The war purse of Indiana; the five liberty loans and war savings and thrift campaigns in Indiana during the world war, Part 21

Author: Greenough, Walter Sidney; Indiana Historical Commission. cn
Publication date: 1922
Publisher: Indianapolis, Indiana Historical Commission
Number of Pages: 306


USA > Indiana > The war purse of Indiana; the five liberty loans and war savings and thrift campaigns in Indiana during the world war > Part 21


Note: The text from this book was generated using artificial intelligence so there may be some errors. The full pages can be found on Archive.org (link on the Part 1 page).


Part 1 | Part 2 | Part 3 | Part 4 | Part 5 | Part 6 | Part 7 | Part 8 | Part 9 | Part 10 | Part 11 | Part 12 | Part 13 | Part 14 | Part 15 | Part 16 | Part 17 | Part 18 | Part 19 | Part 20 | Part 21 | Part 22 | Part 23 | Part 24 | Part 25


At the conference Mr. Oliver announced that about $55,- 000,000 of Indiana's $58,323,860 quota had been taken in sales and pledges. In a full page appeal to the state in the same Bulletin the state committee declared that: "If your county is one of the slackers-no other word so plainly expresses the idea-you have a big job ahead, but with real fighting spirit, and a fighting organization, you can go over in a whirlwind campaign. Put on the Victory drive-make the slogan of your campaign 'Volunteer for Victory'. Make it clear this is a Volunteer effort-but there will be a Board of Review and the Board will not let any person of means es- cape with less than a Limit Subscription. We have sales and advertising plans worked out for the Victory drive-but the details must fit each county in which the campaign is waged. Finally, all pledges must be redeemed. To accomplish this there is to be a nation-wide 'Honor Week'. You are expected to hook up this effort with the situation in your county."+1


On November 4th the state committee printed a list of the counties in the state that had sold only ten dollars or less per capita in War Savings. The counties were: Brown, Jasper, Lawrence, Pike, Starke, Clay, Lake, Parke, Spencer, Vigo and. Warren. "Some are large and some are small-there is no distinction on that score", said the Bulletin. "No, the chances are that in these counties War Savings have not been pushed -this is speaking plainly, but certainly now is the time to look at facts squarely. What are these counties going to do about it? The record will rest against the county-the black mark of failure will stand long after the names of the ones


41. Ibid. Vol. 1, No. 44, November 4, 1918,


219


THE WAR PURSE OF INDIANA


responsible have been forgotten. There is still time to get by, but nothing less than a smashing Victory drive will do it."42


Hammering at the "ten per cent. or less counties" kept up throughout the month of November, for on November 2d the total sales in the state had reached only $42,538,116.25, or a per capita of $14.58. Meetings were being held in some coun- ties early in that month to which representative, well-to-do citizens were invited. Attempts were made to pledge each of these citizens to be personally responsible for the limit in War Savings stamps-$1,000. This plan resulted in sending at least one county "over the top" in the Third District.43


On November 9th, two days before the Armistice, Indiana had actually sold War Savings securities to the amount of $44,372,632, and had exceeded the $15 mark in per capita sales with $15.18. And it was announced on November 18th, that up to October 1st, Indiana stood sixth in the Nation, with Nebraska, Ohio, South Dakota, Oregon and Kansas the only states ahead of her. At that time nearly eight dollars for every individual in the United States had been collected ac- cording to reports from national headquarters, or a total of more than $800,000,000. The announcement also said that sales were going forward at the rate of $100,000,000 a month. The signing of the Armistice undoubtedly caused a "let up" in many counties in sales of the stamps, yet in other instances the thankfulness of the people generally, over the closing of the war, resulted in further purchases of the securities, and perhaps more often, in the redemption of the pledges made in June.


The week following the signing of the Armistice, the W. S. S. Bulletin (November 18th) on its front page shouted to the public in Indiana, "Give Thanks! Buy Stamps. Make Thanksgiving Week a real, honest-to-goodness Victory Week for Indiana. The old Hoosier state-doing better than many other states-is still a laggard in War Savings. Until we have sold our quota in W. S. S. there is a blot on our record. Let us "come through" in War Savings! Let us make it a clean sweep by Thanksgiving. Give Thanks! Buy Stamps!"


