The sun., 1919-03-13
NEW LOAN DRIVE
OPENS APRIL 81
Campaign Will Run Three
Weeks, Closing May 10,
Announces Glass.
TWO SETS OF EXEMPTIONS
Issue Of Short Term Notes Is
Planned to Obtain
Needed Funds.
Speciol Despatch 10 THE SUI.

WASHINGTON. March 12.-Thc Vic
tory Liberty Loan campaign will he
opened Monday, April II, and will close
Saturday, May 10, a three weeks CAM
paign like the fourth loan. Official an
nouncement to this effect was made by
Secretary of the Treasury Glass to-
night.
Serious consideration is being given
to two interest rates and two sets of
tax exemptions in the new loan, which
will be in the form OF short notes This
is in line with the suggestion for the
Issuance of securities for both the rich
man and the poor one and TO distin-
guish between the two. The poor
mans issue would carry a higher in
terest rate. The notes would he tax
! able TO a greater extent than an issue
at n lower rate of interest. The poor
, man, having nothing to fear from
taxes, could take the higher rate. The
rich man because of tax provisions
would take the lower interest rate.
Text of Announcements.
After studying financial conditions
In all parts OF the country l have de-
termined that the interests 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
I interest OF ~ per cent.
The Victory Liberty Loan. therefore.
will 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 Liberty Loan bonds, the
direct promise TO pay OF the United
states will be issued both in registered
and coupon form, and the coupon notee
will be in final form and will have at
tached the interest coupons covering
the entire life of the notes ! am hope
! ful that the notes in final engraved form
will be ready for delivery by the open
/ ing OF the campaign on April 81.
: Il am led to adopt the plan Of issuing
short term notes rather than long term
bonds largely because of the fact that !
/ believe that short term issue will main
tain price at about par after the cam
paign Is concluded far more readily than
would a longer term issue,
II have not yet reached a conclusion
as TO the rate OF interest and eXemp-
tions from taxation which those notes
will bear because this decision must be
based on existing conditions Immediately
prior 10 the opening OF the campaign.
Urges People to Do Best.
Il take this opportunity to repea,
what have already stated. that II is the
intention Of the Treasury Department 10
carry on the same kind OF intensive
campaign for distribution as heretofore
1t would be a most unfortunate occur
renee IL the people of the United States
failed to take these notes. thus placing
the burden of subscriptions on the banks
{ The business Of the country looks to the
! banking system for credit wherewith tc
! carry on its operations and If its credit
is absorbed to large extent by the pur-
! chase of Government securities there
will be many limitations placed upon the
supply OF credit for business purposes
"Our merchants and manufacturers
need ample credit for setting the wheels
OF Industry in motion for peace time pro
duction and distribution, and the wage
Garner is directly Interested in seeing
that these wheels are kept moving at a
normal rate in order that fun employ
mcnt at good wages may continue, anC
where readjustment conditions have
necessitated "a slowing down of industry
II Is vitality important that activity be
resumed and labor reemployed at the
earliest possible moment.
Il therefore ask the American peopl,
once sgain.to give ths.S eupnort .S~;lSt'
Government in order that this grea
loan may be made an overwhe lining sue
cess by the widest possible distribution