions which now exist in regard
to the finances of the United States render
a popular loan more available and likely
20 be more successful than on any former
occasion. The first of these is that there
is more money in circulation than ever be-
fore, as was pointed out last week in
statement which showed that the money in
circulation had increased $246,00OOO0 since
the date of the Chicago convention of 1896;
the second is tho fact that all classes of
money now in circulation are equally good,
and that therefore it will not be necessary,
as on former occasions, to discriminate with
reference to the kind of money which shall
be offered FOR them. while still further
convenience for making this a popular
loan is found in the fact that the number
OF national banks, through which subscrip-
lions can be made, and the number of
money order offices, at which postal orders
may be obtained, has been greatly increased
since the earlier bond issues which were
offered to .he public
1t has always been the practice of the
United States" said Mr.. A. L. Hunting
ton, chief of the currency and loans division
OF the Treasury Department, talking upon
the subject, ito give the general public an
opportunity to subscribe to its leans Co
ing back TO 1861, the first war loan, which
was $50, 10000. was negotiated first with the
banks, but at the same time the people
were invited for period of thirty days to
give ia their individual subscriptions To the
same fund, the understanding being that
the money received from the people should
be reimbursed to the banks on account OF
their advances. Every war loan and every
subsequent loan negotiated by the United
states down to the present day. with the
exception of an issue of $62.000,OO0 of per
cent bonds by The last administration. was
having funds to invest could go to a bank.
obtain coin, deposit the coin at the treasury
or with some assistant treasurer, or, in cer-
tain instances, with designated national
banks, and in that way subscribe to the
current loan. The financial conditions Of
the country and the necessities of the gov
ernment have heretofore obliged the de-
partment to exact coin in exchange for all
bonds which 1t has sold since the close of
the war, so that that specific form of money
mas made 1t not altogether easy for the
average citizen To make subscription. Still
tha department has always done the best II
could TO give everybody an equal chance.
Now, owing to the present conditions. IL is
rot going TO be difficult for the government
to accept any form OF money on account or
subscriptions; therefore bank checks and
money orders. as we'll as different kinds of
money. will be equally available. and IN
that way the people will have facilities for
subscribing that they have not heretofore
had"
In Memory of Jefferson Davis.
RICHMOND Va Anril II H. Loo.