New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-01
Offering Probably Will Be
$4,000, 900, 900; Books to
Close November l
Details Not Arranged
McAdoo Asks Old Committees
to Get in Touch With
Federal Banks

WASHINGTON, Aug. 3l.-The open
inu OF the next Liberty Loan campaign
ha, been set tentatively by the Treas
ury Department for October /. Sub
scription books will close November l,
unless the programme is altered.
The amount, the interest rate, the
denominations Of the bonds and other
details will be announced after Con-
gress disposes of the pending bond BILL
Indications arc that the next offering
will approximate SO, 900 100000. Wheth-
er il will be advertised by the gov
eminent through paid newspaper space
is under consideration, but Secretary
McAdoo said tonight the cost OF sueh
an undertaking would exceed the APP
propriation now available for the pur-
nose. He added that there would be
no action until more light had been re-
ceived as to the cost OF an effective
advertising campaign and until Con-
rress had decided what amount wouio
be allowed for advertising for future
issues.
Half of Expense Fund Is Gone
Under the war revenue bill, passed
last April, 100000 was made avail
able for expenses Of floating s5,ooo,ooo'-
600 in bond. and $4,000, 100000 IN short
L.
rcported that about half already had
been disbursed in connection with the
Hots.ion Of the $1,000 900 Liberty
Bonds first offered and the certificates
Of indebtedness put out in advance Of
the loan.
In announcing the tentative pro
cramme for the second campaign, Mr.
McAdoo appealed to Liberty Loan COM
mittees TO perfect their organizations
and prepare for the next campaign by
getting in touch with the various Fed
ersl Reserve banks.
The Secretary's statement regarding
newspaper advertising said:
There seems TO be an impression
that the Treasury Department in he
first Liberty Loan campaign applied for
free advertising, or paid for advertis-
ing in some parers and not in others.
That is entirely erroneous. The Treas
ury Department did not ask newspaper
publishers for free advertising, be
cause | realize that the newspaper
only profitable comm odity is advertis-
ing space. and that there are many pa
r1k - g.. -.
advertising. especially in view OF the
high cost OF print paper.
Newspapers Cooperated Loyallv
Newspapers and press associations
Loyalty cooperated with the government
IN the inst Liberty Loan. News and
editorial columns we're devoted most
generously 10 the issue. They carried
ITS message into every home and de-
serve great praise for their service of
patriotism.
The people Of the country want 10
know the financial needs Of the GOV
eminent and the details Of the issues
or bonds. This is news. This infor-
nation was given to them in the most
comprehensive form possible. and the
newspapers and press associations have
the satisfaction OF knowing that they
contributed immeasurably TO the sue
cess OF the loan. Success could not
have been accomplished without their
aid and cooperation. have no doubt
that the government will have the same
genuine support from them in their
news and editorial columns in connec-
ton with the second issue.
The question OF paid advertising
presents a serious problem for the GOV
eminent. The value Of such advertis-
ing cannot be doubted, and if tho or
Grafton could be governed bv the same
considerations as those which deter
mine the action OF private enterprises
IT would be much simplifed. A private
enterprise may advertise in a selected
number of mediums most useful for its
purposes. and may control its expen-
ditures for that purpose without anv
limitation except its own desires or
ability to pay. II the government en-
cages in such q campaign it must ad
vertise in every newspaper and period
ical in America, without discrimination.
All must have equal treatment, and
should have equal treatment"