Evening journal., 1918-06-17
six BILLIONS IN
WAR Certificates
McAdoo TO Offer $3.50, ,000,-
600 Worth Every Two
Weeks TO Banks
TWO BILLIONS MAY GO
TO GENERAL PUBLIC

WASHINGTON, June i7.-Short-time
Treasury certificates Of indebtedness
issued in anticipation Of tho fourth
Liberty Loan this fall and heretofore
taken wholly by banks, may be offer
cd to the general public this summer
10 the amount Of s2.0O0O0O,Oo0 and
bearing interest at the rate OF Az per
sent
This was disclosed by Secretary Nc
Adoo yesterday In a letter to banks and
trust companies throughout the coun-
try announcing the Treasury Depart
ments Intention OF Issuing s6,O00,OOOOOO
worth OF certificates during the next
four months TO meet government ex-
pendltures.
1T Is contemplated" says the secre-
tsry's letter, "that at convenient and
favorable period during the summer an
Offering Will be made 90 the general
public directly and through banks, or
on amount yet 20 be determined, per
baps s2O00.OOOOO0 OF certificates OF
suitable mslurities for use by taxpay-
ers In paying their next years taxes,
payable In June, 1919, and levied under
existing and pending legislation"
The Treasury Departments entire
plan for handling government expendi-
lures provides for the issue Of $4,000
10000 certificates between June % and
November at the rate OF s75O0O0000
every two weeks. The department will
follow this plan for the months OF July
and August as nearly rs possible.
The certificates viii be substantially
similar TO those issued before the third
Liberty Loan, except that they win have
Verlous maturisies not exceeding four
months
The FIRST issue will be dated June 25.
maturing October 25, With Interest at
az per cent, and the other issues Will
come along on Tuesday OF every other
week after June 25.
Details OF the proposed issues are
given as follows
'The flrst issue OF certificates viii
be dated June %, will mature October
p5 with interest at "a per cent, and
similar issues II Is expected VIII be
made on Tuesday OF every other week
following June 25. lt Is, however. con
templated that at a convenient and fay.
urahle period during the summer an or
rerIng Will be made TO the general pub
lic directly through the banks Of al
amount yet TO be determined, perhaps
f2,Oo0.OO0OO0, OF certificates OF suitable
msturities for use by taxpayers IN pay
ing next years taxes, viz, taxes payabl
June, 1919, levied under existing an,
pending legislation.
ITO the extent that certificates OF tha
a NIT NJ
equivalent reduction I'm the amount o.
the regusr fortnighily sale Of certin
Gates issued In anticipation Of the mex
Liberty Loan will be effected. In givlns
this timely advice OF the estimated re
quirements OF the treasury 10 all th'
banks OF the country and through then
10 those who expect TO make payment
Of taxes In 1919. It Is hoped that they
viii make arrangements promptly oI
such character that no delay will be
experienced in the sale and distribution
OF treasury certificates Of both issues.
'The Federal eserve banks win Rd-
wise sll National and State banks In
their respective districts Of the amount
Of certificates which they are expected
to take from time to time IN pursuance
OF this program, which amount can be
figured roughly TO equal 2h per cent. OF
the gross resources OF each bank and
trust company for every period Of two
weeks or a total Of 5 per cent. monthly.
II win be remembered that In the Feb
ruary program the amount which the
banks were asked 20 take was sub
stanually equal TO 2 per cent. Of their
gross resources for each period OF two
weeks or total OF per cent monthly.
The total number OF bi-weekly offer
ings Of certificates TO be made 10 the
banks viii somewhat depend upon the
amount 70 be raised from the public
through the sale Of tax certificates as
above described"