New-York tribune., 1918-03-27
1t VIII Be for Larger
Amount, However, Than
Any Preceding
McAdoo Tells Plans
ST. 500, 100000 More To Be
Set Aside for Loans to
the Allies

night by Secretary McAdoo, provide for
d long period of rest from bond issues
after the third loan of $4,000, 100000
next month, and for floating of the
fourth Liberty Loan next October or
November
The amount of the fourth loan prob
ably will be greater than any Of those
that have gone before aud to prepare
for it the Treasury next summer prob
ably will start the issuance of certiti-
amounts TO clear the way for these
certificates the House Ways and Means
Committee to-day tentatively approved
raising the authorized limit of out
standing certificates from $4,000,-
100000, as at present, to $4,000, 1000 900.
$l,50O, ,OOO, 900 More for Allies
Loans to Allies will be continued
during the next fiscal year, which
starts July /, and although more than
$2,O0O,O00,0 600 authorization Tor this
purpose still remains, Congress, at the
Secretary's request, is expected to ap-
prove extension of further credits in
81 500 100000. Mr.. McAdoo estimates
that this will be sufficient to fill Allied
needs until October, and another au-
thorlZatlon will be asked of Congress
before the amount Is used up. Actual
credits and payments are made at the
Secretary's discretion, subject only to
The limitations imposed by the act of
| Congress.
IN the same way, the amount of GER
tlhcates of Indebtedness actually to be
issued depends on Secretary McAdo0's
decision, and it is regarded as entirely
likely that he would not have outstand-
ing at one time the entire So 900 900 900
which may be authorized by Congress.
Ninety Days Usual Issue
These are usually issued for ninety
day periods, and are redeemable at
times when receipts from Liberty loans
or taxes are heavy.
Secretary McAdoo will appoar to-
Committee to explain further the de-
talls of the bill under cons liberation,
providing for additional authorization
Of the issuance of 81 1900 900 coo Lib
orty Bonds, of more certificates and
Allied loans.
The Secretary tonight explained
That he plans to issue Third Liberty
ionds in denominations Of $50. 500.
5000 and 81 200, as in the first and
second loans, and that terms Of pay
ment in instalments will be substan-
tally the same as in the past For
the second loan 2 per cent Of the sub
scription was due at the time the sub
scrlption was made, Is per cent two
weeks after the loan campaign closed,
1O per cent one month later, and the
hnal 4O per cent one month after that.
To Have $50 Bonds
The Secretary's statement disposed
of reports that the 500 BABY Bond"
might be abandoned in the third loan
for the purpose Of encouraging invest
ment OF such small amounts in war
savings stamps.
The function OF the war savings or
eanization throughout the country was
clearly defined by Mr.. McAdoo tonight
in a statement addressed to Liberty
Loan and war savings workers. Both
are to cooperate. The war savings cam
palgn is not to be slackened, but sale of
Liberty bonds is to be the main object
I'm the coming Liberty Loan drive"
said the Secretary, "the war savings or
CARNATIONS should continue their ef-
forts in the formation of war savings
societies, educational work in the
SCHOOLS and general thrift propaganda.
Ihelr actua selling organizations
should, however, be combined and co.
ordlnated with that of the Liberty Loan
organization, to the end that during
this period sales of government So.
curities, both Liberty bonds and war
savings stamps, should be made in the
largest amounts possible to each ndi-
vidual buyer, but the purchase of Lib
erty Loan bonds rather than war saw
lngs stamps, should during this period
be the main object. To this end during
this period all donated advertising
space should be donated to Liberty
Loan offerings.
"lhe first effort of both the Liberty
Loan and war savings organizations
during the coming drive should be to
sell Liberty Loan bonds, and no men,
per or the war savings organizations
should endeavor to divert a purchaser
OF Liberty Loan bonds to the purchase
or war savings stamps. On the other
hahd, there are persons who are unable
10 puy Liberty Loan bonds, and all
these persons should be urged to buv
war savings stamps
Encourages Part Payments
W ith regard to partial payment sub
scrlptlons to Liberty loan bonds. these
should be encouraged, but where en-
ployers of labor or others have formed
efhclent war saving societies which
are actually obtaining systematic and
/ adequate subscriptions to war savings
stamps, this work should not be inter
lered with by an endeavor to super
sede the war savings societies by the
'ntroductlon Of the partial payment
plan TOR subscriptions to Liberty
Lean bends. Such war savings soci
cites should make every possible en-
doaVor to promote the sale not ONLY Of
war savings stamps, but Liberty bonds
curing the coming drive.
Ihe loyal army of workers in both
lheSe organizations must realize that
fhey are working for a common causn
.hough by different methods; that e,,ch
IS part Of the Treasury Department
iorce. and that each is under Trcasurv
Department control
Urges Unity of Purpose
"Complete harmony and unity of
purpose helps both organizatjons IN
the attainment of the purpose of each
the successful financing of the war
on a sound basis"
About Sl20,000,O0O worth of Thrift
and War Savings Stamps have been
sold since the movement was star;oJ
December 3.
Many messages expressing surprise
and qualification at the comparativnlv
small size of the Third Liberty T,o,n
ana the interest rate of A., ner cen.