On November 25th, seventeen Indiana counties had sold in War Savings stamps $20 or more per capita. Eight had sold more than $19 per capita; eight had sold more than $18; eight


42. Ibid. Vol. 1, No. 44, Nov. 4, 1918.


43. Ibid. Vol. 1, No. 45, Nov. 11, 1918.


220


INDIANA WORLD WAR RECORDS


had sold more than $17; four more than $16; and seventeen more than $15. Johnson County still was leading the state with per capita sales of $26, and Fayette County was second with $25. Spencer County was trailing at the end of the ninety-two counties with per capita sales of $6.84; Starke County had sold but $7.44; Lawrence County had sold but $7.98; Brown County had sold but $8.20, and Lake County with a quota of $2,917,820 had sold only $8.66 per capita, or a total sale of $1,265,890.25. Declaring that the War Savings campaign was of even increasing importance with the com- ing of peace, Director Oliver issued a statement late in No- vember urging War Savings workers to continue their efforts with even greater enthusiasm. "With the tremendous obliga- tion of demobilization and reconstruction, it is urgent that every American citizen practice conservation to the utmost and make permanent the thrift habit which has been devel- oped in the past year by the War Savings campaign."44


On December 9th the fight was still being kept up to put Indiana "over the top". "Hoosiers!" said the appeal, "our war work is not done. Fighting has ceased, but we shall not be through with war until: Peace is permanently established ; our army is brought back and demobilized; all war bills have been paid, and normal industrial conditions have been estab- lished. Therefore, it is just as imperative that we sacrifice and save today as when hostilities were in progress. The United States faces a tremendous, appalling obligation. Hungry nations will have to be fed, shell-torn and burned cities and towns will have to be rebuilt, broken spirits and bodies repaired. The United States will have to help do it. We shall have to loan the money for reconstruction. In the name of all that is financially sound and humanly sensible, save on! Save now! Buy W. S. S."45


On December 14th the state's total had risen to $48,167,015, or a per capita of $16.50. The United States Treasury sent an appeal to Indiana headquarters urging that every pledge be redeemed. The Treasury department authorized an an- nouncement in the closing days of 1918, that from January 1 to January 10, 1919, banks would receive War Savings Cer- tificate stamps, Series of 1918, for collection or for exchange of the same for War Savings Certificate stamps, Series of


44. Ibid. Vol. 1, No. 51, December 23, 1918.


45. Ibid. Vol. 1, No. 49, December 9, 1918.


221


THE WAR PURSE OF INDIANA


1919, and United States Thrift stamps, with cash adjust- ments. 46


The last appeal of the year said :


"The End of the Year! The heading of this little article hasn't a very enthusiastic ring-and, yet it just about states the War Savings case in Indiana. When the returns are all in for the year Indiana will doubtless be shown as one of the leading states east of the Mississippi-in point of sales. But, such a record does not justify enthusiasm. Nothing short of reaching the maximum-placing Indiana 'over the top' in W. S. S. would call for Hoosier applause. As the situation rests even Indiana may well feel that the state has not meas- ured up to its best in every war activity."47


Thirty-six counties at the close of the year still were be- hind their quota. The inroads the influenza epidemic of 1918 had made in War Savings work were referred to by officials at the close of the year as one of the reasons for In- diana's failure.


Results of 1918 W. S. S. Campaign


A summary of the results in the W. S. S. campaigns in In- diana for the year 1918 stated that while Indiana did not go 'over the top' in War Savings, a record was made which would compare favorably with that of any of the other states. The total sales per capita during the year were $17.74-a signifi- cant figure when compared with the per capitas of other states. The summary of the state's work showed that In- diana's total sales were bona fide, whereas several of the states that had reported that they were 'over the top' along in No- vember, soon after the Armistice was signed discovered that they were 'over' simply in pledges, and many of those pledges had not been made good.


In referring to the effect which the signing of the Armistice had, and the influenza epidemic, the summary pointed out that another feature had to be taken into consideration in any re- view of the situation in Indiana-the signing of the Armistice and the epidemic of influenza. It is altogether probable that but for the signing of the Armistice at the time it was signed (November 11, 1918), there would have been no difficulty in actually selling the remaining six and one-half millions of


46. Ibid. Vol. 1, No. 52, December 31, 1918.


47. Ibid. Vol. 1, No. 53, February 4, 1919.


222


INDIANA WORLD WAR RECORDS


War Savings. . It should be thoroughly understood that there was no desire to deprecate the joyful tidings that came to the nation and Indiana on November 11th, but it is a fact that with the coming of peace, the bottom naturally dropped out of all war activities. Then with the spread of influenza in November and December, it was in many parts of the state impossible to hold meetings at just the time the final drives were being put on. That this had a dire effect on the final showing in many counties, there can be no doubt.48


