Evening star., 1935-10-13
j. S. COMPLETING
REFUND|NG TASK
Treasury Officials Gratified
by Success of $8,0O0,.
100000 Refinancing.
~ the Associated Press,

By the Associated Press.
Treasury officials raced toward COM
pletion Of an $4,000, 10000 refinanc-
ing job last night, expressing gratifi-
cation that another such Undertaking
will not be necessary for more than
four years.
With the end Of the task Of refund
ing the huge issues of Liberty bonds
with which America paid its way
through the World War. the next Sc
ries of maturing bonds will become
callable In 1910 and in much smaller
amount.
Intent on their current activities,
officials declined to comment on q Re.
publican National Committee charge
that President Roosevelt's recent re-
vision and summation of the budget
was deceptive and misleading"
Figures Held "MisleadinE."
The committee said the President
had grossly overestimated" expendi-
lures and grossly underestimate"
receipts in order to predict fictitious
deficit" and show q saving when the
fiscal year has been ended.
In 1910 the Treasury may. II 1t
600 in bonds. Another Of $544,9l4 900
becomes eligible for retirement in ls4i
and third of ss34.474.000 in ls43.
Much Of the New Deal borrowing
has been in 10 and IL year bonds
which will not fall due until l943.
Between then and 1o46. a total Of
some S. ,000, 900 900 will mature.
The current operation involves the
refunding Of the last block Of Fourth
Liberty bonds, 81 $50, 900 900 in amount.
for which the Treasury offered in
exchange new securities at lower in
terest. This conversion will remove
the last OF the $4,000, ,000. 900 of origi-
nal war securities.
Reckons Near Billion.
Latest estimates were that some
5000, 900 900 Of the bonds had been
posted for exchange. and the general
expectation was that last returns
would raise the total to 81. .000, ,000,-
900, or 80 per cent, which the Treas
ury has come to consider . normal
response.
On the remaining $3.50 0,000. 900 1t
will pay cash as the bonds are pre-
sented for redemption, a process that
probably will require q number of
years.
The Republican committee said that
at the end Of the year. the President
would show "he has not spent the
money he said he would" and has
received more money than he thought
he would"
The committees views were ex-
pressed in its weekly publication,
Facts and Opinions, which said there
has never been more deceptive and
misleading statement regarding the
fiscal affairs of the United States"
than the budget summary of the Pres
ident.
Patriotism Responded.
At intervals throughout the war
Liberty loans were floated on the crest
of . surge Of patriotism, each sue
cessive issue was far oversubscribed.
! "Four-minute men" spoke in the thea
ters, on street corners and wherever
a group might be assembled, urging
that the people lend to their Govern
ment.
Down to the smallest hamlet, quo
tas were arranged and tremendous
drives put on to meet such allotments
quickly. In numerous sections the
Liberty Loan drives took the form Of
contests between communities to see
which could reach its quota soonest.
America had been In the war scarce
ly two months before the First Lib
erty Loan was announced. The Gov
ernment asked for $4,000, 900, 900 and
the people offered 1t $3,035,226.850.
The actual issue totaled 81, ,989, ASS, ,000
After three more Liberties" at last
came the Victory Loan Of May 20,
1919. The Government asked for S4,-
soc. 900 900. was offered $5,249, ,000, 900,
and took $4,4s5, ,000, 900.