The Dawson news. (Dawson, Ga.) 1889-current, 1919-04-29
new NOTES TO BEAR
.43-4 PER CT. INTEREST
BONDS TO MATURE WITHIN A
FOUR-YEAR PERIOD. LOAN
TO BE LAST ONE.

Terms of the Victory loan, as an
nounced hy Secretary Gia3s, are:
Amount, $4,5OO,OOO,OOO, over-sub-
scriptions to be rejected
Interest q per cent. for partially
tax exempt notes, convertible into
3A per cent. notes wholly tax ex-
empt.
Maturity, four years with the
treasury reserving the privilege of
redeeming the notes in three years.
The 81 per cent. notes to be is
sued later also may be converted
subsequently back into Az per cent.
notes.
The AZ per cent. securities are to
be exempt from state and local tax
alton, excepting estate and inherit
ance taxes, and from normal rates of
federal income taxes. The 81 per
cent. securities are exempt from all
federal, state and local taxes except
estate and inheritance taxes.
The size of the loan was much
smaller than had been anticipated by
most of the close observers, who look
ed for an issue of about $6,0O0,OO0,-
900, particularly in view of Secre-
tary Glass past statements that the
loan would be five or six billions.
TO Be Last Loan.
This will DE the last liberty loan,
Secretary Glass explained, although
there will be other issues of govern
ment securities to finance belated
war expenses. These will not be float
ed by popular campaigns.
None of the past issues of liberty
bonds are convertible in Victory loan
notes, and there are no specific pro-
visions in the terms of the Victory is
sue serving directly to maintain mark
ct prices of past issues.
In fixing the terms of the issue"
| said Secretary Glass announcement
of the Victory loan, the treasury has
been guided largely by the desire
to devise a security which will not on
ly prove attractive to the people of
the country in the first instance, but
the terms of which should insure a
good market for the notes after the
campaign is over and identical prices
for the two series, and should not
affect injuriously the market for the
! existing bonds of the liberty loans.
Confident People Will Respond.
/ "This will be the last liberty loan
Although as the remaining war bills
! are presented further borrowing
must be done. | anticipate that the
requirements of the government, in
excess of the amount of taxes and
other income, can, in view of the de-
creasing scale of expenditure, be
readily financed by the issue of treas
ury certificates from time to time, as
heretofore, which may be ultimately
refunded by the issue of notes or
bonds without the aid of another
great popular campaign such as has
characterized the liberty loans.
81 am sure that the people of
America will subscribe to this Victory
loan in the same spirit of patriotism
which they have shown in the past
to the end that notes may be as wide
ly distributed as possible, and that
our banking institutions may be left
free to supply the credit necessary
for the purpose of industry and COM
merce and the full employment of
labor. Let the world see that the pa
triots of America, out of their bound
less resources, and with the same
enthusiasm and devotion to country
with which they prosecuted the war
to victorious conclusion, are deter
mined to finish the job"