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X.P696 NOTES ON THE LIBWY LOAN CAMPAIGN .AND THE WAF. SAVINGS CAMPAIGN • It is to be adn.itted tha..t there is il.. s,o~ uverlapping in the two can.paigns and yet the essential differences between then. are well stated 'by Mr. Jahn S. D~, State Director of war sa7ings for the nortllern half of Cali:f otnia. The two Liberty ca:r..paigns with six billion bonds sold have 2. reached ten ffiillion people; it is hoped to interest twenty nillion by the ti~e the next drive is over, but even then this nagnificent showing would rr.ean that ninety niillion people had not been induced to invest in Governn.ent securities. The Liberty Loan bonds are sold down to $50.00 denolLi.nations' 3. arid even then on partial payn:ent plans. bond s~bscription unit is $5.00 The average Libery Loan is approxinately $600.00, whereas the war savings (r~turity value) with $1;000.00 as a naxinum; and all we hope for is an average of $20.00 naturity value per capita. A bond selling for $4.12 to $4.23 is really a poor nan•s bond 1 4. and yet rrany rich men are subscribing the liffiit (200 of Stlch bonds) partly to set a good example 1 but also to rrake gifts and so stir their , , up a spirit of loyalty in/ children, grandchildren and friends. No one can say that is unwise, nuch less that it is wren~. If the rich r::.en did not subscribe 1 people of srrall rr.eans rr.ight rightly grow suspicious. is The addition of the interest to the principal,jin itself a 5-, great stirrulus to thrift. It points the way, for~ whereas the X-6~6 person who receives and spends his entire inco~e is a spend-thrift, the person who adds his incon.e for five years to the principal, . · ... is a real sa~er. As pointed out in ~r. nrwmt$ paper, the campaign for Liberty 66 Loan bonds is an i:l:ltensive and ~on:ewhat spectacular .the war s~vings campaign is a continuous ~perfeqted fQr the war savings eampaigti is one. Besides the central . or~ni&ation an drive~ whereas The organization important artd affective at Washington) there is in every State a State director with a large conmittee of men and w·or.uen serving as volu."lteers. In ever1 county and in every important city.there is a county and city chairrran with nany serving on local carr~~ttees. u~n and women There are 3,000 counties in the Unit&d States and on a ave1·age there are five towns in every county. In all of' the important cities and xr.any of the to;vns thl!'re are precinct captains. Indeed~' the organiZation has been built up on the theory that every rr.an 1 won.an and child in the · United States will be soliciteQ. to buy at least one "baby bond 11 • an effective carr.paign carried on by and ~ong i3esides this there has been n~ans of war savings societi~s~ the school children to establish thrift clubs. It is probably a fair estirr.ate that there are 150 1 000 people in the United States ilflp:'ng to di!"ect this war savings campaign. 2/2/18
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