Salt Lake Tribune | 1918-08-18 | Page 6 | 3 Loan Drives within a Year Treasury Compelled to Raise $16,000,000,000 by end of next June

Treasury Compelled to Raise $16,000,000,000 by End of Next June. WASHINGTON", Aug. 17. Tentative plans of the treasury provide for three big Liberty loan campaigns within the next year, each to raise $5,000,000)00 or more. The first will be from September Sep-tember 28 to October 19, as announced; the next is planned for January or February, and the third May or June. This program will be necessary, it is explained, to provide $16,000,000,000 required in addition to the $8,000,000,-000 $8,000,000,-000 to be provided by the new revenue bill. If government expenses and loans to allies fall much below the $24,000,000,-000 $24,000,000,-000 estimate, the government is expected ex-pected to try to combine two loans into one big campaign fop the largest credit ever sought by any nation. Such a campaign would bo set for some time in the late winter. Money needs between loan periods will be financed by sale of short term certificates of indebtedness, as in the past. In addition, the treasury looks for a steady inflow of money from tax cer-titicates, cer-titicates, which hanks and corporations, probably will buy in billion dollar quantities, which virtual' means paying pay-ing taxes in advance. The treasury will make the loans as' few, and the time of financial rest between the campaigns as long, as possible. pos-sible. Officials I would much rather have only one more big solicitation in addition to the fourth campaign, to start late next month, than two before the end of the fiscal year next June i!0. The treasury wishes to avoid floating loans in the Christmas holidays ' and the weeks of commercial inactivity following. fol-lowing. Another bad time for loans is the spring planting season, when farmers farm-ers are busy and business men have less time than usual to devote to campaigning. cam-paigning. The third period to be avoid- ed is June, when war taxes must be paid. An example of the fluctuations of expenditures is the fact that, with August Au-gust more than half gone, the allies have called for only $71,000,000 loan payments, a little more than one-third the usual rate of borrowings.