Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-26

there is more than $1S,000,00 lying
idle in vaults waiting for the owners
to come and get it. Some OF 1t has
been there for many years.
These are some of the factors
which have prompted Uncle Sam to
embark on the surprisingly intensive
campaign, already inaugurated, to sell
back to the American people their
own money, which was loaned to the
Government during the World War.
The Federal campaign to arouse
holders of the second Liberty loan, is.
sued 10 years ago and called for next
November Is, is an odd reflection on
one of the frailties of human nature.
This loan, although not the first to
be fioated for the promotion of the
war, was the first to be widely dis
seminated, and through spectacular
methods, we'll known to all who are
old enough to remember, was placed
In the hands of many persons who
never before had considered them
selves in the bondholding class. 1t
was this type of person who wrote
funny letters. pathetic letters to the
Government shortly thereafter. They
wanted to know when the next inter-
est payment would be due, so they
would be able to meet the expense.
Some thought they were giving their
hard-earned money TO their Govern
ment. With what wonder some of
those bondholders for the first time
fingered their gold and green bonds.
Can Least Afford 1t.
And pathetically enough it is be.
lieved by Government officials that
these are the people who will unin-
tentlonally hold on to their bonds too
long, the very ones who can least af-
ford to do it.
The big corporations and banks,
whose affairs are carefully run and
checked by experts, for the most part
wisely and judiciously turn over their
securities to the best advantage, AL.
ready many Government notes. certifi.
Gates and bonds have been exchanged
for new issues which are more valu.
able.
But it is to the new bondholders of
the Nation. and those inexperienced
or forgetful other security holders.
who gave periodically out of their
savings or their hard-won earnings,
that the United States Treasury is
calling, long and loud.
The message has been flung on the
air. For the first time in the history
Of Government finance the radio has
been resorted to in an effort to reach
the maximum number. The first ad.
dress was by Assistant Secretary
Charles s. Dewey. Advertisements
are to be inserted in each daily and
weekly newspaper of the Nation. Press
statements have been issued from
time to time as new offers have been
made by the Treasury to exchange the
second Liberties for new issues, or to
purchase outright. One offer still will
remain open until June 80, holders of
second Liberty loan bonds. either or
"A per cent, may exchange them for
new 2O-year as per cent bonds.
Status Of Conversion.
More than half of the total had
been turned into the Treasury by
June 20, either for new issues, or UNI
der terms Of recent cash purchase
oner., On that date there was still
outstanding 81 ,456, 327 $50 of the origi.
nal $3.S07, 1866, 900 allotted to approx
mately 9,400, 900 subscribers.
The Treasury In its appeal has been
shooting over the heads of the know
Ing bondholderS to the little fellow
who was reached in the house-to-
house canvass, whose money was
pulled from him by the excitement,
the patriotic fervor of those DAYS of
hand concerts, Liberty Day. flaming
bonfires, gorgeous fireworks, and elo-
quent addresses. This IL the fellow the
Government feels will not only be
among the last to present his bonds
tor payp1fnt thus pretending the