The Pleasantville press. (Pleasantville, N.J.) 1912-1929, 1920-08-21
LIBERTY BOND OWNERS,
r-Enn=nAAL
ATTENTION

Calling attention to the fact that the
Democratic party has offered no rem
edy for the loss to which its malad-
ministration has subjected Liberty
Bond owners, the Republican Publicity
Association, through its President,
Hon. Jonathan Bourne, Jr., issues the
following:
"On May 81, 1920, the latest date for
which detailed figures are available,
there were Liberty Bonds outstanding
to the amount of about SIS, 384, 900, 900.
The Treasury Department has made
some purchases in the market since
that date, but the reduction in the
total has been comparatively Regligi-
bic. With the amounts of that date
as the basis and applying the present
market quotations we find that the
sale value of those bonds today is ap-
proXimately S13.269, 000, 900, represent
ing an actual loss to the b~ondholders
of S2,115, 600, 900. 1t is true that if the
bond owners are so situated financially
that they can retain the bonds until
maturity they will be paid in full, but
1t has been the bitter experience of
hundreds of thousands of patriotic cit
liens who have been compelled to dis
pose of their bonds that they were
compelled to lose about $15 out of ev-
cry 800 they had invested.
Never was such IN appeal made to
the people of this country as that re-
sorted to in the various bond selling
campaigns. Officials of the Treasury
hesitated at nothing to persuade the
people to invest their savings in
bonds. and in that appeal they had the
enthusiastic support of organizations
and individuals in every locality. The
chief note of the campaigns was the
assurance to the people that they were
absolutely guaranteed against loss if
they put their money into bonds -
stock and bond issuing industries
might fail, banks might become insol-
vent, but the stability of the Govern
ment was unquestioned and loss from
investment in its securities was utter
ly impossible. 1t was even asserted
that Liberty Bonds were preferable to
paper currency, as they not only main
tanned a similar value but bore a sub
stantial rate of interest in addition.
But the 100000 or more bond
owners have faced a bitter disappoint-
ment, and have learned to their sorrow
that the finances of even the United
States Government may be so mis-
managed that as OBLIGATIONS will sui
fer depreciation. Quite naturally nei-
l~,ssEtae a1s2zEa s's@ rs
Aency has taken ~eognfzance OF the
huge loss which that party's inefficien-
cy and incompetency has forced upon
the people. Senator Harding, on the
other hand, has declared that this
Government should make its Liberty
and Victory bonds worth all that its
patriotic citizens paid in purchasing
them He intimates that if he is
elected President he will do all in his
power to bring that about.
In making that statement the Re
publican candidate has INDUCED in no
idle reflection. for as long ago as Sep
TENDER II, 1918. Hon. John W. Weeks,
of Massachusetts. outlined to the Sen
ate a plan whereby billions of dollars
could have been saved to the people
through the issuance of serial bonds
instead of those having a single ma
turity.
1T will be possible for President
Harding to ~collaborate with a Repub-
lican Congress in securing legislation
authorizing the refunding of all Lib
erty Bonds into a single serial bond
issue bearing interest at 5A per cent,
and costing the taxpayers no more
than the present cumbersome sinking
fund method of retirement. And not
only would additional cost be avoided,
but Liberty Bond owners would have
the satisfaction of seeing their hold
ings &c to par the moment the interest
rate was increased and restore to-
them the $4,000, 600, 000-loss endured
under the Democratic administration"