The summary showed the per capita sales by congressional districts in the state. The Twelfth and Sixth congressional districts led with $21.21 each, and the Fifth congressional district trailed at the end with per capita sales of $13.75. Total post office sales during the year were recorded as $45,- 718,519, and total Federal Reserve Bank sales as $6,- 007,387.50. The final summary for the year of 1918 was set out by counties. It showed Fayette County with an apportion- ment of $301,700, having sold $447,283.50, or a per capita of $29.64, as the first county in the state. Thirty-nine counties had exceeded their apportionments for the year; the remain- ing counties had failed to meet their allotments. The coun- ties in the order of their success in sales and their sales records follow :


48. Ibid. Vol. 1, No. 53, February 4, 1919.


1


County


Apportionment


Total Sales


Per Capita


Surplus


Deficit


1. Fayette.


$301,700


$447,283 50


$29 64


$145,583 50


2. Johnson.


410,340


553,553 00


26 98


143,213 00


3. Ripley . .


389,040


492,858 50


25 32


103,818 50


4. Decatur


375,860


475,521 50


25 20


'99,661 50


5. Ohio


86,580


108,636,75


25 08


22,056 75


6.


Cass .


753,920


944,831 50


25 00


190,911 50


7. Union .


125,200


152,169 75


24 30


26,969 75


8.


Dekalb


501,080


594,687 50


23 72


93,607 50


9.


Rush .


386,980


454,955 75


23 50


67,975 75


10.


White


352,040


409,545 25


23 26


57,505 25


11.


Noble. .


487,100


565,607 75


23 22


78,507 75


12.


Newton .


210,860


241,965 00


22 94


31,105 00


13. Tippecanoe.


821,740


934,280 50


22 72


112,540 50


14. Shelby .


540,540


612,439 25


22 64


71,899 25


15.


Jackson . .


494,940


556,495 75


22 48


61,555 75


16.


Huntington


580,800


648,333 00


22 32


67,533 00


17. Whitley .


337,840


375,791 00


22 24


37,951 00


18. Steuben .


285,480


316,517 50


22 16


31,037 50


19.


Perry . .


361,560


398,978 25


22 06


37,418 25


20.


Posey . .


433,400


471,318 00


21 74


37,918 00


21. Floyd .


608,420


658,559 25


21 64


50,139 25


22. Morgan.


434,180


467,757 50


21 54


33,577 50


23. Hancock .


380,600


409,428 00


21 50


28,828 00


.


-


·


.


THE WAR PURSE OF INDIANA


223


-


INDIANA WORLD WAR RECORDS


224


County


Apportionment


Total Sales


Per Capita


Surplus


Deficit


24. Blackford .


316,400


338,166 50


21 36


21,766 50


25. Fulton ..


337,580


359,898 00


21 32


22,318 00


26. Harrison .


404,640


430,678 50


21 28


26,038 50


27. Putnam.


410,400


436,403 75


21 26


26,003 75


28.


Clinton.


533,480


567,263 75


21 20


33,783 75


29.


Carroll.


359,400


379,904 00


21 00


20,504 00


30.


Jefferson .


409,660


429,964 25


20 98


20,304 25


31.


Randolph


585,500


607,927 25


20 76


22,427 25


32.


Knox.


877,620


907,369 50


20 66


29,749 50


33. Sullivan.


472,700


765,825 00


20 62


23,125 00


34.


Montgomery


505,760


516,623 25


20 42


10,863 25


35.


Crawford


241,140


246,368 50


20 40


5,227 50


36. Franklin .


306,700


310,257 50


20 22


3,557 50


37.


Allen.


2,102,960


2,123,739 75


20 18


20,779 75


38.


Scott


166,680


167,875 50


0 14


1,195 00


39.


Dearborn


427,920


428,680 75


20 02


760 75


40. Wells ..


448,360


447,152 50


19 95


$1,207 50


41. Gibson


603,280


591,104 25


19 60


12,175 75


42.


Hamilton


540,520


529,709 50


19 60


10,810 50


43.


