South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-05-30
j. s. To WAR ON
SPECTATORS IN
THRIFT STAMPS
Treasury Department to Re-
fuse Payment Except to
Original Purchasers.
Bv LOUIS LUDLOW.

Neus-Times Washington Correspondent
WASHINGTON. May 29.-The
treasury department is aroused over
extensive operations in various parts
OF the country by purchasers Of war
savings certificates. Drastic steps
are being taken 10 stamp out this
form OF speculation.
knowing hat under the law these
securities can always be redeemed
at postonices on ten days notice at
face value plus interest the specu-
lators had visions OF a rich harvest.
The plan was very simple. All that
was necessary was 10 buy the
stamps at whatever discount the i'm
pecunious holder was willing TO ac-
cept. which often was very consid-
cradle, then take them 10 the post
office and by a quick turnover get
the face value and accumulated in
terest
Secretary OF the Treasury Glass
told today Of the steps that have
been taken to curb these profiteers.
POstmasters are 10 refuse 10 cash
war savings certificates and thrift
stamps except when they are pre-
sented for redemption by the origi-
nal purchasers. The order issued to
pOstmasters by the pOstofice depart
MT, at the request of the SECRETARY
Il lie treasury, follows:
To Withhold Payment
"Postmasters are instructed not to
pay any war savings certificates pre-
sented by persons or firms known to
be buying or publicly offering TO
buy. war savings stamps or certi-
Gates from the owners. unless posi-
tive evidence is submitted that the
certificates were originally issued
20 the persons or firms presenting
them for payment"
The treasury said Sec'y Glass.
has been greatly concerned by the
receipt Of reports OF dishonest traf-
&c I'm war savings certificates and
stamps. These securities were not
intended 10 be negotiable and, for
the protection Of the owners in case
their necessities required. provision
was made for redemption Of war
savings certificates at postonices up
on ten days notice, at a fixed price.
representing the original purchase
price with an addition for interest.
No obstacles have at any time been
placed by the treasury in the way of
redemption of these war savings GER
tihcates and it should be generally
understood that the owner of Ger
tihcate has the absolute right to re-
deem IL in accordance with its terms.
ANY case OF refusal 10 make such
redemption. il brought TO the at
tention OF the treasury. will result in
prompt action.
Says L. :. Needs Money.
The government" added Sec'y
Glass. needs the money and hopes
the holders Of war savings certif-
Gates will retain them. but it will
place no obstacle in the way OF those
bona fde holders who request pay
ment. On the other hand the secre-
tary viii exercise every means within
the power Of the treasury. and has
asked the cooperation of the postOf-
fice department 20 prevent payment
being made 10 those rascals who are
buying the certificates and stamps for
less than their redemption value and
promptly turning them into the gov
eminent for redemption at a profit
ami serves notice upon those people
who are engaging in this disreput-
abIe business that this is the settled
policy Of the treasury.
II urge all patriotic holders Of
war savings certificates TO hold their
certificates if they can, and If they
cannot to avoid all dealers in war
savings certificates and redeem the
certificates through pOstonices."