The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-04-18
ATTITUDE
OF U.s.. IS
OUTLINED
McAdoo Believes War Bond
Issue Will be Overwhelm-
ingly Subscribed.
ONLY AUTHORITY AWAITED
Offer of Northern Savings
Bank Brings Expression
Of Appreciation.

Specific information concerning the
handling Of the $4,000, 100000 govern
! ment bond issue was received today
by II. p. Beckwith OF the Northern
Savings Bank, in response to the pa
triotic offer Of that institution to mar
ket without compensation block of
| the paper.
The original offer of the Fargo bank,
dated April 8. Secretary McAdoo's
answer, as well as his formal state
ment, outlining the administrators
attitude. follow:
Fargo. N. D., April 8, 1917.
Hon. VIM. G. McAdoo,
Secretary of the Treasury,
Washington, D. c.
The Northern Savings Bank of Far
go, being the oldest savings bank in
North Dakota, respectfully tenders
you for the government its services,
without compensation, commission or
charge Of any kind, in connection with
the disposal to the public Of this vicin-
ity Of the new proposed issue Of gov
eminent bonds.
H. P. Beckwith. President.
Treasury Department,
Washington, April 10, 1917.
My dear Mr.. Beckwith:-
I greatly appreciate the offer OF the
Northern Savings Bank of Fargo, con-
veyed in your telegram Of yesterday,
and shall give the same my attention
when the methods Of placing the pro-
posed loan are determined upon.
I take pleasure in inclosing here
with copy Of the statement / issued
last evening.
Very sincerely yours,
w. G. McAdoo. Secretary.
Mr. II p PackUith President
The Northern Savings Bank,
Fargo. N. D.
Washington, D. c., April 8. 1917.
Secretary McAdoo said:
The administration will ask con-
gress for authority to issue $4,000, OO0,-
900 Of government bonds to meet the
situation created by the war with
Germany. The proposed bonds will be
exempt from taxation and bear inter
est probably at three and one-half
(3h) per centum per annum. Two bill
lion dollars Of these bonds will be re-
quired to finance, in part, the expen-
ditures involved in the proper organt-
zation and operation of the army and
navy and the conduct of the war gen.
orally. OF course, a large amount OF
additional revenue will have to be
raised by taxation. but this part Of the
ways and means committee Of the
house Of representatives 1t will natur-
ally take a reasonable time to discuss
and agree upon the new items for tax
alton, which should not and, am con-
fdent, will not become the subject OF
partisan treatment.
Three billion dollars Of the proposed
issue of bonds should be used to sup
ply credit to the governments making
wrrt%In I'M f
MANY to enable them to secure essen
tial supplies in the United States and
carry on the war with increased effect.
The most serviceable thing we can do
Immediately for the common cause is
to furnish credit to these foreign gov
ernments who, in conjunction with us,
are lighting Germany. This financial
aid ought to be extended at the earli-
est possible moment. 1t will be trebly
| valuable and effective If extended now
The purpose Is to purchase the obi
cations of the foreign governments to
| which credit is given-such obliga-
tions to bear the same rate of inter
| est and in other essentials, to contain
the same terms and conditions as the
bonds of the United States.
The bonds of the United States will
be offered as a great popular loan and
the widest opportunity will be given
to the public to subscribe. and, by
subscribing, to perform one OF the
| most patriotic services that can be
rendered to the country at this time
In view of the fact that the laws OF
the United States forbid the payment
! of commissions on sales OF govern
ment bonds, 1t is extremely gratifying
to have received so many offers from
bankers and others throughout the
country, of the free use Of their SER
vices and facilities in making the pro-
posed bond issue a success. 1t is the
purpose of the department to make
use of these offers and to seek the as
sistance of the federal reserve banks
the national banks, the state banks
and trust companies, the savings
banks. insurance companies, private