Telegraf. [volume] (Baltimore, Md.) 1909-1951, 1942-07-03
INDEPENDENCE DAY 1912.
BY M. S. Szymczak
Membe Board of Governors
Federal Reserve System
Washington, d. c..

This week there will be flag
waving and speech making
and cheering for the deeds of
the Colonial fathers and our
fighting forces overseas, for on
Saturday the United States
commentaries the 166th ami
versary of the signing of the
Declaration of independence.
1t is nice to think about the
heroic deeds of the men and
women who made this celebra-
ton of July 4th possible, but
that is not enough.
We must do something so
that men and women living in
the United States can remain
free and the enslaved millions
may be liberated from axis
bondage.
Huge sums have been spent
by our Government; more
must be expended to meet the
cost of the planes, tanks, ships,
arms and munitions so vital to
turn the tide of war unmistak-
ably in our favor. Taxation a.
lone will not raise the money
needed; the Government must
borrow and one of it's means of
borrowing is through War
Savings Bonds and Stamps.
Our Government, as Secre-
tary Morgenthau has already
poitned out, could increase its
borrowing from commercial
banks but this would result in
an increase in inflationary
tendencies which already are
quite serious. If you don't save
you will spend, and you will
Ispend in a "War Market"
War Savings Bonds serve a
three-fold purpose: ~ they
help in the fight against the
Axis oppressors throughout
the world; 81 they help in the
fight against initiation at
home; 81 they help avert de-
preston after the war by plac-
ing in the hands of the consul
mer the buying power at a
time when our spending will
help give jobs to millions OF
men who will be seeking re-
employment in peace time in
dustries. Our spending today
only adds to the burdens OF
our Government and forces
such controls as rationing price
ceilings, priorities. Only to the
extent that we control oul
purse as we'll as our appetiteS
can these restrictions become
less severe.
War Savings Bonds are the
safest investment in the world
They are full faith and credit
obligations of the United States
Government. They pay a good
rate of interest - almost 80
if held to maturity.
War Savings Bonds are Ii.
quid. If it is necessary, they
may be redeemed for the full
amount of our investment any
time after sixty days from
purchase, and with interest, il
held for more than a year. I'm.
der no circumstances will we
get back less money than we
put in.
Not only are War Savings
Bonds and Stamps the safest
investment in the world, but
they offer a convinient means
of saving for the future and
can be bought in denomina
tons so small as to permit the
participation of every child as
we'll as adult. Many firms, as
you know, now have payroll.
savings plans by which you car
have a small amount set aside
from each pay check and ap.
piled on the purchase of 9
bond. Thus we do not ever
have to bother with buying the
bond ourselves - it is sent di
rectly to us by the Treasury. Il
your employer does not yet
have such a plan, suggest it tt
him or write directly to the Sc
~cretary of the Treasury il
Washington for details of such
arrangements.
But buy - buy War saving
Bonds now. Not one, or two
or three, but all you can. Sc
aside as much of your income
as you possibly can toward The
purchase of these bonds. Buy
regularly and Systematically