The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1918-08-16
THE LIBERTY LOANS

The United States entered the wal
on April 6, 1917. Eighteen days lat.
| er by a practically unanimous vote
Congress passed the Liberty Loar
Bond bill.
On May 2 the first Liberty Loan
was announced, on May IA the details
were made public, and on the 18th
the campaign began and closed one
month later. The issue was for ST.
100000, 900, the bonds bearing 3 10
per cent interest and running for IS
30 years. The bonds CARRIED the con-
version privilege, emitting the holder,
If he chose, to convert them into
bonds of later issue bearing a high
er rate of interest. Four and a half
million subscribers from every Sec
ton of the country, representing ev-
cry condition, race and class of citi-
zens, subscribed for more than 49,
600 100000 of the bonds. Only ST.
O00, 100000 was allotted.
The outstanding features of the
First Liberty Loan were the prompt
ness with which it was arranged and
conducted, the patriotism of the news
papers, banks, corporations, organiza-
tons, and people generally in working
for its success, and the heavy over
subscription of more than SO per
cent. Another notable feature was
that there was no interruption to the
business of the country occasioned by
the unprecedented demand upon its
money resources.
The Second Liberty Loan campaign
opened on October 1, 1917, and closed
on October 27. The bonds of this is
sue bear per cent interest and run
for 1925 years. They carry the con-
version privilege. 1t was announced
that 30 per cent of the oversubscrip-
ton would be taken. Nine million
subscribers subscribed to $4,617, 432,-
600 of the bonds, an oversubscription
of 81 per cent. Only $3,808, 755, $50
of the bonds was allotted.
This campaign was marked with the
same enthusiastic support of the pub
lie as its predecessor. The labor and
fraternal organizations were espe-
cially active in this campaign, and the
women of the country did efficient
organized work which greatly con-
tributed to the success of the loan.
The men in the Army and Navy
worked for and subscribed largely to
the loan.
The Third Liberty Loan campaign
opened on April 6, 1918, one year ex-
actly after our entrance into the war,
and closed on May 4. The bonds of
this issue 4 1-2 per cent interest and
run for 10 years, are not subject to
redemption prior to maturity, and
Gerry no conversion privilege. The
loan was announced for $4,000, 00O,-
900, but the right was reserved to ac-
cept all additional subscriptions. Sew
enteen million subscribers subscribed
for $4,170,019,650 of the bonds, all of |
which was allotted.
A great feature of this loan was
it's very wide distribution among the |
people and throughout the Union and |
The fact that the country districts |
promptly and heavily subscribed to
The loan, in great measure making |
Up their quotas earlier than the cities. |
Secretary McAdoo pronounced this
oan the soundest of national financ-
ng.
A little over year ago there was
'ome' 100000 United States bondhold-
srs; there are now somewhere be-
,ween 100000 and 25,000, 900.
Awakened patriotism has made the
American people saving people, a
,ond-brying people. The effect Of the
Liberty Loans on the national charac-
er, on our national life, on the indi-
'idual citizen and our home life is i'm
neasurable-of incclculable benefit.
Not less incalculable is their effect on
he. destiny of the world as our ships
blow the seas and our men and ma
erial in Europe beat back the Hun.
The Fourth Liberty Loan campaign
will begin Saturday September 28,
nd close October 10. No American
oubts its success; no good American
will fail DO contribute to its success.
he blood of our men fallen in Europe
alls to us; our answer must be and
7ill be worthy of them and our corn-
ry.