Greene County herald. (Leakesville, Miss.) 1898-current, 1922-11-03

ana feteemaDfe AT Sthes~ Optf1E ol
the United States on and after .0ctc-
Der is. 1917 The bonds WIN be issuel
ip..both ~andsregstered form. in
4ehominA ttons ef Ss1009 and upwards
This is fefunding issue, and 1t af-
fords an opportunity to holders of an
per cent Victory aotes to acquire q
long-tiIpe government bond In place OF
Victory notes which will mature or be
redeemed within the next few months.
On April 30. 1921, when the treasury
first announced it's refunding program,
the gross public debt, on the basis OF
daily treasury statements. amounted
to about $24,000,OO0,000. of which over
81 900, 100000 was maturing within
about two years. On September 30'
1922, the total gross debt on the same
basis stood about $22,S00. 0O0. 600, and
of the early maturing debt about $4.-
0OO, 100000 had already been retired or
refunded, chiefly into short-term treas
ury notes with maturities spread over
the next four fiscal years.
There will fall due this fiscal year
about $1,100,000,O00 of treasury GER
tificates of Indebtedness, about $685.
100000 maturity value Of war saw
lngs certificates of the series of 1918.
and about 81, 800 100000 Victory notes.
OF the. treasury certificates, about
$4S, 100000 represents Pittman act GER
tificates which will be retired this
year through the recoinage of silver
bullion; while. about $100.000,000 Of
loan certificates, maturing October 10,
1922, will be paid out Of funds already
in hand. The retirement of these GER
tificates will leave only tax certificates
outstanding.
New Savings Certificates.
After October 16, 1922, the next ma
turtles fall on December 10. and in
clude about $S70OO0OO0 face amount
of Az per cent. Victory notes called for
redemption, and about $420.0O0,0OO OF
maturing tax. certificates of series I'd
and TD2-1922, against which the treas
ury will receive in December about
250,OOO000 of income and profits
taxes. On January L, 1923. $625,000,-
600 of war savings certificates become
payable, but the treasury has already
announced new offering of treasury
savings certificates with a view to re-
funding as much as possible of the ma
turity into obligations Of the same gen.
| eral character and with the same APP
pealsto the needs Of the small investor.
.. Theztreasury will shortly announce
Especial facilities for the exchange OF
! maturing war savings certificates for
| the new treasury savings certificates,
and plans in this manner to provide
| for "a substantial part of the war saw
| ings maturity The only treasury GER
| tifscates maturing in the second half
df the fiscal year 923s are about $685.
600, 600 on March 10, lp2S, and about
! SOS. 100000 ON June IS, 1923, both of
which are covered by the income and
profits tax paymertse estimated for
those dates. On May 20, 1923, the re-
malning $930.O0O,000 of Az per cent
Victory notes will mature.
" Thel,maturities which remain and
have to be refunded, the treasury will
Inject through issues of refunding secu-
| rites, properly adjusted to market con-
ditions, and Secretary Mellon believes
| It 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 refunding
operations which have been In prog
ress. the treasury has issued from
time to time treasury certificates of
indebtedness, treasury notes and treas
ury savings certificates, all relatively
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
4 it's list q refunding issue Of longtime
bonds. KThese bonds will provide
through exchanges and otherwise, for
substantial part Of heavy maturities
| falling on December Is, and the success
of the offering will leave only a normal
amount of financing to be placed on
that date.
I tS lVut yCuAS oAhNV thO - cNshfJ
has offered to the people of the United
States an issue of longtime govern
ment bonds. During that period II
has been financing itself ON a short
term basis, and it has succeeded in
placing with investors throughout the
country great volume Of treasury
certificates and treasury notes.
The whole situation In regard Il
Liberty bonds and Victory bonds which
the american people purchased 50 gen
erously during the war has showt
great Improvement within the last few
months. The treasury department Il
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 sole
their holdings of these bonds wheI