Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-03-13
FIFTH LOAN DRIVE
TO0PEN APRIL q.
GLASS ANNOUNCES,
To Sell s7,OOO,OOO,OOO Short
Term Notes by
May 10.
DATE OF MATURITY is
NOT YET DECIDED UPON
Securities Bear 1-2 Per Cent
From One to Five
Years.
ISSUES FORMAL STATEMENT
Thinks Best Interests OF Country
Demand Character Of Issue
Adopted.
ISSUES FORMAL STATEMENT
Thinks Best Interests of Country
Demand Character Of Issue
Adopted.

WASHINGTON. March 12.-secretary
OF the Treasury Glass announced. that
the campaign for the Victory Liberty
loan will open Monday. April 81. and
close on Saturday, May 10. During
that period short-tcrm notes to the
extent OF $1,000. .Ooc. Gee VII, have to be
disposed of.
The notes will mature in from one
10 hvc years. The rate of interest has
not been fixed. but II Is generally be-
lievcd that It will be 4l-2 per cent.
Tho last Liberty loan was issued at
tl-4 per cent. but on account of
superta1es and profits taxes under tho
war revenue bill. ii has been found
that 1t would be Impossible to foa,
another Issue at that low rate.
In arriving at the decision 10 issue
term bonds for the Victory loan. loan secree- sSe
,ary Glass says he has done SO because
term will be maintained at par with
more facility than would bonds bf
Secretary Glass appeals TO the people
10 support the loan in the same pa
iriotlc manner in which the, previous
people generally subscribe. he says, the
1Ssden she pank, * snEsfrp,ion aDG will fa
would be u misfortune.
ISSUES FORMAL STATEMENT
CONCERNING VICTORY LOAN
The formal statement issued by
se&Ts.ary Srhs y,o;aas Glass Is ga as follows:
viii open etony on onda3y ne5ty isan pr campagG aSS
win close on Sunday. May 10. Gnder
,aS. .as .as act q, q Gsppgress approved Sep
thereto. tho sccretary OF the Treasure
sslli sI has the authority to issue bonds
snd ours hGse hBss,s 81 roans as sseens a
Of bonds Under authority Of this 'sS act
naxim6m OF GA per per Cent per % SannSm. ~
ana AND gos,l woyid be- subject to superra1es
par,eipate in sept tfep esemp,.oe 1 oe pshs o 5S
!!ng issues of Liberty bonds and cer @
The Congress- has now passed the
victory Liberty loan act, which was
approved March ). 1919. under which
,hor!zed 10 issue notes OF the United
States to the extent OF not over $1,000
ooooee, upon such terms and condi-
,ions and at such rate or rates of in-
terest as he may prescribe. 1t is pro-
vided in this act that these notes shall
DC payable at such time or times not
less than one year or more than FIVE
years from the date OF issue as may
be prescribed by the secretary.
THINK BEST INTERESTS
DEMAND sHoRT-TERM NOTES
After studying financial conditions
IN all parts OF the country. 1 have
5etermined that the interests OF the
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 Ia per
cent
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 issue.
These a
crty loan bonds, the direct promise to
pay Of the United Staes. will be issued
both In registered and coupon form.
and the coupon notes will be in final
form and will have attached the in
tcrest coupons covering the entire life
Of the notes. ! am hopeful that the
ready for delivery by the opening OF
the campaign on April 81.
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 a short-term issue
will maintain price at about par
after the campaign is concluded far
more readily than would longer
term issue.
II have not yet reached a conclusion
as to the rate OF interest and exemp-
will bear, because this decision must
be based on existing conditions imme-
diately prior to the oIening of the
campaign.
TREASURY DEPAttTM ENT WILL
CONTINUE INTENSIVE PLAN
II take this opportunity to repeat
what I 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 un-
fortunate occurrence if the people of
the United States failed to take these
notes. thus placing the burden of sub
scrptions on the banks.
'"The business Of the country looks
TO the banking system for credit where
with to carry on it's operations, and IL
this credit is absorbed to large ex-
tent by the purchase of government
securities, there will be many limita-
tions placed upon the supply of credit
for business purposes.
need ample credit for settingthe wheels
OF Industry in motion for peace-time
production and distribution, and the
wage-carner is directly interested in
seeing that those wheels are kept NOV
ing at normal rate in order that
full employment at good wages may
continue. and where readjustmeft con-
ditIons have neceSsitated a slowing
down OF industry ii is vitality import
ant that activity be resumed and labor
re- employed at the earliest possible
moment.
II therefore ask the American peo-
pie once again to give their support
TO their government in order that this
great loan may be made an overwhelm-
Ing success by tho widest possible dis
tribution."