Vernon Parish Democrat. (Leesville, La.) 1917-193?, 1920-09-09
EXCHANGE YOUR
LIBERTY BONDS
PERMANENT ONES SHOULD BE
OBTAINED FOR TEMPoRARIEs
WITHOUT DELAY.
FORMER HAVE ALL COUPONS
Any Bank Member Of Federal Reserve
System Will Do the Business With
out charge-Treasury urges the
Registered Form.
BY JAMES P. HoRNApAY.

WaSnlngtOn.-The treasury depart
ment is trying to reach all owners of
temporary 4 per cent and AZ per cent
coupon Liberty bonds with notice that
they should exchange these temporary
bonds for permanent bonds with inter-
est coupons attached. There is no
way for the holders of the temporary
bonds to collect interest due after the
date of the last coupon on the tenn
poraries unless the holders of these
bonds exchange them. The treasury
therefore urges that exchanges should
be made without delay. The new per.
manent bonds have all coupons to
maturity and will not have to be ex-
changed again.
These exchanges have been taking
place for several months, and the
large investors in Liberty bonds have
promptly effected the exchange and
obtained the new bonds, but the
small investors, composing the mass
Of Liberty bond holders, not accus-
toned to cashing bond coupons and
not very well acquainted with any of
the details of the bond business, have
very largely neglected to make the
exchange. The treasury is trying to
help these bond holders by getting
to them the information that they
should take their temporary bonds to
any bank that is a member of the
federal reserve system (and nearly all
the banks are members of this sys-
tem) and ask to have their bonds ex-
changed. These banks are under In
struetions from the government,
through the federal reserve banks, to
make these exchanges without any
expense to the bond holders.
Hold Your Bonds, Says Government.
There has been a good deal of con-
fusion, among the masses of the peO-
pie who purchased war bonds, over
this exchange business. This confu-
sion has undoubtedly resulted in a
great many holders of bonds who did
not care to be bothered about making
exchanges selling their bonds at a
sacrifice. The government has been
trying to do the purchasers of bonds
a good service, but the masses of pur-
chasers have not been greatly inter
ested in what the treasury department
is trying to. do.
On the whole the purchasers of war
bonds have not been disposed to let
go of these bonds at the prevailing
price. The people, rich and poor who
put their money into these war bonds
believed when they made the invest
ment that it was good one, and the
treasury officials are certain that time
will demonstrate the truthfulness of
this view. The government has from
the first advised the bond purchasers
to hold on to their bonds, and it is
still giving this advice It is only
question of time, it is confidently be-
lieved. until these bonds will all go
to par or above par.
From the beginning of the war loan
operations the treasury has been par
ticularly anxious to afford every pos
sible inducement to investors in gov
eminent securities to hold them in
registered form. 1t has pointed oat
that this is particularly desirable in
case of the small denominations
which are in the hands of people who
have no facilities for safekeeping, and
the department has repeatedly urged
on the public the great advantage of
registration. The result of it's efforts
in this direction may be seen from the
fact that the registered bonds of the
first four loans have increased nearly
q million dollars from the time Of
original deliveries. 1t is still possi-
hle to have the securities registered.
Uncle Sam Not Buying Now.