The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1918-08-17
THE LIBERTY LOANS.

by practically unanimous vote Con-
gress passed the Liberty Loan Bond
bill.
On May 2 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 $2,00O,0O0,-
600, the bonds bearing S11 per cent in
terest and running for 1880 years.
The bonds carried the conversion
privilege, emitting the holder II he
chose, to convert them into bonds OF
a later issue bearing higher rate OF
interest. Four and half million sub
scribers from every section OF the
country, representing every condition,
race. and class OF citizens. subscrib-
ed for more than sS,O00OOO,O 900 OF the
bonds. Only $4,000 100000 was allot-
ted.
The outstanding features OF the first
Liberty Loan were the promptness
with which IL was arranged and con-
Quoted, the patriotism of the newspa-
pers, banks, corporations, organiza-
tions. and people generally in working
for its 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 the country oceasioned by the
unprecedented demand upon It's money
resources.
The Second Liberty Loan campaign
opened on October !, 1917, and closed
on October q. The bonds of this Is
sue bear per cent interest and run
for 1925 years They carry the con-
version privilege. II was announced
that so per cent OF the oyersubscrip-
ton would be taken. Nine million
subscribers subscribed TO $4,6l75S2,-
900 of the bonds, an oversubscription
OF "a per cent. only $S,S0s, 766,l5O Of
the bonds were allotted.
This campaign was marked with the
same enthusiastic support OF the pub
lie as its predecessor The labor and
fraternal organizations were especialt
ly active in this campaign. and the
women of tile country did efficient or
ganized work which greatly contribut-
ed 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, 1913, one year ex-
actly after our entrance into the war
and closed on May A. The bonds OF
1his issue bear Az per cent interest
Ind run for 10 years, are not subject
10 redemption prior TO maturity, and
carry no conversion privilege. The
loan was announced for $3,OOOOOO,-
900, but the right was reserved to ac-
cept all additional subscriptions. Sew
enteen million subscribers subscribed
for S4.17O,O19,65O Of the bonds, all OF
which was allotted
A great feature Of this loan was its
very wide distribution among the peo-
pie and throughout the Union and the
fact that the country districts prompt
" and heavily subscribed to the loan,
i'm great measure making up their
quotas earlier than the cities. Secre-
tary McAdoo pronounced this loan the
soundest Of national financing.
A little over year ago there was
some 100000 United State bondhold-
ers: there are now somewhere be-
tween 20. 100000 and 25,OOO,O0O Awak-
ened patriotism has made the Ameri-
can people saving people, bond
buying people. The effect OF the Lib
erty Loans on the national character,
on our national life, on the individual
citizen al 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 Is,
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 coun-
try.