The Barre daily times. (Barre, Vt.) 1897-1959, 1917-06-09
PREMIER SECURITY
OF THE WORLD
U. S. Liberty Loan Bonds Are Hedged
About with Great Protection
to the Holder.

The law authorizing the issue of the
Liberty loan bonds of 1917 invest these
bonds with certain advantages which no
other bonds in the world, be they nation
al, state, municipal or corporate, possess
and makes them in many respects
uniquely desirable investment.
| These bonds are not taxable by the
nation, state, county or city; nor will
any war tax subsequently levied by the
United States during this war affect
them. State, county and city taxes often
amount to as much as three cents on
the dollar; the exemption from taxation
of these bonds makes them in such cases
equivalent to a 61a per cent investment.
An investment absolutely safe bring
ing in 81 per cent is exceptionally de-
sirable.
The holders of these Liberty loan
bonds are given the right, should the
United States subsequently during the
war issue bonds bearing higher rate
of interest, to exchange their Liberty
loan bonds at par for similar bonds bear
ing the higher rate. Holders OF Liber-
ty loan bonds are assured that their in
vestments will not be impaired in mar
ket value by coming in competition with
later issued bonds of the government
bearing a higher rate of interest.
There is yet another quality attach
ing to those bonds which gives them a
world wide value and character which
no other bonds in the world possess, and
which will not only create the widest
possible market for their sale when
normal times come again but which
will stabilize their value throughout the
world. This is best expressed by the
New York Times.
"One merit of the Liberty loan bonds
is the market which it will have. No
other bond will have equal value through
out the nation, or a like international
value. No other bond can be bought
and sold on universal quotation and
in leading centres in any amounts with
out spelling the market. There viii al !
says be bids and offers for the Liberty |
loan, and they may be cashed or |
bought with the greatest ease. The Lib |
erty loan will be related to the money |
market moro closely than other bonds,
and, furthermore, will be related to the |
gold market as consequence OF having |
an international market.
Government bonds are now being ex-
changed so generally and in such sums
that there is prospect of realization
Of the dream of the past that a sub
,titute could be found for international
shipments of gold on the balance of
merchandise exchanges. 1t is easier and
safer to ship securities than species and
he international relations are now be-
coming so intimate that bonds in safe
deposits may be sufficient from one side
# the ocean to the other. The Federal
Reserve bank now balances credits by
Geographic ordersv ON a gold fund at
Washington, without shifting the gold.
t is not difficult to believe that the re-
atoms between the Federal Reserve
'ank and the Bank of England may yet
Justify the control of information ex-
hanges in the same manner, under the
of an exchange of securities
S good as gold. II
These uses give a value to the Liberty
ban which can be shared with no other
onds. The modest holder of few hun
reds or thousands of the worlds pre-
her security may consider that such !
ses are nothing to him. That is a mis-
axe. He may not want the loan for
hose purposes, but the fact that the loan !
as such uses adds to its value in the ,
ands of even the smallest holders. The :
liberty loan is a national utility, who |
YER owns it, and its utility increases |
it'll the universally of its ownership. 7
The Liberty loan bonds are the pre- a
ier security of the world to-day. r