Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-02-19
GLASS ANNOUNCES
APRIL q OPENING
DAY OF CAMPA|GN
TO Offer Sl,ort-Term Notes
in Floating Vic
tory Loan.
MARKET CONDITIONS WILL
GOVERN FORM OF ISSUE
Secretary of Treasury Will Have
Choice Of -Four Glasses
Of Securities.
CONDUCT INTENSIVE CAMPAIGN
Bond-Sclling Organizations OF For.
MGR Drives Pledged to re.
new Their Efforts.
MARKET CONDITIONS WILL
GOVERN FORM OF ISSUE
CONDUCT INTENSIVE CAMPAIGN
Bond-Sclling Organizations OF For.
mcr Drives Pledged to re.
new Their Efforts.
tBy Associated presg !

lBy fEboC!atcG PFeE2 !
WASHtNGTON. Feb. lS.--Short-
LcTm notes. maturing in from, one 10
nyc years. would DC offered in the
forthcoming Victory Liberty loan cam
paiSn instead OF lons-,erm notes an
day hy the HouEe Ways and Means
Committee 20 AK tho terms OF the loan
by legislation rather than 10 give Sec
rotary Glaas wide discretionary powers
TO determine them as he had asked.
A, the same time. Secretary Glass.
N statement explained that ,ho in
tensive popular campaign would be
conductcd as pianned. regardless o!
the terms arranged by Congress and
april 81.
The secretary had asked Congress
Tor authority to Issue either bonds or
ao;na as the market conditions 1T tho
,inc might warrant but members Of
.he committee concluded "a rcw loan
'Asuc would necessarily carry with 1t
such high rate Of interest that Imam
clal ma arkcta might he adversely af-
fected tor some time,
GIVEN oi'TIOT no CHOOSE
BETWEEN FOUR CLASSES
Under tho tentative agreement OF the
eorim;,,cc. reached in executive ses.
i!ngwc!l, 'of the Treasury. was present,
Secretary Glass would be given d!scrc-
,!oH q; issuing any one or several OF
icur kinds OF notes 70 be prescribed
th=se aonneso;sabie securities would
De limited probably 10 $1,000. .ooc, 600.
G! *hich the Treasury pow plans TO
.gSle only aDou; $4,000. 100000.
the principal features OF each Of The
ioGI kinds OF notes proposed Will be
~ follows:
Interest, possibly per cent. and exempt
from ali Federal ;a1ution; ono would
pe at Gomparaitvoly high rate. pos.
tiaderaI taxes; tic third would bear
moderate rate OF INTEREST," IA per
cent ty"a cs,cd---and be exempt
from normal .ncorne tax evies: the
foJTih would bc exempt from taxa
tion ro to'a certain amount.
COVER ALL TERMS WHICH
TREASURY NIGHT CHOOSE
These terms have no, sc, been de-
iincd. bnt Treasury officials said the
Treasury Department. They cover all!
tho possible terms which the Treasury
might choose. oven IL It had broad
discretion. {, was explained In de-
correspond with past Liberty loans.
ranging from $50 UP.
Tue Ways aud Means Committee also
decided tentatively not TO increase the
authorization for issuance OF bonds
from abou, $1,000, 900 TO $4,000
100000. This means that the Treasury
still would have power 10 issue up TO
$4,000 100000 in Liberty bonds at the
AZ per cen, rate OF tho last two loans,
and with the same terms.
VICTORY LIBERTY LOAN
WILL BEGIN ON APRIL FL
Secretary Glass statement. issued
tonight after announcement OF the
Ways and Means Committees action.
The Victory Liberty loan campaign
VIII begin not later than April u. The
ncratiye. and cannot be financed with
out such campaign. The form and
terms Of the securities 10 be issued
remain TO be determined. Whether
they be bonds or notes, il is abso-
iptely essential that tho widest pos
gihlo measure OF distribution be real
..ed,, This VIII neccssitate q campaign
OF the same charnctc: as that con-
'.nrted ip ,nift,. The past past through the
They have pledged again their united
support in order that the Victory loan
3onds or notes may be distributed as
This furnished the first official no.
disposed OF reports that @ an IA issue les Aed of
notes would be floa,ed iniy among
bankers rather than the general pub
LEGIsI.ATIoN WILL NoT
MATEREAtLE CHANGE PLANS
Even IL Congress finally adopts tho
tentative plans OF the House commit
iea e inc TreasuIys eai ~ Plans for the next
officials declared. Secretary Glass had
intended to make the bonds of short
maturity, but had asked for authority
TO issue up 10 100000 O,000 of notes
in addition, rates and other terms of
both bonds and notes to be deter
mined by the Treasury under blanket
authority by Congress.
Assistant Secretary Leifingwell, in
charge of fiscal matters, explained to
tho House committee the general
;crms which the Treasury had consid-
cred in case the blanket authority was
given. 1t is these terms which, in
effect, the committee desires TO pre-
scribe definitely in loan legislation.