The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1918-08-23
HON LIBERTY LOANS
HAVE BEEN FUI OVER
SINCE BEGINNING WAR
FIRST THREE WERE ENTIRELY
SUCCESSFUL AND ABSORBED
BY THE PEOPLE.
FEATURES THAT WERE POPULAR
Fourth Loan viii BE Launched On
September 20 - No American
Doubts Its Success; No Good
American Fail to Support 1t.

The United States entered the war
on April 6, 1917. Eighteen days later
by practically unanimous vot Con
gress passed the Liberty Loan Bond
bill,
On May the First Liberty Loan
was announced, on May IA the details
were made public, and on the 18th
the campaign began and closed one
month later. The issue was for
$2,0O0,000,0 900, the bonds bearing 3R
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
$3,000,OOO,00O of the bonds Only ST.
000,000,000 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-
tons, and people generally in working
for its success, and the heavy over
subscription of more than 50 per cent.
Another notable feature was that
there was no interruption to the bus
ness of the country occasioned by the
unprecedented demand upon its money
resources.
The Second Liberty Loan campaign
opened on October /, 1917, and closed
on October 81. The bonds of this
issue bear per cent interest and run
for 1925 years They carry the con
version privilege. 1t was announced
that so per cent of the oversubscrip-
ton would be taken. Nine million
subscribers subscribed to $l,617, 532,-
600 of the bonds, an oversubscripti0n
of 81 per cent. Only $3,S0S,7GG,150 of
the bonds was allotted.
This campaign was marked with the
same enthusiastic support of the pub
lie as its predecessor. The labor and
fraternal organizations were espc-
cially active in this campaign, and
the women Of the country did eff
cient organized work which greatly
contributed to the success of the
loan. Tho men in the Army AM
Navy worked for and subscribed
largely to the loan.
The Third Liberty Loan campaisn
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 AZ per cent interest
and run for 10 years, are no subject
to redemption prior to maturity, and
carry no conversion privilege. The
loan was announced for $4,000, 900 900,
but the right was reserved to accept
all additional subscriptions. Seyea-
teen million subscribers subscribed Tor
$4,17O.019,C50 of the bonds, all Of
which was allotted.
grelt feature of this loan was
its 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 great measure making
up their quotas earlier than the cities.
Secretary McAdoo pronounced this
loan the sounde3t OF national financ-
ine.
A little over n year ago there was
some 100000 United States bondhold-
ers; there are now somewhere
between 2O,O0O,OOO and 100000.