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A concerted nationwide campaign by the Victory Fund Committees to selX Government securities to the publio will be Xaunohad on Hovember 30 and will oontinue for at least two week*, i t wma announced today by Secretary Horgenthau* this drive will ba in addition to the continuous osmpalgn by the War Savings Staff to sail Har Savings Bonda and Stamps* Ho farther intensive drive will be made before February* Sew issues to be offered <m November JO will ba 2-1/2 per oent long-tern bonds offered to aXX investors other than commercial banks and X-3/tt P«r eent ahort-tera bonds* A goaX of six billion dollars has been set for sales of these two issues, together with increased sales of tax notes during the drive* It i s estimated that in December and January the Government oust borrow from the publio approximately twelve billion dollars to meet the growing oost of the war* A substantial proportion of this amount will be provided through the continuing saXe of War Savings Bonds and tax savings notes* the campaign will be oonoentrated on raising the bulk of the remaining requirements* to the extent that additional funds will be needed* they will be raised through certificates and Treasury bills offered in January* Zt i s imperative that th«i war financing program should be ao designed as to create a minimum of disturbance to our economy now and after the war* Accordingly, as much as possible of the borrowing by the Treasury should come out of currant income and aavings of the publio because funds borrowed froa the publio reduce inflationary pressures and avoid the creation of additional supplies of money through the banking system* - 2 In order to make the campaign store offactive, the Victory Fund Committees are being expand0d for the duration in all Federal Reserve district* by placing representatives la strategic centers, the purpose of the Committees la to rale* at large an amount aa possible from all available aourcos outside of ooaaorcial banks* A variety of seeuritlee Is being offered In order to »<*et the requirements of ell groups of Investors. The banking system will bo called upon to play an important part In the campaign by encouraging their customers to participate la the drive* It Is recognised that the ooraaereiel banks will be expected to subscribe for a large part of the 1-3A P*r odn * bonds for their oun account* the Secretary also announced that arrangements will be made for the purchase of the tiro issues of bonds on an instalment basis, the initial payment of 50 per cent of the amount subscribed would be made at the time of purchase* An additional 25 yr cent would be paid on January 2 and the balance of the principal amount on January 16, 19k3« Complete details will be made known at the time of final announcement of the offerings by the Secretary.
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