Ashland tidings. [volume] (Ashland, Or.) 1876-1919, 1917-06-04
The Why and Which
Of Liberty Bonds

Washington, May 81, 1917.-The
secretary of the treasury invites sub
scriptlons at par and accrued interest
from the people of the United States
of America for $4,000. 900, 900 of the
1880 year 8 " per cent gold bonds
of an issue authorized by act of con-
gress approved April "a, 1917.
Description of Bonds.
Bearer bonds, with interest cou-
pons attached, will be issued. in de-
nominations of $50, 800, $500 and
$1,000. Bonds registered as to prin-
cipal and interest will lie issued in
denominations of 800, $500, $1,000,
$4,000, $4,000, $4,000 and $780,
900. Provision will be made for the
interchange of bonds of different de-
nominations and of coupon and regis
tered bonds, upon payment, If the
secretary of the treasury shall re-
quire, OF charge not exceeding 81
for each new bond issued upon such
exchange. Transfers of registered
bonds and exchanges Of registered
and coupon bonds and of bonds of
different denominations will not be
made until October 1, 1917, or such
later date as may be designated by
the secretary of the treasury.
The bonds will be dated June Is,
1917, and will bear interest at the
rate of 31s per cent per annum from
that date, payable semi-annually on
December Is and June Is. The bonds
will mature June Is, 1947, but the
issue may be redeemed on or after
June Is, 1892, in whole or in part,
at par and accrued interest, on three
months published notice, on any in
terest day; in case of partial redemp-
tion the bonds to be redeemed to be
determined by lot by such method as
may be prescribed by the secretary of
the treasury.
The principal and interest Of the
bonds will be payable in United
States gold coin of the present stand
ard value, and the bonds will be ex-
empt, both as to principal and inter-
est, from all taxation, except estate
or inheritance taxes, imposed by au-
thority of the United States OF its
or by any state or local
taxing authority.
The bonds will not bear the circu-
lation privilege but will be receivable
as security for deposits of public
money.
II any subsequent series of bonds
not including treasury certificates
OF Indebtedness and other short-term
obligations) shall be issued by the
United States at a higher rate Of in
terest than 31s per cent per annum
before the termination of the war
between the United States Of America
and the imperial German government
(the date Of such termination to be
fixed by proclamation of the presi-
dent of the United States), the hold
ers of any Of the bonds Of the pres
ent issue shall have the privilege of
converting the same, within such
period and upon such further terms
and conditions covering matters of
detail as the secretary of the treasury
may prescribe, into an equal par
amount of bonds bearing such higher
rate of interest and substantially
Identical with the bonds of such new
series, except that the bonds issued
upon such conversion are to be ident-
ical with the bonds of the present
series as to maturity of principal and
interest and terms of redemption.
Applications.
The agencies designated by the Sec
retary of the treasury to receive ap-
plications for bonds now offered are
the Treasury Department in Wash
ington, D. c., and the Federal Re-
serve Banks in Boston, New York,
Philadelphia, Cleveland, Richmond,
Atlanta with branch at New Or
leans), Chicago, St. Louis, Minneapo-
lis, Kansas City, Dallas and San
Francisco
Said banks have been designated
also as fiscal agents of the United
States to collate applications and to
give notices of the allotments which
the secretary Of the treasury will
eventually make to subscribers and
to issue interim certificates for pay
ments made on allotted subscriptions.
Large numbers of national banks,
state banks and trust companies, pri-
vate bankers, express companies,
newspapers, department stores and