The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-06-17
BANKS TO FINANCE
GOVERNMENT UNTIL
NEXT LIBERTY LOAN
Treasury Department to
Ask for Amount of
$4,000, 900, 900.
USE CERTIFICATES
Secretary McAdoo Out.
lines His Scheme.
Next Bond Issue in
Early October.
USE CERTIFICATES

Washington. June t6.----The
hanks and trust companies Of the
country will he asked tn finance
tho government to the extent OF
5000 600. 900 for period which
will intervene between June IS
and the next liberty loan, which
proba bly, will be fixed for the
first two weeks Of October.
Secretary Nc tdoo. In n circular
letter To tho banks and trust COM
panieS. outlines the scheme of
financing on certificates which
win tic called into play the latter
par ~ this month. lie says:
~ i've expenditures of the gov.
eminent as nearly rs can he esti-
mated will require the sale OF
certificates Indebtedness up to the
hrst OF November. 1918. aggregate
ing approximately $4,000. 900,
This would involve the issue every
two weeks NJ $3.50. 600 600 oil
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character tn those issued prior to
the third liberty loan. except that
they viii have yarfous maturities
not exceeding four months. For
the months of July and August
that program will he followed as
nearly as possible.
The first Issue of certificates
VIII he dated june Is; win mature
October -, with interest at 4 i-2
per cent. and similar issues. 1t
Is expected. viii he made on Tues
day of every other week follow
Ing June aS."
The general pubiic Is not to
he entirely cut cut OF parttctpa-
lion in these COVE rnmcnt loans.
Under a scheme worked out by
Secretary McAdoo. they win be
permitted large participation. and
the reason why Mr.. McAdoo urged
new war revenue legislation nj
this session OF congress becomes
more apparent In the probability
that certificates Of Indebtedness
will be sold to the public yainst
the taxes to be received nder
the new bill. Secretary Nc Adoo
says:
To Offer Certificates
TT IL contemplated that at a con
renient and favorable period durin
he summer. an offering will be mad
o the general public directly, an
through the banks. of an amount "
o be determined. perhaps $4,000. 600
300, of certificates Of suitable maturt
les for use by taxpayers in payin
aext years taxes"
National and state banks are es
,ected to take the certificates up 4
is per cent Of their gross resource
'or every period OF two we ks. or
,otal of about per cent monthly. l
lis letter to the banks and trust com
,anies, Secretary McAdoo makes tn
appeal to patriotism:
Already, more than 7oo,0 OF ou
tplendid American boys are on the so
II France. and many OF them ar
fighting among the herio
OF the western front FIRES
OF American troops ar
going forward to Franc,
md this stream win not stop unit
here is enough OF American mar
hood and valor on the battle line I
iefeat the kaiser and his minions, an
'orce peace upon the righteous bss
which will make secure the libertis
u mankind. American sons are d,
ng daily in those battles of Are an
poison gases that are now raging 1
France. The heart Of every Amer
,an must thrill with pride and ems
lion as he thinks OF the sacrifices OF
sons are making for our safety an
,ur liberty. The bankers of III
United States can render a peculiarl
helpful service to our gallant sons b
keeping the treasury OF the Unite
States supplied with the money r,
auired by the government to furnis
every American hero with the thinl
he must have to fight victoriously {
TO die glortously. am sure that r
patriotic banker In the United STATE
will fail to do his full need Of esser
tial service to his country and HI
rohle defenders"