Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1919-04-18
final. VICTORY loan
Official Announcement Gives All In
pOrtant Details
$4,5OO,OOO,OOO; INTEREST 4 80 P. C..

4,5OO,OOO,OOO INTEREST 4 80 P. c.
This Time All overseriptions Will Be
Rejected, Except in So Far as It May
Be Necessary to Fill Out AlIotments
Most Attractive Financial PROPOSE
tion Yet Offered.
Secretary Glass's announcement fol-
lows:
'The Victory Liberty loan, which
will be offered for popular subscrip-
ton on April Fl, will take the form of
A per cent three-four year converti-
BILE gold notes Of the United States, ex-
empt from state and local taxes, ex-
cept estate and inheritance taxes, and
from normal Federal income taxes.
The notes will be convertible, at the
option Of the holder throughout their
life into 80 per cent three-four year
convertible gold notes Of the United
States, exempt from all Federal, state,
and local taxes. except estate and in
heritance taxes. In like manner the
80 per cent notes will be convertible
into the A per cent notes.
"The amount Of the issue will be
$4,000, 100000 which, with the de-
ferred installments Of income and
profit taxes payable, in respect to last
years income and profits, during the
period covered by the maturity dates
Of treasury certificates Of Indebtedness
now outstanding, will fully provide for
the retirement Of such certificates. The
issue will be limited to $4,000, 900, 900,
except as it may be necessary to in
crease or decrease to facilitate allot-
ment.
"Other subscriptions will be reject
ed and allotments made on a gradua-
ted scale similar in its general plan to
that adopted in connection with the
first Liberty loan. Allotment will be
made in full on subscriptions up to
and including $4,000.
1.-The notes Of both series will be
dated and bear interest from May 20,
1919, and will mature on May 20, 1928.
Interest will be payable on December
Is, 1919, and semi-annually thereaft-
er on June Is and December Is, and
at maturity. All or any Of the notes
may be redeemed before maturity at
the option Of the United States on
June Is or December 15, 1922, at par
and accrued interest.
Aims to Assure Market for Notes.
I'm fixing the terms Of the issue the
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 in
stance, but the terms Of which would
insure a good market for the notes
after the campaign is over and identi-
cal prices for the two series, and
should not affect injuriously the mar
ket for the existing bonds Of the Lib
erty loans.
This will be the last Liberty loan.
Although, as the remaining war bills
a-e presented further borrowing must
be done, I anticipate that the require
ments 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
to 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.
IT am sure that the people Of Amer
lea 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 widely dis
tributed as possible and that our bank
ing 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 patriots of
America, out Of their boundless 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"
Navy to Send Victory Ship.
Rear Admiral Thomas ]. Cowie, for
mer paymaster general Of the navy,
who is in charge Of the navy's drive in
behalf of the Victory loan, has COM
p.eted plans for a novel scheme to en-
courage the sale Of the new Federal
issue. He will start Victory Ship
from San Francisco, via the Panama
canal for New York. The speed Of
the vessel to be used will be regulated
by the sale of the bonds from day to
day. The Victory Ship will never
reach New York If the full amount Of
the issue is not sold.
Don't wait for your ship to come
in; buy bonds and bring 1t in," will be
the slogan that Rear Admiral Cowie
will sound from coast to coast.
Millions have gone to the grave
waiting for the phantom ship Of their
dreams to come in," said Admiral
Cowie. Now I am going to give them
a real ship with a real crew, and
whether or not that ship ever comes
in will depend entirely upon some
hundreds of millions Of Americans
themselves"
Three Vessels in Relay.
So on April 81 a Victory Ship will
hoist anchor in San Francisco bay and
steam out through the Golden Gate on
the first lap Of the long journey to the
victory harbor Of New York. This ship
will only go as. far as San Diego.
There it will be met by destroyer,
which will make the trip southwark to
the Panama canal. Somewhere in the
Panama canal one Of the swiftest and