The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1919-04-16
COVENANT OF LEAGUE
IN COMPLETED FORM
Official Summary Issued
Saturday
MONROE DOCTRINE
IS SAFEGUARDED

'"' "hhtAcu 10 Tie covenant and
the Way Is Left Open for Additional
Members in the Future.
Washington, April 13.-Tcrms Of tho
Victory liberty load were announced
today by Secretary Glass. They are:
Amount $4,50O,00O 900, over sub
scriptions to be rejected.
Interest, 43-4 per cent for partial
ly tax exempt notes, convertible into
"-4 per cent notes wholly tax exempt
Maturity, four years, with the Trea-
sury rcserving the privilege of re-
deeming the notes in three years.
The 3 3-4 per cent notes, to be is
sued later, also may be converted
subsequently back into 4 "a per cent
notes.
The 3-4 per cent securities are to
be exempt from State and local tax
alton, excepting estate and inheritance
taxes, and from normal rates of Fed
eral income taxes. The 8 3-4 per cent
securities are exempt from all Federal,
State and local taxes except estate and
inheritance taxes.
The size Of the loan was much
smaller than had been anticipated
J by most financial observers, who look
ed for an issue OF about $4,000 OOO,-
900, particularly in view Of Secretary
Glass past statements that the loan
would be five or six billions
This will be the last liberty loan,
Secretary Glass explained, although
there will be other issues of govern
ment securities to finance belated war
expenses. These will not be hoatcd
by popular campaigns.
None Of the past issues of liberty
bonds are convertible into victory loan
notes, and there are no spccfc pro-
visions in the terms Of the Victory is
sue serving directly to maintain mar
kct prices Of past issues.
In many communities the selling
campaign already has begun actively,
withou, formal acceptance of sub
scriptions, said reports today to the
Treasury, although the official open
ing date is April 81 one week from
three weeks until May 10.
In fixing the terms OF the issue"
said Secretary Glass announcement
OF the Victory loan, "thc Treasury has
been guided largely by the desire to
devise a security which will not only
prove attractive to the people OF the
country in the first instance but the
terms of which should insure a good
market for the notes after the cam,
paign is over and identical prices for
tho existing bonds Of the liberty loan.
This will be the last liberty loan.
Although as the remaining war bills
are presented further borrowing must
be done, | anticipate that the require
mcnts Of the government in excess Of
the amount Of taxes and other income
can, in view Of the decreasing scale OF
expenditure, be readily financed by the
issue of Treasury certificates from
time 10 time, as heretofore which may
be ultimately refunded by the issue of
notes or bonds without the aid of an
other great popular campaign such as
has characterized the liberty loans.
II am sure that the people of AM
erica will subscribe to this Victory
loan in the same spirit OF patriotism
which they have shown in the past TO
the end that the notes may be as wide
~ distributed as possible, and that
our banking institutions may be left
free to supply the credit necessary for
the purpose Of industry and commerce
and the full employment OF labor. Let
the world see that the patriotism OF
America, out OF their boundlcss re-
sources, and with the same enthusiasm
and devotion to country with which
they prosecuted the war TO victorious
conclusion, are determined to finish
the Job
Terms OF the loan were explained
as follows:
The Victory liberty loan. which
will be offered for popular subscrip-
ton on April 81, Will take the form
Of -four md three Quatcra pcr cent
throe-four year convertible gold notes
OF the United States, exempt from
State and local taxes, except estate