Greene County herald. (Leakesville, Miss.) 1898-current, 1919-03-21
FINAL POPULAR SECURITIES CAM
PAIGN DATES ARE NAMED-To
RUN TWENTY DAYS.
WILL ISSUE LIBERTY NOTES
Short Term Securities Which Can Be
Converted Into Long Term Bonds
To Be the Only securi-
ties Issued.


loan campaign will open Monday, April
81, and close three weeks later-Sat
urday, May TO-
Secretary Glass announced the dates
together with the fact that short term
notes maturing in not over five years.
would be issued instead of longer
term bonds. The amount of notes to
be offered was not disclosed, but II
has been generally understood that the
loan would be for a minimum of S.,
000,000,000, with the treasury reserving
the right to accept all over-subscrip
tions
Mr. Glass said the interest rate on
the notes and the amounts to be ex
empted from taxation would not be de
termined until week or two before
the campaign, as they would be based
upon financial conditions at that time
1t was intimated, however, that the
notes might bear interest in excess OF
Az per cent, the interest rate on the
third and fourth loans.
"After studying financial conditions
In all parts of the country" said Mr..
Glass, II have determined that the in.
terests of the United States will be
best served at this time by the issu
ance Of short term notes rather than
of longer term bondstwhich would have
to bear the limited rate of interest Of
AZ per cent.
The Victory Liberty loan will there
fore take the form Of notes of the
United States maturing in not over
five years from the date of issue.
Those notes will be, as were the Lib
erty 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 inter
est coupons covering the entire life Of
the notes. l am hopeful that the notes
in final engraved form will be ready
for delivery by the opening of the
campaign on April Il.
II am led to adopt the plan of issu
ing short term notes rather than long
term bonds largely because OF the fact
that believe that short term issue
will maintain price at about par after
the campaign is concluded far more
readily that would be longer term
issue 6
Il have not yet reached a conclusion
as to the rate of interest and exemp.
tions from taxation which those notes
will bear, because this decision must
be based on existing conditions imme.
diately prior to the opening of the
campaign.
Il take this opportunity to repeat
what | have already stated, that 1t is
the intention of the Treasury Depart.
ment to carry on the same kind OF in
tensive campaign for distribution as
heretofore. 1t would be most un-
fortunate occurrence II the people Of
the United States failed to take these
rotes. thus placing the burden of sub
scription on the banks. The business
of the country looks to the banking
system for credit wherewith to carry
en- its operations, and If this credit is
absorbed to a large extent by the pur.
chase of government securities, there
will be many limitations placed upon
the supply of credit for business pur-
POSES. Our merchants and manufac-
turers need ample credit for setting
the wheels of industry in motion for
peace-time production and distribution
and the wage Garner is directly inter
ested in seeing that these wheels are
kept moving at normal rate in order
that full employment at good wages
may continue, and where readjustment
conditions have necessitated slowing
down Of industry, it is vitality impor.
tant that activity be resumed and labor
re-employed at the earliest possible
moment
Il therefore ask the American poo
pie once again to give their support
TO their government in order that this
this great loan may be made an over
whelming success by the widest distri-
button"