Norwich bulletin., 1919-03-13
Victory Loan Drive
 Apr1 q to May Il
ear Notes May Bear Interest in Excess of Az Per Cent, Glass Says.

Washington, March 12-The Victory Liberty loan campaign will open Mon day, April 21, and close three weeks later, Saturday, May 10.
 Secretary Glass announced the dates tonight, together with the fact that short term notes maturing in not over five years would be issued instead of longer term bonds. The amount fo notes to be offered was not disclosed, but it has been generally understood that the loan would be for d minimum of S5,000, 000,0 900, with the treasury re- serving the right to accept all over subscriptions.
 Atr. Glass said the interest rate on the notes and the amounts to be ex- empted from taxation would not be determined until a week or two before the campaign, as they would be based upon financial conditions at that time. It was intimated however, that the notes might bear interest in excess of 1-4 per cent. the interest rate on the third and fourth loans.
 After studying financial conditions in all parts of the country said MT. Glass. T have determined that the in terests of the United States will best Ee served at this time by the issuance of short term notes rather than Of longer term bonds which would have to l bear the limited rate of interest of l 1 1-4 per cent. The Victory Liberty loan will there 1 fore take the form of notes of the United States maturing in not over five 1 years from the date of issue. These notes will be, as were tie Liberty loan i bonds. the direct promise to pay of the l United States will be issued Jcth iT registered and coupon form, and the l coupon notes will be in final form anC will have attached the interest coupons l covering the entire life of the notes | I am hopeful that the notes in ina engraved form will be ready for dellV-
 cry by the opening of the campaign o1 1 April q.
 T am led to adopt the plan of is suing short term notes rather tha1 long term bonds largely because of th' fact that l believe that short tern issue will maintaina price at about pa
 after the campaign is concluded ia
 more readily than would longe term issue.
 T have not yet reached q conclu ! sion as to the rate of interest and ex
 emption from taxation which thos notes will bear because this decision must be based on existing condition immediately prior to the opening of [ h
 campaign.
 T take this opportunity 10 feped what I have already stated, that it , the intention of the treasury depart ment to carry on the same kind of in
 tensiye campaign for distribution a !; heretofore It would be a most unfor tunate occurrence if the people of tn 7 United States failed to take thes , notes, thus placing the burden of suil scriptions on the banks The bushes | of the country looks to the bankin I system for credit wherewith to carr on it's operations, and if it's credit , absorbed to a large extent by the pun chase of government securities. theI : .rsB he many limitations placed upo the supply Of credit for business pun } poses.
 f T therefore ask the American peop,
 once again to give their support
 their government in order that tn
 great loan may be made an oVel 7 whelming success by the widest pos sible distribution"