Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1918-01-24
ANTICIPATING ISSUE
NEXT LIBERTY loan
U. 5. Placing S4OO,OOO,OOO Treas
ury Certificates
BANKS MUST CUT CREDITS
Var Necessity Is Test To Be Applied
SIS, 600 Exemption From
Surtaxes Allowed.

The bankers OF the nation have been
advised 10 make ready for the next
Liberty Loan. which will be launched
early il the spring. The Secretary OF
the Treasury has announced the offer
ing of s400.e00.000 Of United States
Treasury certificates Of Indebtedness
bearing interest at A per cent and pay
able April 70, 1918. The subscription
books are 10 close January %.
Tie Liberty loan Committee, ex-
planning the issue. has issued the fol-
loving:
This Offering is q signal 70 the
country to make ready for the next
Liberty Loan TO finance the govern
meut in the further conduct of the
war. All banks should so conduct
their affairs from now on as 10 place
the war needs Of the government be-
fore all other consideration, whether
OF a public or private nature.
War Needs To Govern Credits.
DAY BY day and more and more
banks viii be compelled by the high
est OF obligations to govern all extern
sions OF credit by the measure Of war
necessity. and every demand for cred
Il should be tested by the question,
Is it necessary for the conduct OF
She war and the safety Of the nation?'
The winning OF the war is the chief
business Of the nation and no half
way measures can be successful.
George J. Seay governor of the
Federal Reserve Bank Of Richmond.
has sent TO member banks letters urg-
ing them to make and obtain the most
liberal subscriptions possible TO this
issue Of certificates of Indebtedness.
"The certificates will be exempt
both as to principal and interest from
all taxes now or hereafter imposed by
the United States, any State or any OF
the possessions Of the United States,
os By any local taxing authority ex-
cept:
"(a) Estate or Inheritance taxes,
and
. "(b) Graduated additional income
taxes, commonly known as surtaxes,
and excess profits and war profits
taxes now or hereafter imposed by the
United states upon the income or
profits of individuals, partnerships, as
sociation or corporations.
$4,000 Exempt From Surtaxes.
"The interest on an amount Of bonds
and certificates the principal Of which
does not exceed in the aggregate S.
0O0 owned by any individual. part
nership, association or corporation
shall be exempt from the taxes pro-
vided for In Glass B above.
Upon 10 days public notice, given
in such manner as may be determined
by the Secretary of the Treasury, this
series OF $500 100000 may be redeem
ed as a whole at par and accrued in
terest on and after any date occurring
before maturity Of such certificates
set for the payment Of the first in
stallment of the subscription price Of
any bonds offered for subscription by
the United States hereafter and before
the maturity of such certificates.
"The certificates OF this series,
whether or not called for redemption
will be accepted at par, with adjust
ment of accrued interest, IL rendered
on such installment date in payment
on the subscription price then payable
of any such bonds subscribed for by
and allotted to holders of such certif-
Gates"