The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1919-04-21

Washington. April 21.-This morn
ings sun saw new army take the
field. One million strong, they rose
and went into the highways and by
ways of the nation. They began coli
lecting funds with which to pay the
price of peace.
In its fifth call for funds, the nation
asks its citizens to buy its notes total
ling $4,000, 100000, second to the larg-
est loan in her history.
But this issue of government securi-
ties differs from all others. Instead
of bonds maturing in twenty years. this
great new army will offer government
notes maturing in four years. And
the interest rate is the highest ever
authorized IA per cent for nontax-
able and 4A per cent for taxable
notes.
New privileges are accorded pur-
chasers of the governments issue OF
securities. 1t is regarded by many
/ financiers as the best the government
has sold in its gigantic scheme of pay
ing its way. in wartime and after. The
l'short term which the notes run make
them attractive, they say. Your money
| may be idle now. Invest 1t. Then,
| in four years, the United states treas
ury will pay you par for it. And after
all-four years is only short while
to wait and you may have a lucrative
4
your money when 1t is paid back to
you, the financiers argue.
With all of the added features, re-
! garded as making the new government
loan attractive, the Army of One Mil
lion" won't have an easy time in SELL
! ing its quota. treasury officials are
| convinced. They have instructed the
commanders of the army TO be on the
! job every waking minute of the three
! weeks thru which the campaign is 20
1 run. They have told them this is the
last popular campaign.
| Lets go. let's make II good" tho
privates in the army have been told.
31,70O Held Bonds.
When the war began, official figures
compiled from many sources placed
| the number of bondholders of every
! kind in the United States at 31,7O0.
After the fourth liberty loan cam
| paign, treasury statistics revealed that
the number of owners of government
| bonds alone was 31,S7S,596. And they
erning the handling OF bonds by banks
on installment payments do not pro-
vide for turning in full number OF
subscribers. AS the bonds are alb
sorbed, however. full credit is given.
| So with this constant stream of fig
ures coming in. the loans and currency
division of the treasury estimates the
final number of fourth liberty bond
buyers will exceed 35.000.000
In the matter of educating Ameri-
cans to buy bonds. statistics OF the
| treasury give the best evidence of re-
suits attained. Only 7,52I.171 persons
bought bonds in the first campaign.
| In the second loan, those figures
| were nearly doubled, the final total
reaching 14.93o,91s. Again. in the
was shown, 24,295.957 persons SUBJ
scribing for government bonds The
| increase in the fourth liberty loan.
| therefore. was more than 100000
! over the previous drive
| Since officials say this is the la et
great drive. the last concerted effort
| to float government loan. every
| member of the army will be rewarded
They will be given medals. medals
which come from the west front.
Ihey were melted from captured Ger
| man cannon. the same cannon which
sent so many Of the nations sons
| west" Each volunteer worker will
get one. Frank r. Wilson. director
of war loan publicity. has planned
20 Billions I'm Debt.
With the completion of this loan.
the governments interest bearing debt
Will total approximately s29.900.0 .000,-
1 600. OF thf,, $22, ,S85.000.0 900 is di-
rectly traceable to the costs of beat
| ing down German autocracy.
The treasury has started buying
back some of its earlier issues When-
ever possible, the treasury depa rtrnent
thru the war finance corporation.
| went into the open market to buy
| liberty bonds. This was done for two
| reasons, officials explain: 1t served
as stabilizing measure for the
market quotations of the liberty bonds
and worked as a refunding arrange-
ment which will go on and on until
/, when the last bonds mature in 1s47
the government will have a sizes5Ie