The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1919-04-26
Iowa Chief Of Victory Liberty Loan
Campaign Says Practice Can Not
BE Allowed ans Attempted
In Some Cities.
BANKS HAVE DUTIES
But Among Them is Not Absorbing of
Liberty Bond Issue, and Patriot
F.. ism Dictates Otherwise
Here.

Further word was received this
morning that the banks are not to
underwrite the Victory Liberty loan.
There has been a disposition on
the part of the war loan organiza-
lions in some communities to lay
down on this the most important
work of ALTO finish the job.
/ In some sections no canvass has
been made at all, the men in such
work simply saying, Let the bank
take it,"
Now the word goes out from the
seventh federal reserve district that
such a policy is all wrong and that
everyone, individual, firm, corpora
ton, etc., is expected to buy these
bonds just as they have the other
issues. II the reserves of local banks
are to be drained by buying Victory
bonds the business interests depen-
dent upon such banks will neces-
sarily suffer.
Local Statesmen Working.
The men in Keokuk who have the
selling of the Victory notes have
been ambitiously on the job and ex-
pect to stay on the job until the
word goes out that Keokuk is over
the top.
That is the way all war work was
done in Keokuk and that is the only
way that patriotic Keokuk would
have this, the last and greatest of
all the bond issues, accomplished.
The bond that you buy in the Wv
tory Liberty loan is the last bond
that you will be asked to buy in any
great popular movement to assist the
government.
The word has gone out that there
will be no more big drives of any
kind and which is one reason why a
point should be stretched by every
one in the purchase of Victory
bonds.
/ The interest is large and the time
that government wants this money
lis for five years or less, so the
proposition is the most attractive
i ever put out by any government.
Don't Let George Do 1t.
| The letter from c.. H. McNider,
federal reserve director of sales for
Iowa and which has been sent to all
icounty and district chairmen in this
state follows:
! am having constantly brought
! to my attention the increasing
| inclination on the part of banks
! to underwrite the Victory Lib
erty loan without an attempt
I being made to sell the notes to
| the public.
! Through you, / want to impress
| upon your entire Liberty loan
| organization, the vital necessity
for giving the Victory Liberty
| loan the widest possible popular
distribution.
| Following the close of the
! present campaign it will be
necessary for the treasury de-
partment to temporarily finance
| it's needs through the offering of
! treasury certificates Of indebted
ness and, in view of the fact that
our great volunteer Liberty loan
organization will have been dis
solved, the banks will be called
! upon to absorb these certificates.
This makes it most important
that subscriptions for Victory
(, loan notes should be obtained
from the public and not from the
banking institutions, thus leaY-
ing the resources Of the banks
free to take care of any short
time borrowing which the treas
ury department may find neces-
| sary, and, further, to care for
| the commercial needs of their
community during the period Of
adjustment from wartime pro-
duction to peace-time produc-
ton.
The real task before us Is not
accomplished by simply raising
| the specified amount of money
and the bankers Of the seventh
federal reserve district must in
some way, be brought to realize
this fact.
Yours for the Victory loan,
C. II. McNIDER,
! Eederal Reserve Director of Sales