The weekly times-record. (Valley City, N.D.) 1912-1922, 1918-08-22
THE LIBERTY LOANS

The United States entered the war
on April 6, 1917. Eighteen days later
by practically unanimous vote Con-
gress passed the Liberty Loan Bond
bill. s@
On May 2 the First Liberty Loan
was announced, on May ii the details
we're made public, and on the 18th
the campaign began and closed one
month later. The issue was for
50, 600, 100000, the bonds bearing 81
per cent interest and running for
1880 years. The bonds carried the
conversion privilege, emitting the
holder, if he chose, to convert them
into bonds Of later issue bearing a
higher rate of interest Four and a
half million subscribers from every
section of the country, representing
every condition, race, and class of
citizens, subscribed for more than
So, 900, 100000 of the bonds. Only
81, 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-
lions, 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 bust
ness of that country occasioned by the
unprecedented demand upon its money
resources.
The Second Liberty Loan campaign
opened on October l, 1917, and closed
on October q. The bonds of this
issue bear 4 per cent interest and run
for 1925 years. They carry the con-
version privilege. It was announced
that so per cent of the oversubscrip-
ton would be taken Nine million
subscribers subscribed to $4,617, 532.-
600 of the bonds, an oversubscription
of 50 per cent. Only $3,8O8, 766, $50
of the bonds was allotted.
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, on eyear ex-
actly after our entrance into the war.
and closed on May 4. The bonds of
this issue bear Az 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 $4,000, O00,-
600. but the right was reserved, to ac-
Ecept all additional subscriptions
Seventeen million subscribers sub
scribed for S4,170,019,650 of the bonds
all Of which was allotted. 49,.
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 fnanc-
ing.
A little over year ago there was
some 100000 United States bondhold-
ers; there are now somewhere between
100000 and 25,OOO,OOO. Awaken
ed patriotism has made the American
people saving people, bond-buying
people. The effect of the Liberty
Loans on the national character, on
our national life, on the individual
citizen and our home life is immeas-
urable-of incalculable benefit. Not
less incalculable is their effect on the
destiny of the world as our ships pillow
the seas and our men and material in
Europe beat back the Hun.
The Fourth Liberty Loan campaign
will begin Saturday, September %,
and close October 10, No American
doubts its success: no good American
will fail to contribute to it's success.
The blood of our men fallen in Europe
calls to us; our answer must be and
will be worthy of them and our
country. r.
The new revenue bill which is being
framed by our national legislators is
to contain business tax-everyone
engaged in business will be required
to pay a tax of $40 up for the priv
ilege Of doing business on the amount
or volume of business. It is also to
contain a tax of $40 per year on bach
elors. The bill does not say anything
about the tax on spinsters and per-
haps the trainers of the bill, who are
to run for reelection this fall, are
somewhat tinid about taxing them.
Politicians are going careful even if
we do have to raise money to keep
this war going. Luxuries are going
to get touched up heavily in the new
bill. Ice cream, pop and all kinds of
soft drinks are to be taxed heavily,