The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1919-04-15
Notes to Run Four Years and
Bear Interest at Rate of
43-4 Per Cent.
PARTIALLY TAX EXEMPT
Will Be Convertible Into 3 3-4
Per Cent Notes Which Will
Be Wholly Tax Exempt
Drive Begins April FL.

the Victory Liberty loan were an
nounced by Secretary Glass as fol-
lows:
Amount, $4,000, 900, 900, oversub-
scription to be rejected.
Interest, "a per cent for par
T. Ly tax exempt notes, convertible
into 3 "a per cent notes wholly tax
exempt.
Maturity, four years, with the
treasury reserving the privilege of
redeeming the notes in three years.
The ga per cent notes, to be is
sued later, also may be converted
subsequently into 3-4 per cent
notes
The "a per cent securities are
to be exempt from state and local
taxation, excepting espate and in
heritance taxes. an from normal
rates Of federal income taxes. The
3 ga per cent securities are exempt
from all federal, state and local taxes
~.
The size OF the loan was niue n
smaller than had been anticipated
by most financial observers, who
looked for an issue of about $6,OOO,-
100000, particularly in view of Sec
retary Glass past statements that
the loan would be five or six billions.
This will be the last Liberty loan.
Secretary Glass explained. although
there will be other issues OF govern
ment securities to finance belated
war expenses. These will be fioated
by popular campaigns.
Glass Announcement.
In many communities the sellin e
campaign already has begun actively
without formal acceptance of sub
scriptions, said reports to the treas
ury. although the official opening
date is April 21. The drive will con-
tinue three weeks until May TO-.
"In f.ing the terms OF the ISSUE
said Secretary Glass announcement
OF the Victory loan, 1.-The treasury abs
been guided largely by the desire to
devise a security which will not only
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 cam
paign is over and identical prices for
the two series. and should not affect
inturiously the market 'for the exist
ing bonds OF the Liberty loans.
"This will be the last Liberty
loan. Although as the remaining g
war bills are presented further bor-
rowing must be done, anticipate
that the requirements OF the govern
ment, In excess of the amount OF
taxes and other income can. in view
OF the decreasing scale OF expendi-
ture, be readily financed by the issue
of treasuy certificates from time to
time as heretofore. which may be
ultimately refunded by the issue of
other great popular campaign such
a shas characterized the Liberty
bonds.
Wide Distribution Wanted.
1T am sure that the people of
America will subscribe to this Vic
tory loan in the same spirit Of patri-
otism which they have shown in the
past to the end that the notes may
be as widely distributed as possible.
and that our banking institutions
may be left free to supply the credit
necessary for the purpose of indus
try and commerce and the full en-
ployment of labor. Let the world see
that the patriotism Of America. out
OF their boundless resources. and
with the same enthusiasm and devo-
tion to country with which they
prosecuted the war to a victorious
conclusion. are determined to finish
the Job" Terms of the loan were
explained as follows:
ssTha Vfcfarv IJhartv lnan which