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Liberty Loan Poster

BY SCOTT WILLIAMS hold what opinions one pleases in religious matters, and to worship the Deity according to the dictates of conscience, free from external control.

LIBERTY LOANS.

BONDS. See LIBERTY LIBERTY LOANS. When the United States declared war against Germany funds were required on an extensive scale and besides new taxes the method of Liberty Loans was adopted. Congress in gress in April, 1917, authorized the bor- $7,000,000,000, of which three billions were to be used for investment in the war bonds of the Allies. Then Mr.

McAdoo, Secretary of the Treasury, announced the offering of the First Lib- Loan. This to consist of $2,000,000,000 of 30-year 3½ was per on April 6, 1918, and the campaign The Third Liberty Loan was launched continued till May 4. The amount subtotalled $4,176,516,850, so that the loan was nearly half oversubscribed.

The bonds of this loan become due not convertible as in the case of the in 1928, bearing 44 per cent ., but are First and Second Liberty Bonds. The greatest success of all was the Fourth Liberty Loan, the campaign for which was carried on from Sept. 28 to Oct. 19.

In all $6,989,047,000 was raised, something like $9,000,000 worth of advertising matter was sent out, and a total of 21,000,000 are said to have participated in the subscription. The bonds become due in 1938 and are collectible in 1933.

The Fifth Loan was launched toward the spring of 1919. The bonds in this loan DNDS ty Loan was launched and the campaign 176,516,850, so that half oversubscribed. loan become due per cent., but are the case of the Liberty Bonds. The the Fourth for which to Oct. 19. 100 raised, some 00 worth of advertisat out, and a total of to have participated The bonds become collectible in 1933.

Isranched toward the ho bonds in this loan LIBERTY MOTORS bear interest at 434 per cent. The campaigns for all these loans were carried on with many spectacular features and the progressive interest aroused was indicated in the increasing number of subscribers.