The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1918-06-22
next LIBERTY LOAN.
CERTIFICATE OF INDEBTEDNESS
ISSUES TO BEGIN JUNE 25.
McAdOO Announces the Covnrnnont,s
Financial Program for Next Six
Months.

Washington, June 16.-The govern
ment's financial program for the next
four months was disclosed today by
Secretary McAdoo's announcement
mat IN preparation for the fourth lib
erty loan, to be fioated probably in
October about $4,000, 900, 900 certifi-
ctaes Of indebtedness will be issued
They will be offered in blocks of $780,
100000 each, every two weeks, begin
ming June 25.
Every national bank and trust COM
pany is asked to assist the government
by subscribing per cent of its
gross resources monthly The certifi-
Gates will bear 1-2 per cent interest
like those preceding the third liberty
loan, and will have varying maturity
periods, none exceeding four months.
In addition, an undetermined guam
tity-perhaps $4,000, 100000 of tax
certificates, will be issued during the
summer for use in paying taxes a
year from now.
The announcement of this program
indicated that the fourth liberty loan
will be for at least $4,000, 100000, the
exact amount depending on govern
ment expenditures in the next few
months. The treasury already has es-
timated these roughly at about $12,-
600, 100000 between July and next
January /.
] The sale of certificates under the
| plan in effect during the past year
amounts virtually to borrowing in ad-
vance from banks on projected popu-
lar war loans or tax collections, and
periodically refunding these short
terms in long term liberty bonds. De-
pository banks make 1-2 per cent.
net.
The future financial program was
announced at this time to enable
banks to prepare for the government
demands. In a letter to the president
Of each of the $500 national banks
and the 10000 State institutions. Sec
reetary McAdoo said:
THE expenditures OF the govern
ment, as nearly as can be estimated,
will require the sale of certificates of
indebtedness up to the first of No
! vember, 1918, aggregating approx
mately $6,0O0.0O0,CO0. This would in.
volve the issue every two weeks Of
about $750,0G0,00O OF certificates sub
stantially similar in character to thos
issued prior to the third liberty loa,
except that they will have various m;
turtles not exceeding four month
For the months of July and Augu
that program will be followed
nearly as possible.
THE first issue Of the certificas
will be dated June 25; will mate
October 25, with interest at four ID ]
a-half per cent and similar issuest ]
is expected, will be made Tuesdapf ]
every other week following June5. S
1t is, however, contemplated thaat t
a convenient and favorable ped, c
during the summer an Offering wibe t
made to the general public dirily, q
and through the banks, of an arunt t
yet to be determined, perhaps $780,
OOO,O 600 Of certificates of suitablena- t
TURTLES for use by taxpayers ipay-
ing next years taxes, viz, tax rable
June, 1919, levied under eXisti and
pending legislation. To thextent
that certificates of that charar are
sold, subsequently an equival; re-
duction in the amount of Irregular t.
fortnight sale of certificateissued d
in anticipation Of the next liby loar "
will be effected o.
I'm giving this timely adv of the ST
estimated requirements of threasury ia
to all the banks of the cory. and d,
through them. to those whGpect to b,
make payment of taxes in 49, it is
hoped that they will malarrange- ne
ments promptly Of such character m
that no delay will be exrenced in al
the sale and distribution certificates hi
Of both issues. va
The federal reserve bas will adj tn
wise all national and Stabanks in ca
their respective districts one amount fr'
o: certificates which theye expected tic
20 take from time to ti in pursu- sic
ance of this program, 'ch amount alb
can be figured roughly equal 2 IL tri
per cent of the gross repts of each fol
| bank and trust comH for every M;
period Of two weeks, total of 5 cul
per cent. monthly alb
THE bankers Of th,nited States wo
can render n peCulia helpful SER bu