The Missouri herald. (Hayti, Mo.) 1922-1990, 1922-08-11
CALLING IN MORE
OF VICTORY NOTES
TREASURY TO REDEEM ON DEC.
IS ABOUT HALF THE REMAIN
ING 4 ga PER CENTS.
new a IA SERIES OFFERED
Important Further Step in the Re-
funding Program by Which the
Country's Gross Public Debt 10
Steadily Being Reduced.
BY JAMES p. HoRNApAY


Washington.-The treasury in an
December Is, 1922, Of about half Of
the AZ per cent Victory notes which
remain outstanding, anu at the same
time offering on the usual terms
new issue of S30O,OOO,OOO or there
abOuts Of ShOrt-term treasury notes
bearing interest at Az per cent, with
provision for additional allotments up
to limited amount in exchange for
Ak per cent Victory notes, has taken
an important further step in the de-
velopment of the treasury's refunding
program.
The call for the partial redemption
of ~ per cent Victory notes affects
about S1,OOO.0OO.OOO face amount of
notes, and makes tie notes thus
called for redemption payable on De-
cember 10, 1922, leaving the balance
of the Victory Liberty loan to mature
on May 90. 1923, according to it's
terms. The notes called for redemp-
tion bear the distinguishing letters A,
Il, c, ID, f or F rredxcd to their
serial numbers, and can thus be read
lily distinguished from the notes not
affected BY the call.
The notes now offered for subscrip-
tion are designated treasury notes of
Series B-192G. are dated August 1,
1922, will mature September Is, 1926,
and will not be subject to call for re-
demption before maturity. The
nf ,f l,n ,ff,,
or thereahouts, hut the secretary of
the treasury reserves the right to al
lot additional notes up to limited
amount to the extent that AZ per
cent Victory notes are rendered in
payment. Subscriptions may he closed
ut any time without notice. and the
right is reserved 10 reject any sub
scriptiOn and to allot less than the
amount applied for. Holders of out
standing 4A per cent Victory notes.
whether or not called for redemption,
thus have an opportunity now. within
the limitations OF the Offering. to en-
change their notes for new securities
Of the government bearing interest
at Az per cent and running for
period of over three years after Vic.
tory notes would mature or be re-
deemed.
Reducing the Public Debt.
The treasurys program for dealing
with the short-dated debt of the gov
ernment has now progressed to such
point that il is worth while to recite
what has already been accomplished
and call attention to what remains to
be done within the current fiscal year.
On April 30. 1921, the gross public
debt, on the basis Of daily treasury
statements, amounted to about S23,-
995,OOO,OOO of which over $7500,OOO,.
600 was short-dated debt maturing
within about two years, made up of
over Si.05O.O0O,0OO in V'ctory notes,
over $2.ScoNDHG0 in treasury ccrtiii
Gates OF Indebtedness, ana about 5000,
100000 In War Savings certificates
by June 80, 1922, the gross public
debt has been reduced to about $22
83,OOO,OOO. reduction of about ST.
032,Q00,OOO during the period of II
months. >sa"-'~ p"
Thus reduction has taken place, for
the most part, in the short-dated debt,
and has been accomplished through
the operation of the sinking fund and
other public debt expenditures charge
able against ordinary veceipts, the
application Of surplus revenues to the
retirement of debt, and the reduction
of the balance In the general fund.
At the same time the treasury has
been engaged, through Its refunding
operations, in distributing substantial
amounts of the remaining short-dated