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Show 111 DI TO mm 2i Will Close Three Weeks Later; Five Billion Dollars Dol-lars the Minimum. WASHINGTON, March 12. The Victory Vic-tory Liberty loan campaign will open Monday, April 21, and close three weeks later, Saturday, May 10. Secretary Glass announced the dates tonight, together with the fact that short-term short-term notes maturing in not over five years would be issued instead of longer-term longer-term bonds. The amount of notes to be offered was not disclosed, but it has been generally understood that the loan would be for a minimum of $5,000,000,000, with the treasury reserving the right to accept all oversubscriptions. Mr. Glass said the interest rate on the notes and the amounts to be exempted from taxation would not be determined until, a week or two before the campaign, cam-paign, as they would be based upon financial finan-cial conditions at that time. It was intimated, in-timated, however, that the notes might bear interest in excess of per cent, the interest rate on the third and fourth loans. Mr. Glass's Statement. "After studying financial conditions in all parts of the country," said Mr. Glass, "I have determined that the interests of the United States will be best' served at this time by .the issuance of short-term notes rather' than of longer-term bonds which would have to bear the limited rate of interest of 4 per cent. "The Victory Liberty loan will, therefore, there-fore, take the form of notes of the United States maturing in not over five years from the date of issue. These notes will be, as were- tho Liberty loan bonds, the direct .promise to pay of the United S-tates, will be issued both in registered and coupon form, arid tho coupon notes will be in final form and will have attached at-tached the interest coupons covering the entire life of the notes. I am hopeful that the notes in final engraved form will be ready for delivery by the opening of the campaign on April 21. Short Term Notes. "I am led to adopt the plan of issuing short-term notes rather than long-term ; bonds largely bcrause of the fact that I j believe that a short-term issue will main- I tain a price at about par after the cam- ; ! Dalsm is concluded far more readilv than would a longer-term issue. I "I take this opportunity to repeat what ' I have already stated, that it is the in- j tention of the treasury department to carp.' on the same kind of intensive cam- 1 paign for distribution as heretofore. It ! would be a most unfortunate occurrence i if the people of the United States failed to j take these notes.-thus placing the burden I of subscriptions on the banks. j Popular Support Urged. j "The business of the country look? to ' the banking system for credit wherewith j to carry on its operations, and if this credit is absorbed to a larse extent by the purchase of government securities there will he many limitations placed upon j the supply of credit for business pur- j poses. Our merchants and manufactur- 1 ers need ample credit for setting the j wheels of industry in motion for peace- I time production and distribution, and the ' wage earner Is directly interested in ees- ; ing that these wheels are kept moving ; at a normal rate in order that full en-.- j ployment a.- good wages mav continue, and where readjustment conditio? have necessitated a slowing down of industry it is vitally im porta n t that activity he ! resumed and labor reemployed at the ! earliest possible moment. I "I, therefore, ask the .American people j once again to give ths'r sprori to th!r ! government !n order that th;s srreat loan may be made an overwhe:mlrg success ! by the widest possible distribution." i |