As Against 300,000 One Year Ago

The United States entered the war on April 6, 1917. Eighteen days later by a practically unanimous vote Congress passed the Liberty Loan Bond bill.

On May 2^nd the First Liberty Loan was announced, on May 14 the details were made public and on the 15^th the campaign began and closed one month later. The issue was for $2,000,000,000, the bonds bearing 3 ½ per cent interest and running for 15-30 years. The bonds carried the conversion privilege entitling the holder, if he chose, to convert them into bonds of a later issue bearing a higher rate of interest. Four and a half million subscribers from every section of the country, representing every condition, race and class of citizens, subscribed for more than $3,000,000,000 of the bonds. Only $2,000,000,000 was allotted.

The outstanding features of the First Liberty Loan were the promptness with which it was arranged and conducted, the patriotism of the newspapers, banks, corporations, organizations and people generally in working for its success and the heavy oversubscription of more than 50 per cent. Another notable feature was that there was no interruption to the business of the country occasioned by the unprecedented demand upon its money resources.

The Second Liberty Loan campaign opened on October 1, 1917 and closed on October 27. The bonds of this issue bear 4 per cent interest and run for 10-25 years. They carry the conversion privilege. It was announced that 50 per cent of the oversubscription would be taken. Nine Million subscribed to $4,617,532,000 of the bonds, an oversubscription of 54 per cent. Only $3,808,766,150 of the bonds was allotted.

This campaign was marked with the same enthusiastic support of the public as its predecessor. The labor and fraternal organizations were especially active in this campaign, and the women of the country did efficient organized work which greatly contributed to the success of the loan. The men in the Army and Navy worked for and subscribed largely to the loan.

The Third Liberty Loan campaign opened on April 6, 1918, one year exactly after our entrance into the war, and closed on May 4^th. The bonds of this issue bear 4 ¼ percent interest and run for 10 years, are not subject to redemption prior to maturity, and carry no conversion privilege. The loan was announced for $3,000,000,000, but the right was reserved to accept all additional subscriptions. Seventeen million subscribed for $4,170,019,650 of the bonds, all of which was allotted.

A great feature of this loan was its very wide distribution among the people and throughout the Union and the fact that the country districts promptly and heavily subscribed to the loan, in a great measure making up their quotas earlier than the cities. Secretary McAdoo pronounced this loan the soundest of national financing.

A little over a year ago there were some 300,000 United States bondholders; there are now somewhere between 20,000,000 and $25,000,000. Awakened patriotism has made the American people a saving people, a bond-buying people, the effect of the Liberty Loans on the national character, on our national life, on the individual citizen and our home life in immeasurable- of incalculable benefit. Not less incalculable is their effect on the destiny of the world as our ships plow the seas and our men and material in Europe beat back the Hun.

The Fourth Liberty Loan campaign began on Saturday, September 28, and close October 19. No American doubts its success; no good American will fail to contribute to its success.