Daviess


554,940


538,312 50


19 40


16,627 50


44. Porter


430,700


418,787 25


19 35


13,912 75


45. Delaware


1,054,360


1,018,740 50


19 32


35,619 50


46. Lagrange.


302,960


285,596 75 |


18 85


17,363 25


.


.


. . .


+


15-21521


47. Tipton


349,180


328,969 50


18 84


20,210 50


48. Wayne .


945,020


885,708 25


18 74


59,311 75


49. Miami .


601,680


563,116 00


18 72


38,564 00


50.


Adams .


436,800


406,497 50


18 61


30,302 50


51. Boone.


493,460


450,249 25


18 25


43,210 75


52.


Dubois.


396,860


359,719 25


18 10


37,140 75


53.


Henry .


663,340


600,075 00


18 09


63,264 75


54.


Kosciusko


558,720


504,985 00


18 08


53,735 00


55.


Jay.


499,220


451,212 25


18 08


48,007 75


56.


Switzerland


198,280


179,159 75


18 07


19,120 25


57. Warrick


438,220


394,864 50


18 02


43,355 50


58.


Clark


605,200


543,874 75


17 97


61,325 25


59.


Marshall


483,500


432,103 00


17 87


51,397 00


60.


Howard


730,720


643,675 25


17 62


87,044 75


61.


Grant .


1,028,520


902,275 00


17 54


126,245 00


62.


Wabash .


538,520


469,295 00


17 43


69,225 00


63.


Benton.


253,760


220,260 75


17 36


23,499 25


64.


Owen.


281,060


258,260 00


16 95


22,800 00


65.


Bartholomew


499,420


422,519 25


16 92


76,900 75


66.


Greene ...


859,260


711,185 00


16 55


148,075 00


67. Marion ..


6,243,060


5,159,146 50


16 53


1,083,913 50


68. Laporte ..


1,024,100


845,539 25


16 51


178,560 75


69.


St. Joseph.


2,057,480


1,686,518 75


16 39


370,961 25


70.


Vermillion .


430,040


350,477 50


16 30


79,562 50


71. Washington


348,900


284,062 00


16 28


64,838 00


72. Jennings.


284,060


228,666 25


16 08


55,393 75


73. Elkhart .


1,037,380


815,491 50


15 70


222,388 50


.


.


THE WAR PURSE OF INDIANA


225


.


.


.


.


.


County


Apportionment


Total Sales


Per Capita


Surplus


Deficit


74. Spencer .


413,520


323,000 00


15 62


90,520 00


75.


Madison


1,304,480


1,007,280 75


15 44


297,199 25


76. Hendricks.


416,800


320,584 50


15 38


96,215 50


77.


Orange.


348,740


255,235 00


14 64


93,505 00


78.


Fountain


408,780


295,899 75


14 48


112,880 25


79. Pulaski.


266,240


190,950 00


14 34


75,290 00


80.


Martin ..


259,000


185,255 75


14 30


73,744 25


81.


Vanderburgh


1,631,520


1,174,515 75


14 27


457,004 25


82.


Clay .


650,700


445,836 75


13 70


204,863 25


83.


Warren


217,980


142,668 25


13 09


75,311 75


84.


Parke ..


444,280


285,479 50


12 85


158,800 50


85.


Jasper


260,880


160,291 50


12 29


100,588 50


86.


Pike .


393,780


230,422 75


11 70


163,357 25


87.


Vigo .


2,136,600


1,246,872 75


11 67


889,727 25


88.


Monroe


505,760


287,599 75


11 37


218,160 25


89.


Lawrence


683,960


343,529 50


10 04


340,430 50


90. Lake.


2,917,820


1,424,715 75


9 76


1,493,104 25


91.


Starke


213,320


100,128 00


9 39


113,192 00


92.


Brown.


159,500


71,864 50


9 00


87,635 50


Totals


$58,323,860


$51,725,906 50


$17 74


49$6,597,953 50


·


.


49. Compilation from U. S. Treasury Report, 1920


226


INDIANA WORLD WAR RECORDS


-


227


THE WAR PURSE OF INDIANA


Taking the state as a whole, Indiana stood eighth in the list of states (including District of Columbia) in per capita sales during the thirteen months between the beginning of the campaign, in December, 1917, and January 1, 1919. The records show a per capita sale of $14 throughout Indiana in that period. Herewith appear the first ten states of the Union as follows:


State's Rank


Total Sales


Per Capita


1. Nebraska


$27,450,189 85


$21 18


2. Ohio


86,244,733 20


16 39


3. South Dakota


9,911,807 81


16 38


4. District of Columbia.


5,882,850 40


15 93


5. Iowa


35,955,734 85


15 13


6. Oregon


12,887,111 48


14 94


7.


