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CIRCULAR N O . 118 F E D E R A L RESERVE BANK OF NEW YORK *ยป, > 'a. September 23, 1918. T o THE CHAIRMEN AND M E M B E R S OF THE L I B E R T Y LOAN AND W A R SAVINGS ORGANIZATIONS : , At the request of the Secretary of the Treasury, a meeting was held at the Federal Reserve Bank of New York on Wednesday, September 11, 1918, for t h e purpose of discussing plans for a closer association between the Liberty Loan and W a r Savings Organizations, which was attended by the undersigned. T h e decision of the Treasury D e p a r t m e n t to bring together the W a r Savings and Liberty Loan Organizations into a closer alliance, as parts of one Governmental War Loan Organization, under the general direction of t h e several Federal Reserve Banks, was heartily indorsed by the representatives of both organizations who were present a t the meeting. W h e n definite plans are concluded, one W a r Loan Organization will direct the various activities created to promote most effectively t h e sale of all forms of Government w a r securities in every community and to every individual and corporation in response to the needs of the Government; the energies of both organizations will be directed in complete harmony into all of the various fields which have heretofore been covered, and it is hoped in such a way as to conserve and utilize economically all the energy and ability of both. T h e W a r Savings campaign will be continuous in its effort to inculcate the habit of thrift and saving of materials and labor and to develop regular purchases of the various Government Securities by those who develop these habits, t h u s constituting a permanent and important part of the Government's plan for financing the war. T h e Secretary of the Treasury has requested the Congress to authorize an additional issue of W a r Savings Stamps in order to provide the supplies required for the year 1919. Plans are being developed by those representing both organizations to conduct all Liberty Loan and WTar Savings campaigns as a united effort toward the successful sale of Government Securities. I t is desired t h a t the W a r Savings Organizations in every community shall associate themselves with the local Liberty Loan Organizations from now until the conclusion of the Liberty Loan campaign and t h a t the Liberty Loan Committees shall make the most effective use possible of the W a r Savings Organization as an associate and partner in the work. Chairmen of Liberty Loan and W a r Savings Committees are, therefore, requested to confer at once and arrange plans by which this community of effort may be promptly brought about. In a telegram dated September 7th, the Treasury D e p a r t m e n t has given the following direction in regard to the general work of these organizations: " F a r from suggesting any diminution of the activities of the W a r Savings organization, it is the intention of the Treasury Department to enlarge these activities and the state directors should assure their organizations that even greater and more important work is before tfiem. For the immediate present, they should continue their work particularly in the activities of the W a r Savings Societies and should enlist t h e whole hearted cooperation of the entire organization in the Liberty Loan drive which starts September 28th." I t is, therefore, desired t h a t there shall be no discontinuance of sales of W a r Savings and Thrift S t a m p s , and particularly t h a t efforts shall be continued to organize War Savings Societies, and to maintain t h e efficiency of those already organized. Copies of this communication have been placed in the hands of the district chairmen of both the Liberty Loan and W a r Savings Organizations. Inquiries in regard to any detail of the work where further or more explicit instructions are required, relative to the Liberty Loan drive, should be addressed to the chairmen of both the men's and women's Liberty Loan Committees. Let us, therefore, unite in making the next Liberty Loan a success beyond anything heretofore accomplished in Government finance and a victory comparable to those now being won b y our army in France. Very truly yours, B E N J A M I N STRONG, Governor, Federal Reserve Bank of New York, Chairman, Liberty Loan Committee. FRANK A. VANDERLIP, Liberty Loan Committee. W I L L I A M J. T U L L Y , FREDERIC W. ALLEN, State Directors for New York, War Savings Committee. VERNON MUNROE, Acting Director for New Jersey, War Savings Committee.
@FedFRASER