The Bridgeport evening farmer., 1917-12-17
LIBERTY BOND LESSONS
  By HOWARD STEER Of Hincks Bros. 6 Co. Article No. 16. A Short Talk on Short Bonds
A Short Talk on Short Bonds
Article No. 16.

4Ao AoiloWlHB leLLer comes In QulIo appropriately just at this time when everybody is cutting and cashing cou- pons and when we have just finished a talk on why the first Liberty Bonds were so slow in coming. The letter reads:
 Seeing your questions and answers appearing in the local papers I would like to ask why the per cent. Lib erty Bonds have coupons attached for only two years interest. I was one that took your advice about taking all one could carry, as the first Liberty Bonds had sixty coupons attached"
 There is an old story that we used to read as youngsters about little boy who came running home very much frightened one evening just as it was growing dark. He had seen great big giant in the road, with im- mense long arms reached out to grab him as he should go by. So he turned and ran home as fast as his little legs could carry him.
 Then his father took him by the hand and walked down the same road with him till they came right up to the big giant. He was still there with his arms outstretched, and he was a guide post! The thing that was so terrible at a distance and at first sight turned into a. kindly friend to point the way when one marched straight up to 1t and looked 1t in the face.
 And so 1t is with those 4 per cent. Liberty Bonds, If the man who wrote that letter had only looked his bond straight in the face and read what it has printed on 1t he wouldn't have been frightened. For this is what it says:
 ''This bond is exchangeabIe, with out charge by the United States, on and after November Is, 1919, for a like bond with all subsequent coupons attached.''
 Last Wednesday we told you about the enormous job which Uncle Sam had on his hands in order to prepare and deliver the first Liberty Bonds You remember we pointed out that he was simply swamped with sub- scriptions and that it was almost inn possible to get paper enough or labor enough to make the bonds
 Well, the government learned les son from that experience and decided to do things little differently in the case of the per cent bonds. In- stead of trying to get them out ir their complete form the Treasury Department prepared bonds with only four interest coupons attached, the last of the four falling due on Nov. 15 | 1919. These bonds are exchangea. l ble on or after that date as we have pointed out above, for another bond I which will have all the rest of the coupons on right up to Nov. 15, 1s42 when the bond itself falls due. | In this way the government needed only one sheet of paper for each bond instead of the four sheets which were used for the 35ks. It also saved z great deal of time in preparation ana made it possible for the government to deliver the bonds immediately in stead of compelling the buyers to wal a long time as they have had to d. for their 3Ms. Best of all, the pla1 l gives the government two whole year Of time in which to prepare the bond with the rest of the coupons. Ant time is pretty important these days.
 Now there is still another kind O short Liberty Bonds that you ma, possibly have in your possession an, that you may not thoroughly under stand. It is single sheet of paper, !, temporary bond, sometimes called al interim certificate" It was issue by the government to give the buyer of 3 h per cent. bonds some sort o official receipt which could be bough and sold in the markets while the were waiting for the bonds. them selves.
 These temporary s1s per cen
 bonds can be exchanged any tim
 from now on for the real bond. ]
 you are holding any of them yo
 ought to make the exchange at ono
 through some bank or through tn
 Treasury Department at Washington
 Those temporary bonds have no ir terest coupons attached and until yo
 get the real bonds which they repre-
 sent you will therefore be unable |
 collect any interest on your none,
 You can, however, sell these tempol ] | ary certificates, if you wish. withol
 changing them into the regular bond ! So you see, one by one. these littl
 things that have been troubling son of us, just turn from wicked gian into friendly guide-posts when we e1
 anime them closely enough and fin
 out the whole truth. The Governmel
 of the United States of America
 fair and honest and sound. It keer
 the faith. Don't let anyone persuad
 you otherwise.