New-York tribune., 1918-06-17
McAdoo Appeals to
Bankers to Back
Up Fighting Men
Sale of Certificates of In.
debtedness Will Be Re-
sumed This Month

Secretary McAdoo, in announcing
yesterday that the sale of Treasury
certificates of indebtedness would be
resumed late this month, called upon
the bankers of America to back up the
nations sons, who are dying daily in
those battles of fire and poison gases
that are now raging in France"
"The bankers of the United States,"
Mr.. McAdoo says, in notice just sent
to all incorporated banks and trust
companies in the country, "can render
peculiarly helpful service to our gal
liant sons by keeping the Treasury of
the United States supplied with the
money required by the government to
furnish every American here with
things he must have to fight victorious
" or to die gloriously. l am sure that
no patriotic banker in the United
States will fail to do his need of essen
tial service to his country and to her
noble defenders"
United States Needs $4,000, 900, 600
The Secretary of the Treasury esti-
mated that government expenditures
will require the sale Of certificates of
Indebtedness aggregating $6.000,0O0, 900
up to November /. "This," Mr.. Nc
Adoo points out, will involve the issue
every two weeks of about S75O,000,000
of certificates substantially similar in
character to those issued prior to the
third Liberty Loan, EXCEPT that they
will have various maturities not ex-
ceeding four months. For the months
of July and August that programme
will be followed as nearly as possible
"The first issue of certificates will be
dated June 25, and wifi mature October
rs, with interest at ~ per cent, and
similar issues. it is expected, will be
made on Tuesday of every other week
following June %.
1T IS, however, contemplated that
at convenient and favorable period
during the summer an offering will Be
made to the genera. public directly
and through the banks of an amount
yet to be determined, perhaps $2,O00,-
100000, OF certificates of suitable ma
turtles for use by taxpayers in pay
Ing next years taxes: viz, taxes pay
able June, 1919, levied under existing
and pending legislation.
10 the extent that certificates of
that character are sold substantially,
an equivalent reduction in the amount
OF the regular fortnightly sale of cer-
tlhcates issued in anticipation of the
next Liberty Loan will be effected. In
,o1x al, IL
tlmated requirements of the Treasury
to all the banks of the country and
through them to those who expect to
make payment of taxes in 1919, it is
hoped that they will make arrange
ments promptly of such a character
that no delay will be experienced in
the sale and distribution of Treasury
certificates Of both issues.
Allotting Quotas
"The Federal Reserve banks will ad-
wise all national and state banks in
their respective districts Of the amount
OF certificates which they ore expected
to take from time to time IN pursuance
of this programme, which amount can
be figured roughly to equal 213 per
cent of the gross resources of each
bank and trust company for every
PSA 'oN vi wv WCChSy Oi d tOCAl OIL per
cent monthly.
ut will be remembered that in the
February programme the amount which
the banks were asked to take was sub
stantially 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 b;-weekly Of
ferings of certificates to be male to
! the banks will somewhat depend upon
the amount to be raised from the pub
lie through the sale of tax certificates
as above described.
"Already more than 100000 of our
splendid American boys are on the soil
of France and many of them are actu-
ally fighting among the heroic defend
ers of the Western front. French con-
tingents of American troops are con-
stantly going forward to France, and
this stream will not stop uAtil there is
enough Of American manhood and
valor on the battle line to defeat the
Kaiser and his minions and force peace
upon the righteous basis which will
make secure the liberties of mankind
Americas sons are dying daily in those
battles of fire and poison gases that
are now raging in France. The kcart
of every American must thrill with
pride and emotion as he thinks of the
sacrifices our sons are making for cuI
| safety and our liberty"