The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-03-13
VICTORY dBfRfIl
LOAN CAMPAIGN
STARTS APRIL q
Glass Asks for Same Pa
triotic Support Accor-
ded Previous Issues.
DRIVE ENDS MAY 10.
Notes Mature in. From
One to Five Yearsln-
terest Probably Be
4 IL Per Cent.
DRIVE ENDS MAY 10.

Washington. March 1s-Secretary
OF the Treasury Glass announced that
The campaign for the victory liberty
loan win open Monday. April 81. and
close on Saturday, May 10. During
that period short-term notes 10 the
extent of s1.1ee.o 100000 will have TO
he disposed Of
The notes viii mature In from one
20 FIVE years The rate OF interest
has not been fixed. but 1T Is generally
believed that II will be AZ per cent.
Tho last liberty loan was issued ar
x per cent, but on account of super
taxes and profits taxes under the war
revenue blu, 1t has been found that It
would be impossible to float another
issue at that low rate.
In arriving at the decision TO Issue
short term notes rather than iong-
term bonds for the victory loan, Sec
rotary Glass says he has done So be-
cause he believes that the notes for
short term will be maintained at par
with more facility than would bonds
of longer maturity.
Secretary Glass appeals to the peo-
pie to support the loan I'm the same
PATRIOTIC manner In which the previ~
otis liberty loans were supported. I'm
lsss people generally subscribe. he
says, the burden Of subscription will
fall upon the banks. AMI In HIS opin-
ion this would be misfortune.
OPENS APRIL 81.
The formal s'atesn mt issued by Sec
.1efary Glass Is ne follows:
The victory liberty loan will oren
ex Monday. April 81. and will close on
waasy. May 10. Under the act of
s ~reas approved September "a.
and amendments thereto, the
~ lazy Of the treasury still has the
~ harity 10 issue bonds similar 10
ss.as nc ftae sec6nd. lhtra md fourth
fSsv.sr loans To the sxtast Ut not over
* a-s.sIS. 600. but any issue OF bonds
sst.ss der authority or this act is limited
So ~ rate of interest to a maximum
NJ Il per cent per annum. and would
&c subject to surertaxes and proists
except for the right TO participate in
sha exemption OF $4,000 principal
amount with other outstanding Issues
81 liberty bonds and certificates,
This congress has now passed the
victory liberty loan act. which was
approved March 8. 1919. under which
the secretary Of the treasury II au-
shorixed to issue notes OF the United
states to the extent OF not over ST.
% 900 eco. upon such terms and con-
fattions and at such rate of interest
a. he may prescribe. 1t is provided
In this act that these notes shall be
payable at such time or times not
less than one year or more than Ave
Years from the date Of issue. as may
Re prescribed by tho secretary.
Serve Interests best
After studying financial conditions
IN all parts OF the country. I have de-
fermined that the interests of the
United States will hest be served at
this time by the issuance OF short
term notes rather than OF longer-term
bonds. which would have to bear the
limited rate OF interest OF ~ per cent.
The victory liberty loan will there
fore take the form OF notes OF the
United states maturing in not over
ave years from the date OF issue.
These notes will be, as were the lib
erty loan bonds, the direct promise to
nay OF the United States, will be Is
sued both in registered and coupon
form. and the coupon notes will be In
ffnai form and will have attached the
interest coupons covering the entire
life OF the notes. I am hopeful that
the notes in nnalrengraved form will
he ready for delivery by the opening
or the campaign on April ~.
sng shcrt-term notes rather than long
term bonds largely because OF the fact
that ! believe that short term issne
win maintain n price at about par
after tho campaign II concluded far
more readily than would a longer
term issue.
n have not yet reached q conclu-
sion a. TO the rate Of interest and ex-
emptions from taxation which these
notes viii bear. because this decision
must be hased on existing conditions
Immediately prior to tho opening OF
the cam pAA9n.. W.. VI
II take this opportunity to repeat
what ! have already stated. that II e
the Intention Of the treasury -depart-
menf 10 carry on the same kind OF in
tenstve campaign for distribution an
heretofore. II would be most un-
fortunate occurrence III the people Of
the Unitesi States failed to take these
notes. thus placing tho burden OF sub
acriptions on the banks. The business
~ the country looks to the banking
system FOR credit wherewith to carry
on III operations and II this credit ID
absorbed to large extent by the pur-
chase OF government securities. there
Win be many limitations placed upon
the supply OF credit for business pur-
noses. Our merchants and nanufAc-
turers need ample credit for setting
Inc wfieSls Of industry in motion for
neace time production and distribute
tfon and the wage learner IN directly
interested In seeing that thoee wheels
are kept moving At normal rate in
sorder that full employment At good
~ res may continue. and where road
ah,stment conditions have necessifated
4 slowing down Of industry, II II Wit
Esliy Important that activity be re-
,sur1ed and labor re-employed at the
earliest possible moment
/ ~ therefore ark th0 American peo-
- dssSe again u rive thetr suppQrt
S6l q IN. 9uVerny,si1 81 crsier That thia