Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1919-03-17
THREE WEEKS VICTORY
CAMPAIGN WILL OPEN
APR. 21 CLOSES MAY 10

II U
ANNOUNCED the dates for the Victory
loan camapign, which will open on
Monday, April 81, and close three
weeks later, Saturday, May 10. togetfi-
ler with the fact that short term notes
maturing iii not over five years would
be issued instead Of longer term
bonds Tho amount of notes To he
1offered was not disclosed, but It has
been generally understood that the
loan would be for d minimum OF So
1000 .00O, 900. with the treasury resers-
ling the right TO accept all oversub-
scriptians.
Mr.. Glass said the interest rate on
the notes and the amounts TO be ex-
tempted from taxation would not be
determined until d week Of two before
the campaign, as they would be based
upon financial conditions ait that time.
II was intirnated, however that the
notes might bear interest in excess Of
AZ per cent, the interest on the third
and fourth loans.
Secretary class Statement.
After studying financial conditions
Fla all parts 81 the country said Mr..
Glass, have determined that the in-
lterests 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
"A per cent
The Victory Liberty Loan there
fore 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
lof the United States, will be issued
+ both m registered and coupon form,
and the coupon notes will be In final
form and will have attached the inter
lest coupons covering the entire life Of
the notes am hopeful that the notes
LIN final engraved form will be ready
Tor delivery by the opening Of the
campaign on April II.
ii am led to adopt the plan Of issuing
short term notes rather than long
term bonds largely because Of the fact
that believe that a short term issue
will maintain 4 price at about par
after the campaign Is concluded far
more readily than would longer term
Issue.
II have not yet reached conclus-
ion as 10 the rate Of interest and ex-
emptiUns from taxation which those
notes will bear because this decision
must be based on existing conditions
Immediately prior 10 the opening Of
the campaign
10 Elate InfeHslYe Campaign.
81 take this opportunity 10 repeat
what have already stated. that It is
the intention of the Treasury Depart
unent TO carry on the same kind of in
tensiye campaign for a Itribution IS
Ihefet0f0re IL would be d most un-
fortunate occurrence IL the people 0f
the United States failed to take these
notes, thus placing the burden Of sub
scrfptlOns on the banks The business
|of the country looks to the banking
system for credit whefewith to carry
on its operations, and III this credit
is absorbed To i large extent By the
purchase of Government securities,
there viii be many limitations placed
upon the supply of credit for business
purposes. Our merchants and manu-
LECTURERS need ample credit for setting
the wheels Uf industry Id motion FOR
peace time production and distfibu-
Eti0n and the wage-earner Is directly
interested iii seeing that these wheels
are kept moving at normal rate IN
Iorder that full employment at good
wages nay continue and where read
lustment conditions have necessitated
i slowing down Of Industry II Is vitality
important that activity be resumed
and labor re-anpIoyed al the earliest
possible moment
Il, Therefore. ask the American peO-
PIE ones again 10 give their support
To their Government III order that this
great loan may be made an over
whelnaing success BY the widest posi-
bic distribution