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LEFT LIBERTY BONDS 472 LIBERTY LOANS that freedom by publishing anything mis- chievous, hurtful, or libelous, to the pub- lic or to individuals. Liberty-pole, a flag-staff surrounded with the symbols of liberty. Moral lib- erty, that liberty of choice which is es- sential to moral responsibility. Natural liberty, a state of exemption from the restraint or control of others, and the institutions of civil life. The power to act or do as one pleases, subject only to the laws of nature. Political liberty or freedom of a nation; exemption of a na- tion from any unjust abridgment of its rights and independence by another na- tion. Religious liberty, the free right to cent, bonds, exempted from Federal and State taxes except the Federal inheri- tance tax. The Federal reserve banks were enlisted as agencies in their respec- tive districts. Every kind of method for advertising the loan was utilized. The total subscription amounted to $3,035,- 000,000, and most of the reserve dis- tricts exceeded their allotment. The subscriptions for the Second Liberty Loan were opened on Oct. 1 and closed Oct. 27. The amount authorized was $3,- 000,000,000. Plans for paying by install- ments were arranged, with the result that the total subscriptions were $4,617,532,- 300. LIBERTY LOAN POSTER, BY SCOTT WILLIAMS hold what opinions one pleases in reli- gious matters, and to worship the Deity according to the dictates of conscience, free from external control. LIBERTY BONDS. See Liberty Loans. ^ LIBERTY LOANS. When the United States declared war against Germany funds were required on an extensive scale and besides new taxes the method of Liberty Loans was adopted. Con- gress in April, 1917, authorized the bor- rowing of $7,000,000,000, of which three billions were to be used for investment m the war bonds of the Allies. Then Mr. McAdoo, Secretary of the Treasury, announced the offering of the First Lib- erty Loan. This was to consist of $2,000,000,000 of 30-year 3% per The Third Liberty Loan was launched on April 6, 1918, and the campaign continued till May 4. The amount sub- scribed totalled $4,176,516,850, so that the loan was nearly half oversubscribed. The bonds of this loan become due in 1928, bearing 4% per cent., but are not convertible as in the case of the First and Second Liberty Bonds. The greatest success of all was the Fourth Liberty Loan, the campaign for which was carried on from Sept. 28 to Oct. 19. In all $6,989,047,000 was raised, some- thing like $9,000,000 worth of advertis- ing matter was sent out, and a total of 21,000,000 are said to have participated in the subscription. The bonds become due in 1938 and are collectible in 1933. The Fifth Loan was launched toward the spring of 1919. The bonds in this loan