The midland journal. (Rising Sun, Md.) 1885-1947, 1946-01-18

7os4lys
hin WASHINGTON
Sale of Government
Bonds to Continue
BY Woltes Shecd
| WNU Correspondent
WNU Washington Bureau.
1916 Eye ST.. ". w.

|
people OF the nation In the horne
towns and onto the farms than the
war finance division Of the treas
ury department. 1t was responsible
for the sale OF more than 1874 bill
lions OF dollars in government bonds.
This agency is now in process of
liquidation, reducing its Washington
personnel from about 400 to q
skeleton force of about 40. Its vast
state organizations are being
trimmed to small groups which are
to continue the sale of government
bonds to the investing public.
This decision Of the treasury de-
partment to continue sale of govern
ment bonds as an investment comes
about as the result Of two factors.
The first IS to reap the benefit Of
1893 million dollars worth of adver-
Using which has made the Ameri-
can public war bond conscious. Sec
endly, recent treasury survey
shows that 81 per cent of the peo-
pie who have consistently bought war
bonds through the four war years,
want to continue doing SO, If the
bonds are available.
A third factor is the imitation
angle. These billions of dollars in
vested by the people in war bonds
have had steadying influence on
the economic condition of the nation,
and have helped probably more than
any other one influence to prevent
runaway spending.
Bureau Being Streamlined
Already termination of employ
ment notices have been sent to
hundreds of these wartime en-
pIoyees, and from glamorous Ted
r. Gamble, the young director of
WE'D, ON down the line, there is a
general exodus.
Gamble is succeeded by Verne
Clark, state director of the Iowa
war finance committee, and Indiana
sends Lou Carow, its director of
public relations, TO take over the job
of director of press, advertising and
radio for the new peacetime' bond
selling agency.
Purchase of government bonds
through the payroll savings plan will
be continued by the treasury, and it
Is expected that special benefits will
| be, awarded to those companies
which, during the war, set up special
bookkeeping arrangements to keep
track of the sale of millions of
| dollars in bonds through weekly de-
auctions from pay checks.
Holdings of these government
bonds by the American people,
more than 70 million people, pro-
vides backlog of security never
| before enjoyed by such large seq
| ment of the population. OF the 1874
/ billion dollars worth sold, approx
mately 50 billions were in the small
E, F and G. bonds held largely by
| individual investors. And sale Of
/ these government bonds accounted,
: roughly, for about one-third of the
/ cost of the war, the other two
thirds having been raised by tax
alton.
NesD Drive in Spring
The treasury department. Is ex-
pected to get it's new campaign for
the continued sale Of these govern
ment securities underway early IN
/ the spring, just as soon as the new
organization is set UP. Then those
folks to whom regular purchase of
government bonds has become a
habit, a thrift habit, may resume
| their purchases with the same OBJ
jectives in mind that caused them
to invest during the war.
me- fT@rlx hn xAoxx, SNsrnoAMw ~ &hm
bond division of the treasury, made
q splendid record in Iowa during
the war, particularly among the
farm and rural sections of this
rural state, and his record no doubt
accounted for his selection to head
the peacetime agency. His selection
also gives rise to the implication
that the treasury also plans to lay
particular stress in its selling pro-
gram ON the value OF government
bend purchases to farmers and resi-
dents of the rural areas, since MIR.
Clark's experience was concerned
principally with farm areas.
Weeklies to Aid Campaign
1t would also give rise to the be-
lief that the treasury plans to 60 to
the weekly newspapers and small
town dailies in the rural areas to
carry the messages of the new bond
program to the people. Both secre-
taries of the treasury, Morgenthau
and Vinson, have paid high trib-
ute to the weekly press as being
''the strong right arm" Of the treas
ury for the tremendous job they did
during the war in carrying war bond
appeals to the people.
The treasury feels the war bond
thrift habit inculcated in the people
so strongly during the war is too
good a trait to eliminate. hence, al
though the old war finance division
is in process of liquidation, the new
division is at the same time in proc
ess of getting underway for new
government bond campaign.
They feel that these 50 per cent
Of the people who want to continue