Evening star., 1932-02-18
Knox Announces Campaign
Patterned After First Lib
erty Loan Offerings.
C0NFERS WITH MILLS
ON DETAILS OF ISSUE
Difficulty in Getting Enough
Securities to Satisfy the
Demand Is Feared.

Plans for a Government bond-selling
campaign to decrease hoarding-pat-
termed after the first Liberty loan
drives-were announced today by Col.
Frank Knox, chairman of President
Hoover's Anti-Hoarding Commission.
The securities to be issued by the
Treasury, designed specifically to draw
money out of teapots and safety deposit
boxes, Knox said, will be in low denom-
nations.
Later, after round of conferences
among Government financial leaders
it was decided details of the plan for
the sale of the bonds would be an
nounced by the Treasury on March 7.
Gen. J. G. Harbord, president of the
Radio Corporation of America, has been
selected as chairman Of the New York
committee on the campaign.
Il anticipate only one difficulty"
Knox said. 1T is in getting sufficient
quantity of securities from the Treasury
to satisfy the demand for them"
Confers With President.
Knox, publisher of the Chicago Daily
| NEWS, CO.1lSIISu WIFI LIE SIeSlQGQL
mediately before making his announce
ment. He detailed it to newspaper men
IN an Office adjoining that OF the Chief
Executive.
In the past week or two" he began,
I have been in touch with every part
of the country in connection with the
movement to stop boarding.
From every quarter comes an insist
ent demand that this committee pro-
uiHo fha r,oOy,1o M ir Of
circulation a safe and secure substitute
for money now cached in teapotS and
safety deposit boxes.
The demand can be met only by an
issue of securities that has the whole
power of the Government behind it. I
have said as much to the President and
Secretary Mills"
Reports Striking Response.
Knox reported that from the mem
bers of his Executive Committee in
Chicago-one for each Federal Reserve
district-he had received reports that
the response to the -hoarding move
ment had been more striking and
spontaneous than that to the first
Liberty loan drive during the World
War"
He reiterated that the campaign to
return $1,500,000, 900 to circulation
would be short and quick" The real
work of his committee, titled the Citi-
zens' Reconstruction Organization, he
said, might well be wound up during
the first week in March.
I'VE are having no difficulty in OBJ
tanning the utmost cooperation toward
making this campaign a community
movement" he said. 1T must be bull
along community lines. designed to me<
local needs and conditions and witho'
the semblance of fixed, rigid, gener
plan"
I'm advance of deciding upon ths
details" Col Knox continued. Il am
convinced that the form Of the Treas
ury security that is anticipated Will
saying that the bond issue will be suf-
ficiently low in denomination to meet
the necessities of those people with
small sums now in hiding.
Local Committees Planned.
"The response to the Presidents anti
boarding movement has been tremen-
douS. The eagerness on the part OF
| the people everywhere throughout the
| land to join in this movement is more
| widespread and spontaneous than when
| the first Liberty loans in the World
/ War were issued.
Lie ulSpOSdl VI IllCoC AlCN AoouCo III
! the various communities will be in the
hands of local committees composed OF
men and women, who had experience
in disposing of liberty loans The
movement in its entirety is commu-
nifty movement because the problem OF
hidden money is local problem. There
fore, in working out the details local
communities will be given the widest
latitude to meet local necessities"
1t is generally understood the new
issue of short-term bonds will be Of
denominations as low as $50, and that
, the rate of interest probably will be
from to 3l2 per cent.
President Hoover is known to be es-
pecially gratified by the encouraging
reports so far received abou the way
in which his anti-hoarding campaign
has been received. He has knowledge
the campaign already has had tell
| ing effect. Two days ago he announced
that s34,O00,0O0 was brought back into
circulation since February 4, when the