Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1918-08-14
THE LIBERTY LOANS.

The United States entered the wa
on April 6, 1917 Eighteen days late
by practically unanimous vote Con
gress passed the Liberty Loan Bon
bill.
On May . the First Liberty LOAF
was announced, on May IA the detail
were made public, and on the 18th tn,
campaign began and closed one montl
later. The issue was for $2.000.00O
600, the bonds bearing 31s per cen
interest and running for 15-30 years
The bonds carried the conversion priv
ilege. emitting the holder, if he chose
to convert them into bonds of a later
issue bearing higher rate of interest
Four and half million subscribers
from every section of the country, rep
resenting every condition. race. and
class of citizens, subscribed for more
50 900 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-
tions, and people generally in working
for it's success, and the heavy over
subscription of more than so per cent.
Another notable feature was that
there was no interruption to the busi-
ness 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 4 per cent interest and run
for 1875 years. They carry the con-
version privilege. 1t was announced
that so per cent of the over-subscrip-
tion would be taken. Nine million sub
cribers ssubscribed to $4,617 $500 of
the bonds, an oversubscription of 54 per
cent. Ouly S3,SOS, ,766 $50 of the bonds
was allotted.
This campaign marked with the
same enthusiastic support Of the pub
lie as it's 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 bear "A per cent. interest
and run for 10 years, are not subject
to redemption prior to maturity, and
carry no conversion privilege. The
loan was announced for $3,000,000, 900,
but the right was reserved to accept
all additional subscriptions. Seven
teen million subscribers subscribed for
S4,170,019,650 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 a great measure making
up their quotas earlier than the cities.
Secretary McAdoo pronounced this
loan the sOundest of national financ-
ing.
\ little over year ago there was
some 100000 United States bondhold
ars: there are now somewhere be-
tween 200O0,O0O and 10000 Awak
,ned patriotism has made the Ameri-
IAN people saving people, bond !
1uying people. The effect of the Lib
erty Loans on the national character,
IN our national life, on the individual |
citizen and our income life is i'm
neasurahle-of incalculable 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 2S,
md close October 10. No American
loubts its success; no good Ameri-
;an will fail to contribute to its sue
,ess. The blood of our men fallen in
Europe calls to US; our answer must !
)e and will be worthy of them and /
)ur country. |