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R eserve



Dallas, Texas, May 28,1947

During June and July the Treasury Department will promote, through the press, radio networks,
magazines, and other media, a Bond-A-Month Plan which will offer to professional men, farmers,
self-employed persons, employees of small business firms, and others who are not employed on a
fixed wage or salary basis the same automatic bond-buying privileges that the Pay Roll Savings
Plan affords to millions of wage and salary earners. The Bond-A-Month Plan is not new or untried,
for it has been used successfully by many banks for several years. Banking leaders and banking
associations throughout the country, including the American Bankers Association, have pledged
their support to the Treasury in this promotion,. because they recognize the genuine advantages
of the plan.
Bankers, more than any other group, long have appreciated the importance of regular and
more or less automatic saving. They have advised their depositors consistently that a small amount
saved regularly soon grows to a substantial sum and helps to establish that financial security
which every person should attempt to achieve. The Bond-A-Month Plan is consistent with that
philosophy. It is simple in its operation and, with the support of bankers, it can be very effective.
Today, many problems confront the country and its leaders, but none of them is of greater
importance to everyone than the problem of the management of the huge national debt. Sound
management of the national debt must include reduction of the debt as fast as is practicable and
spreading the debt widely among the largest number of individual investors. The Bond-A-Month
Plan will reach millions of people who are able and, in fact, willing to buy United States savings
bonds systematically, but who are not doing so because purchase o f the bonds has not been made
as automatic for them as it has for others who participate in the Pay Roll Savings Plan. The
Bond-A-Month Plan, therefore, offers an opportunity to spread more widely the ownership of
Government securities among a very large and stable group of the people of the country and to
contribute significantly to sound management of the public debt. This feature of the plan has
been exceptionally well received by bankers throughout the country.
The June-July promotion campaign of the Treasury Department has as its twin objectives
the universal acceptance of the Bond-A-Month Plan by the nation’s banks and by bank depositors.
I hope that you and your employees, as leaders in your community, will give the Bond-A-Month
Plan your active and wholehearted support, especially in bringing to the attention of your deposi­
tors the real advantages of the plan. In addition, it would be very helpful if you, in cooperation
with your County Savings Bonds Committee, would arrange to have speakers present the plan at
meetings of your local Chamber of Commerce, luncheon clubs, and other similar organizations.

Yours very truly,


This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (

Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102