The midland journal. (Rising Sun, Md.) 1885-1947, 1919-03-21
Campaign Will Last Three
Weeks, Says Glass
MATURE WITHIN FIVE YEARS
Interest Rate To Be Decided Shortly
Before Selling Begins-S5,-
100000, 900 Expected
Amount

Loan campaign will open MONDAY,
April 81, and close three weeks la
ter, Saturday, May 10.
Secretary Glass announced the
dates, together with the fact that
short term notes maturing in not
over. five years would be issued in
stead of longer term bonds. The
amount of notes to be offered was
not disclosed, but it has been gem
orally understood that the loan would
be for minimum of $4,000, 000,0 900
with the treasury reserving the right
to accept all oversubscriptions.
After studying financial conditions
in all parts of the country" said Mr..
Glass, II have determined 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 interest of n per cent.
short-Term Notes.
"The Victory Liberty Loan will,
therefore, take the form of notes of
the United States maturing in not
over five years from the date of is
sue. 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 notes
will be in final form and will have
attached the interest coupons COW
ering the entire life of the notes.
I am hopeful that the notes in final
engraved form will be ready for
delivery by the opening of the cam
paign on April 81.
81 am led to adopt the plan of issu-
ing short-term notes rather than
long-term bonds largely because of
the fact that I believe that short
term issue will maintain price at
about par after the campaign is con-
Guided far more readily than would
a longer term issue.
81 have not yet reached concur
sion as to the rate of interest and ex-
emptions from taxation which those
notes will bear because this decision
must be based on existing conditions
Immediately prior to the opening of
the campaign.
Intensive Campaign.
II take this opportunity to repeat
what have already stated, that it is
the intention of the Treasury Depart
ment to carry on the same kind of
intensive campaign for distribution
as heretofore. 1t would be a most
unfortunate occurrence if 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
to carry on its operations, and if this
credit is absorbed to large extent
by the purchase of government secu-
rites 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 production and
distribution, and the wage-earner is
directly interested in seeing that
these wheels are kept moving at a
normal rate in order that full en-
ployment at good wages may con-
tinue and where readjustment condi-
lions have necessitated slowing
down of industry it is vitality impor-
tant that activity be resumed and
labor re-employed at the earliest pos
sible moment.
81, therefore, ask the American
people once again to give their sup
port to their government in order
that this great loan may be made an
overwhelming success by the widest