Kansas


26,495,217 75


14 03


8. Indiana


40,821,176 90


14 00


9. Vermont


5,120,236 27


13 90


10. Montana


6,501,569 80


13 75


This record, on analysis, also shows that regardless of popu- lation the State of Indiana raised the sixth largest state total from sales of such securities in the nation during the thirteen months of fighting, and that it actually exceeded the total sold in the city of New York, which recorded $40,001,850.79, with a per capita subscription of only $6.78.


Savings Work Goes Forward in 1919


Little active work was done in the W. S. S. campaign in In- diana or elsewhere during the first three months of 1919. In March, Robert E. Springsteen, Indianapolis postmaster, was named to direct the campaign in Indiana, and the state head- quarters was moved from South Bend to Indianapolis. Mr. Springsteen chose Fred Bates Johnson as vice-director for In- diana, and John C. Mellett as director of publicity. Mr. Johnson resigned in June, 1919, and Mr. Mellett became vice- director of the Indiana campaign, in active charge of the work.


The work done in 1919 was in four broad divisions-postal, industrial, educational, and women's organizational. The postal workers of Indiana were the first and last reliance in the sale of War Savings stamps. Due to Mr. Springsteen's efforts in keeping the army of postal employes in the state enthusiastic in their campaign, Indiana's record compared fa- vorably with any state in the country during the post-war


228


INDIANA WORLD WAR RECORDS


period.50 The Thrift campaigns were carried on during this period in the schools of the state under the direction of Ellis U. Graff; the work in the woman's organizations was under the direction of Mrs. Julia C. Henderson; while the work among factories and large commercial concerns was carried on by a staff of workers under the direction of Mr. Mellett.51


The main reliance of the War Savings organization in 1919 was again the War Savings society idea, developed on lines similar to the program followed in 1918. Approximately four hundred War Savings societies were organized in a two- months period during the summer of 1919.


Thrift Societies in Schools


Perhaps the most important phase of the 1919 activities was the real education in Thrift that was going forward in the schools of the state. Ellis U. Graff, superintendent of the Indianapolis schools, was named by Mr. Springsteen, as director of education for the War Savings organization. Through his efforts the State Board of Education adopted a resolution providing for the teaching of Thrift as a special part of the curriculum in schools everywhere in Indiana. This step towards making the Thrift idea permanent in Indi- ana became the object of emulation in many states subse- quently. Under the Indiana plan each city and town and county superintendent of schools was a definite part of the Thrift organization. Advertising material was used elabo- rately in the schools and the response from the school chil- dren in the formation of Thrift clubs and the consequent saving of their funds was important.


Printed Thrift lessons were distributed from the state or- ganization. In some schools Thrift stamps actually were on sale, while in others a dual system of buying stamps and mak- ing deposits at banks, was in vogue.


Early in May, 1919, Director Springsteen planned a wo- man's division for the state, and appointed Mrs. Julia C. Henderson as chairman. The plan also contemplated the ap-


50. Mr. Mellett, vice-director, reported that the officials of the Seventh Federal Re- serve Bank marveled at the manner in which Mr. Springsteen's fellow postmasters throughout Indiana stayed on the job and stimulated interest in the little securities when other campaign methods lagged.


51. Thomas J. Walsh was in charge of the work of organizing Thrift Clubs in factories and big stores of the state during the spring and summer of 1919. Woodburn Masson was in charge of the work in Indianapolis. Albert Stump, Charles A. Garrard and Fred J. Wade of Indianapolis, Clair Scott of Angola, Henry Miller of Blooming- ton, and Mrs. Valpey T. Fore of Lafayette assisted in this work.


229


THE WAR PURSE OF INDIANA


pointment of a county chairman in each of the counties in Indiana.52 Every woman's organization, of whatever char- acter, including clubs, churches, schools, colleges, War Mo- thers, Daughters of the American Revolution, the Franchise League, etc., were urged to appoint a local director, and unite with the state organization.


Mrs. Henderson was named Thrift director for the Indiana Federation of Women's Clubs, and this organization co-oper- ated with the Thrift movement in urging member clubs to join the general Thrift program.


