Bisbee daily review., 1919-03-13
APRIL T ID MAY ID SET
 FOR VICTORY.
 LOAN DRIVE
Three-Week Popular Cam paign Announced by Glass;
 Short Term Notes,to be Sold Interest Rate to Be Deter mined Later; Five Million Issue Will Be Offered
By Revtew Leased Wirel

WASHINGTON, March 12-The Vic tory Liberty loan campaign will open Monday, April q, 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 in- stead of longer term bonds. The amount of notes to be offered was not disclosed, but it has been generally understood that minimum of $5 ,0O0,- 100000 with the treasury reserving the TsEift to accept ali 0ter suDscfip- tiOns.
 Mir. 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 4 1-4 per cent, the interest rate on the third and fourth loans.
 Short Term Notes
 After studying financial conditions in all parts of the country" said S:r. Glass, 'I have determined that the in- terests of the United States will best be served at this time by the issuance of short term notes rather than of longer term bonds which would have to bear the limited rate of interest of 1-4 per cent
 "The Victory Liberty loan will therefore take the form of notes of the United States maturing in not over five years from the date of issue. These notes will be, as were the Lib- erty loan bonds, the direct promise to pay of the United States, will be is- sued both in registered and coupon form, and the coupon notes will be in final form and will have attach ed the interest coupon covering the entire life of the notes. l am hope fuI that the notes in final engraved form will be ready for delivery by the opening of the campaign on April 21-
 T am led to adopt the plan of is- suing short term notes rather than long term bonds largely because of the fact that I believe that shor' term issue will maintain a price at about par after the campaign is con- cluded far more readily than would a longer term issue.
 Interest Undecided
 q have not yet reached conclu sion as to the rate of interest and ex emptions from taxation which those notes will bear because this decision must be based on existing condition immediately prior to the opening oi the campaign.
 'T take this opportunity to repeal what have already stated, that It ls the intention of the treasury depart ment to carry on the same kind ol intensive campaign for distribution as heretofore. It would be most unIor tunate occurrence if tie people or the United States failed t0 take these notes, thus placing the burden of sub scription on the banks The business of the country looks to the banking system for credit wherewith to carr on its operations, and if this credit Il absorbed to a large extent by the pur chase of government securities, there will be many limitations placed upol the supply of credit for business pur poses.
 Credit Needed
 "Our merchants and manufacturer mad ample credit for settlhs sn so LSals Inf industry in motion U aoca time production and Oi9IIIo,u iso- and the wage earner IS ulI eC-I s-.a,astad in seeing that these Nilo0. 2.
 o ,eDt moving at normal IS.o - . Sa- that full employment aI so
 ooea nav continue, and where -l'S..g ILo nss='-.r,ont conditions have heC sd . oIowing Gown Of industry !" s.a1I1 important that actiVlty Do .I,
 -,ad and labor Te-emplOseN
 5a-Iieat possible moment