The Hood River glacier. (Hood River, Or.) 1889-1933, 1918-09-05

ment, from the Treasury Department.
presents interesting facts about the
past loans
The United States entered the war
OF Aprll .. 1917. Eighteen days later
y d practically unanimous vote con-
bress passed the Liberty Loan Bond
bill.
On May , 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 81, OOO, UUO, 900.
the bonds bearing = Per cent interest
and running for l5-}n years. The bonds
carried the holder, If he chose, TO con-
vert them into bonds Of later issue
bearing a higher rate Of interest. -Four
and half million subscribers from
every section if the country, represent
ing every condition, race, and class Of
citizens, subscribed for more than
8, 600, 600, 900 Of the bonds. Only
3, 900, 600, coo was allotted.
The outstanding features of the First
Liberty Loan were the promptness
with which it was arranged and con-
Quoted. the patriotism of the newspa-
pers. banks, organizations, corpora
ti0ns and people generally IN working
for its success, and the heavy over-sub-
scription Of more than 30 per cent.
Another notable feature was that there
was no interruption to the business of
the country occasioned by the unprece-
dented demand upnn its money re-
sources.
The Second Liberty Loan campaign
opened on Ocotber l. 1917. and closed
on October q. The bonds of this issue
bear per cent interest and run for
1925 years They carry the conver-
sion privilege 1t was announced that
so per cent of the OversubscriptiOn
would be taken. Nine million sub
scribers subscribed TO 81 ,6l7, 532, 900 of
the bonds, an oversubscriptjon of 81
per cent. Only So, SOS, 766. $50 of the
bonds was allotted
This campaign was marked with the
same enthusiastic support of the public
as its predecessor The labor and fra
ternal organizations We're especially
active in this campaign, and the women
of the country did efficient organized
work which greatly contributed to the
success of the loan. The men in the
army and navy worked for and sub.
scribed largely TO the loan.
The Third Liberty Loan campaign
opened on April 8, 1918, one year ex.
actly after our entrance into the war,
and closed on May 4. The bonds of
this issue bear A per cent interest and
run for 10 years, are not subject to re-
demption prior to maturity, and carry
no conversion privilege. The loan was
announced for 50, 600, 600, 600. but the
right was reserved to accept all addi-
tional subscriptions. Seventeen mil
lion subscribers subscribed for 81, ITO, =
0l9. $50 of the bonds, all of which was
allotted.
A great feature of this loan was its
very wide distribution among the peo-
pie and throughout the Union and the
fact that the country districts prompt
ly and heavily subscribed to the loan,
in great measure making up their
quotas earlier than the cities. Secre-
tary McAdoo pronounced this loan the
soundest of national financing.
A little over a year ago there was
some 10000 United States bondholders
there are now somewhere between
90 600. 600 and 25, 900, 900. Awakened
patriotism has made the American peo-
pie saving people, a bond buying peo
pie. The effect of the Liberty Loans
on the national character, on our ma.
tonal life, on the individual citizen and
our home life, is immeasurable of ii.
calculabe benefit. Not less incalcula.
BILE is their effect on the destiny ot the
world as our ships pillow the seas anc
our men and material in Europe beat
back the hun.