Thrift Sunday was set apart by Carter Glass, Secretary of the Treasury, on June 22, 1919, and from hundreds of Indi- ana pulpits an appeal was issued. In Secretary Glass's letter to the ministers and priests, he pointed out that :


"The peace-time needs of the nation and the community are as great, and should be as inspiring to the churches, as are the war-time needs. Many of the things that we do under the pressure of war are equally necessary and valuable in times of peace, but it sometimes happens that it needs the shock and force of a war to bring these to our attention. In no case is this more true than in that of saving and thrift. Under the strain and menace of war we were obliged to prac- tice thrift and economy. We did it for the sake of the coun- try without thought of personal gain or personal interest. In this the churches stood solidly behind the government and ren- dered untold assistance."


Sales Slump in Post-War Period


Director Springsteen announced in June that in the 1919 campaign up to May 1, Indiana's per capita sales were $1.14, the total sales reaching $3,263,436.03. The sales of the small securities slumped everywhere after the war. Indiana, on this total, stood fifth in gross sales among the states of the Union and fifth in per capita sales. Illinois, Ohio, Pennsyl- vania and Texas were the only states leading Indiana in gross sales, while the District of Columbia, Ohio, Montana and Ver- mont excelled the Indiana record in per capita sales at that date. The state led the Seventh Federal Reserve District in


52. By May 19, the following counties had women chairmen: Mrs. F. A. Ulen of Corydon, Harrison County ; Mrs. Kate H. Smith of Danville, Hendricks County ; Mrs. F. L. Clark, of West Lebanon, Warren County, and Mrs. Ada K. Cahn, of ' Lafayette, Tippecanoe County.


53. Hoosier Thrift, June 23, 1919.


230


INDIANA WORLD WAR RECORDS


per capita sales at the close of May; Illinois and Iowa were close rivals.54


On June 23, 1919, Mr. Springsteen announced the standing of the Indiana counties at that time, and gave the per capita sales of each. Scott County, under the chairmanship of C. E. Garriotts, held the record with per capita sales of $2.27, for being the "thriftiest county" in the state. Newton County was second with a per capita record of $2.04, while Hunting- ton County with per capita sales of $1.88 was third. Other thrifty counties included: Brown County, per capita sales, $1.78; Fulton County, $1.69; Franklin County, $1.66; Black- ford County, $1.66; Boone County, $1.37; Johnson County, $1.26; Jay County, $1.25; Dekalb County, $1.21, and Marshall County, $1.21.55


During the summer of 1919 the people of the rural districts and the citizens of smaller townships were much "thriftier" than city folks. This was shown by reference to a table that appeared in Hoosier Thrift of June 23, 1919. Counties con- taining larger cities were lagging in their sales. Marion County (Indianapolis), showed per capita sales of 49 cents ; St. Joseph County (South Bend) 45 cents; Vanderburgh County (Evansville) 45 cents; Vigo County (Terre Haute) 42 cents; Allen County (Fort Wayne) 21 cents.


Close of the Thrift Stamp Campaign


The closing months of 1919 were devoid of much real activ- ity in War Savings sales, but the Thrift educational program continued. Thrift stamp sales dropped off following the con- clusion of the war. During the year 1919 the total amount sold in Indiana was reported as $5,139,769.37-a per capita sale of $1.79.56 Yet with this falling off, Indiana retained its


54. Shortly before the Victory loan drive closed the announcement was made that the Government would keep on sale, subsequently to the close of the last great loan drive, War Savings stamps of larger denominations than had previously been the ease. The announcement said: "To meet the demand for small denomination securities after the Victory Liberty Loan, $100 and $1,000 War Savings stamps will be issued. Plans for future government financing call for continuous sales of short-term securities of five- year maturities. This method is calculated to keep a steady stream of new money pouring into the Treasury day by day and week by week, and make further bond Issues unnecessary. These securities are in reality discounted notes, with the interest to maturity deducted when the purchase is made. They will bear relatively the same terms as the $5 Certificate stamps." Hoosier Thrift, April 28, 1919.


55. Hoosier Thrift, June 23, 1919.


56. The total cash receipts of the Government from the sale of Thrift stamps and War Savings stamps and Treasury Savings certificates, from the first month of their issue to October 31, 1919, amounted to $1,115,076,438.89. In December of 1919-the first month the War Savings securities were offered to the public-a total of $10,236,451.32




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