The twice-a-week Twin Falls times. (Twin Falls, Idaho) 1916-1918, 1917-07-10

CEN treasury bonds at SO being Of
fered. The bonds are repayable from
January l, 1918, by half-yearly draw
ings at 10 per cent, and one-twen-
tieth of the total subscribed is to be
thus to be paid off each year. From
July, 1927, the treasury will have the
bonds 10 reimburse all outstanding
bonds at par, but at the same time ia
cility is given TO holders to exchange
their Az per cent bonds into 4 per
cent bonds to be paid off by drawings
at lis to the extent of one-twentieth
of the remaining total eve year.
Ten years later, in 1927, the balance
of the outstanding bonds can be paid
off at par, or, if holders so wish, con
verted into 81 per cents, payable
by drawings at 120 to the extent of
one-twentieth yearly. The idea is to
compensate the lowering of the inter
est rate by raising the price of reim-
bursement. The outstanding 81 per
cent bonds cOnnot be paid off before
1867, when the loans, including uncOn-
verted bonds, will be completely liqui-
dated.
In order to stimulate subscriptions,
the German newspapers published
charts claiming that Germany and
her allies had spent only $25, $780,
600, 900. The per capita burden IN
Germany was put at 1892, against
$337.5O for France and $402 for Eng
land. 1t was also claimed thai where
as Germany had expended only Sc per
cent of her national ven in war
costs, Great Britain had devoted 80
per cent for the same purposes.
1t was noted that the prospectus
of the sixth German loan spoke with
less confidence than preceding pros
pectuses of obtaining a war indem-
nifty for the repayment of war loans.
Yet Herr Heydebrand, chief of the
Conservative party, has declared that
the Empire will be ruined unless a
heavy war ransom be obtained. The
subscription lists subsequently pub
lished showed that the number of sub
scribers had diminished, while NUM-
cipalities, savings banks and diverse
State institutions had increased their
applications.
Among the efforts made by Ger
many to reduce her note circulation
is the attempt to organize an indi-
genous circulation in Belgium and
Poland and to withdraw the mark
notes. 1t will be remembered that
Germany arbitrarily removed from
the Belgium National Bank and the
Societe Generate Beige the $780, 00,-
600 of Reichszank and loan institution
notes held by these two establish
ments, which on December %, 1914,
were both invested with issuing rights
by the Germans.
VI. -.tIsAo- ,vttInrfffnn In nnI-
GUM having declared that the value
of the mark in that country shall be
the par rate of 1.25 francs, or about
so per cent higher than the quota
ton on neutral markets, the usual
result followed; the population hast
ened to get rid of all German notes
and are holding on to all notes Of
franc denomination.
In Poland the invaders first tried
to depreciate the ruble by assign
ing to it a value much too low in re-
lation to the mark, but the manoeu-
yer failed. The ruble has never
ceased to rise. In January, 1917, 1t
was being exchanged at Warsaw for
2.7O marks, a figure higher than its
metallic parity, which is only 2.17
marks.
Two banks have been founded IN
Poland. The Kovno Bank is a branch
of the Posen Bank of Commerce and
Industry. 1t is authorized to issue
bonds to the extent of 100, 100000 OF
of rubles guaranteed by letters of
exchange and German Treasury bills.
The Loan Bank of Poland, founded
at Warsaw in December, 1916, issues
notes denominsted in a new money
the Polish mark, to which is as
signed the value of the German mark,
The notes are guaranteed by Ger
many. 1t is hoped to have these
notes replace German notes so hat
the latter can be withdrawn to Ger
many. Since April, 1917, the Pol
ish mark alone has been recognized
as legal currency.
Workmen and clerks employed On
the Rhine ships or in the shipping Of
fees insist on being paid their wages
in florins. Also the crews of the boats
demand their pay in florins as soon as
the craft reaches Dutch waters.
Professor Weyedmann, of Berne, mas
revealed the fact hat a number Of
Germans have no confidence in IT, iii
country's monetary future; they have
transferred big sums to other coun
tries, particularly Switzerland, ant
exchanged them into other currency
so as to avoid losing through a fur
Their depreciation of the mark in thu
future: others have bought diamond
and pearls and deposited them in thu
vaults of foreign banks.