La Grange Journal. (La Grange, Tex.), Vol. 39, No. 40, Ed. 1 Thursday, October 3, 1918 Page: 5 of 8
eight pages: ill. ; page 21 x 16 in. Digitized from 35 mm microfilm.View a full description of this newspaper.
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THE LAGRANGE JOURNAL, LAGRANGE, TEXAS
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The Fourth
Liberty Loan
The United States entered the war on April 6, 1917.
Eighteen days later by a practiclly unanimous vote Con-
gress passed the Liberty Loan Bond bill.
On May 2 the First Liberty Loan was announced, on
May 1 4 the details were made public, and on the 1 5th the
campaign began and closed one month later. The issue
was for $2,000,000,000, the bonds bearing 3? per cent
interest and running for 1 5-30 years. The bonds carried
the conversion privilege, entitling the holder, if he chose,
to convert them into bonds of a later issue bearing a high-
er rate of interest. Four and a half million subscribers
from every section of the country, representing every con-
dition, 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 con-
ducted, the patriotism of the newspapers, banks, corpora-
tions, organizations and people general^ 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 is-
sue bear 4 per cent interest and run for 1 0-25 years. They
carry the conversion privilege. It was announced that 50
per cent of the oversubscription would be taken. Nine
million subscribers subscribed to $4,617,532,000 of the
bonds, an oversubscription of 54 per cent. Only $3,808-
766,1 50 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 cam-
paign, and the women of the country did efficient orga-
nized 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. The bonds of this issue bear 4£
per cent interest and run for 1 0 years, are not subject to re-
demption prior to maturity, and carry no conversion privi-
lege. The loan was announced for $3,000,000,000, but
the right was reserved to accept all additional subscrip-
tions. Seventeen million subscribers subscribed for
$4,1 70,01 9,650 of the bonds, all of which was allotted.
A great feature of this loan was its very wide distribu-
tion among the people and throughout the Union, and the
fact that the country districts promptly and heavily sub-
scribed to the loan, in a great measure making up their
quotas earlier than the cities. Secretary McAdoo pro-
nounced this loan the soundest of national financing.
A little over a year ago there was some 300,000 United
States bondholder^; there are now somewhere between
20,000,000 and 25,000,000. Awakened patriotism has
made the American people a saving people, a bond-buy-
ing people. The effect of the Liberty Loans on the na-
tional character, on our national life, on the individual citi-
zen and our home life is immeasurable—of incalculable
benefit. Not less incalculable is their effect on the desti-
ny of the world as our ships plow the seas and our men and
material in Europe beat back the Flun.
1 he P ourth Liberty Loan campaign will begin Satur-
day, September 28, and close October 1 9. No American
doubts its success; no good American will fail to contri-
bute to its success. The blood of our men fallen in Europe
calls to us; our answer must be and will be worthy of them
and our country.
KE YOUR PLEDGE
This Space Patriotically Donated by The LaGrange Journal
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La Grange Journal. (La Grange, Tex.), Vol. 39, No. 40, Ed. 1 Thursday, October 3, 1918, newspaper, October 3, 1918; La Grange, Texas. (https://texashistory.unt.edu/ark:/67531/metapth997857/m1/5/: accessed July 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Fayette Public Library, Museum and Archives.