The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1919-03-13
.FlVE-YEAR NOTES OFFERED
PEOPLES SUPPORT ASKED
Treasury Would Relieve the
Banks of Burden in Order
to Carry on Business.

WASIlINGTON, March 1.-The
Victor. Liberty loan campaign viii
open Monday April 81. and close
three weeks later Saturday, May 10.
Secretary Glass announced the
dates tonight, togethcr with the fact
that short term notes maturing. In
not over five years would be ISSUED
instead OF Longer term bonds Tho
amount OF notes 10 hc offered was
not disclosed, but It has been gencr-
.alIyauqdorstood that the loan would
be for "a minimum of 5000, OOO, ,O00,
with the treasury rcscrylng the right
70 accept all Oversubscripuuns
MIR. Glass said the interest rate on
the notes and the amounts TO be CN.
empted from taxation would not hc
dctcTmiDcd until a week or two be
fore the campaign as they would be
based upon financial conditions at
that time. II wls iutimutcd, how
ever, that the notes might bear in
tcrest In excess or ~ per cent. the
interest rate on the third and fourtS
loans.
Short Tcrm Notes.
f'A''N nNAh illk lslAUhlhl fbnul~
tlon" IN oil partA Of the country" said
Mr.. Glass, II have determined that
the interests ot the United states Will
best be served at this time by the
Issuance of short term notes rather
man OF longer term bonds. which
would have to bear the limited rate
or interest OF A. per cent
The Nictory-Liber loan will
therefore, take the form Of notes Of
the United states maturing In not
over five years from the date Of H.
sue These notes will be. as were
the liberty loan bonds. the direct
promise TO pay OF the United States.
VIII be issued both In registered and
coupon form. and the coupon notes
VIII be In final form and Will have
attached the interest coupons cover
ing the entire life ~ the notes I
am hopeful that the notes In final
engraved form viii be ready for de-
livery 10y the opening Of the CAM
palgn on April Il.
Short Term Better.
Il am led to adopt the plan OF is-
sning short term notes rather than
longtcrm bonds largely because OF
the fact that / believe short term
issue viii maintain "A price at about
par after the campaign Is concluded
far more readily than would long
or term issue.
~ take this opportunity 10 rcprat
that n ~ the intention OF the treas
ury department to carry on the same
Kind of Intensive campaign for distri.
button nH heretofore II would be
most unfortunate occurrence n the
people OF the United States failed 10
take these notes. thus placing the
burden of subscriptions on the
banks The business Of the Couatry
looks 10 the banking system for
credit wherewith to carry on ltA
operations. and II this credit IL alb
surbcd 20 a large extent by the pur-
chase OF government securities. there
viii be- many limitations placed upon
the supply OF credit for business
purposes our merchants and mans
factur"rs need ample credit for set
ting the wheels Of industry In mo-
tiou for peace time production and
distribution ana the waRc-e1rnor iH
directly Interested I'm seeing that
these Wheels arc kept moving at
normal ~" In order that fun EN-
ploymont at good wages may con
'inuo.
II therefore ask tho American
people once again 10 give their sup
puI' 20 their government In ori"r
hat This great loan may be mDdc
an overwhelming success hy the
y bcst possible distribution"