The citizen. [volume] (Berea, Ky.) 1899-1958, 1922-11-02

and rcdpemahlp NJ the option of
the United States un aud after Octo-
Der H., 1917. The bonds will he issued
In both coupon aud registered form IN
denominations Of 500 and upwards.
Thif Is rerundng issue, and 1t az
fords an opportunity to holders Ut ~.
per cent Victory notes to acquire
longtime government bond In place 81
Victory notes which will mature or be
redeemed within the next few months.
ON Aprfl ~. 1921. when the treasury
first announced It's refunding program,
the gross public debt, on the basis ut
daily treasury statements, amounteh
to about S2I,OOO,OOO,OOO. Of which over
81, 800, UUOO was maturing WITHIN
about two years. ON September W.
1922, the total gross debt ON the same
basis stUh about So, S0OWOUo, anu
of the early maturing debt about S4'-
,WO Ws, 900 had already been retired or
refunded, chiefly into short-term treas
urN notes with muturities spread over
the next four tiscn, years.
There will tall due this fiscal year
uhuut Sl.IOO.OOU,Vp of treasury GER
tiiicates 1T Indebtedness, about S62''-
UOWo maturity value of war saw
ings certificates If the series Of IBIS,
and about 81 .SU.OOO.OOO Victory notes.
OF the treasury certificates, about
SISWO,OOO represents Pittman act Ger
I ficntes which will be retired this
wear through the recoinage or silver
bullion: while about S1OOOOO,OOO of
loan certificates. maturing October 10
1922, will he paid out of funds alrehny
in hand. The retirement OF these GER
tifcates will leave only tax certificates
outstanding
New Savings Certificates.
After October III. 1922. the next ma
turtles fall on December 10, and in
clude about SS7O,OOOOOO face amount
of ls4 per cent Victory notes called Tor
redemption, and about S42OOOO,OOO OF
maturing tax certificates of series It'd
and TD2 1922. against which the treas
ury will receive IN December about
$3.50 100000 of income and prohts
taxes. ON January |, 1923. S625,Ooo,'
600 Of war savings certificates become
payable. but the treasury has already
announced a new offering of treasury
savings certificates with view to re-
funding as much as possible Of the ma
turity into obligations of the same gem
ernl character and with the same ap-
peal to the needs of the small investor
The treasury will shortly announce
| special facilities for the exchange OF
maturing war savings certificates for
the new treasury savings certificates
and plans in this manner to provide
| for n substantial part of the war saw
ings maturity. The only treasury GER
tificates maturing In the second half
| of the fiscal year 1923. are about $266,.
| 100000 on March 10, 1923, and about
s2I3. 100000 on June IL, 1923, both OF
which are covered by the income AMI
| profits tax payments estimated 'or
those dates. ON May 20, 1923, the re-
naming $500 ,OOO.OOO of AZ per cent
Victory notes will mature.
| The maturities which remain and
have TO be refunded, the treasury viii
| meet through issues of refunding secu'
rites properly adjusted to market con
| ditions. and Secretary Mellon believes
| II will be able to meet them without
! disturbance to the markets and WITH
out strain on the financial machinery
Market Hasn't Been Disturbed.
| During the course of the refundine
| operations which have been In prog
ress. the treasury has issued from
time to time treasury certificates oi
Indebtedness, treasury notes and treas
ury savings certificates, all relatively
short term. These operations have
been successful and have been accom-
plished without disturbance to the
market for outstanding securities
With the announcement OF the bonds
now offered. the treasury Is adding to
It's list a refunding issue Of longtime
bonds. These bonds will provide
through exchanges and otherwise, for
substantial part Of heavy maturities
falling on December 10, and the success
of the offering will leave only normal
amount of financing to be placed on
that date.
II is four years since the treasury
has offered to the people Of the United
|
ment bonds. During that period II
has been financing Itself on short
term basis. and II has succeeded in
] placing with investors throughout the
country great volume Of treasury
J certificates and treasury notes.
The whole situation In regard ia
Liberty bonds and Victory bonds which
the American people purchased so gen
erously during the war has shown
great improvement within the last few
months. The treasury department Is
Of the opinion that there is small like
lihood of these bonds ever going be-
low par again, and says that undOubt
eddy a great many persons who sold
their holdings of these bonds when
their value was depressed now regret
that action.
Prevention Of Goitre.