On the War Bond Front

This is a story about you and millions of other Americans. This is a report on the spirit of a free people. That spirit is best shown in some figures about what you've been doing. Dramatic figures that show the power of a great democracy as it voluntarily swings into action. Secretary of the Treasury Henry Morganthau Jr. announces the issue of defense bonds. His first customer is President Roosevelt. That first month, with war yet on the distant horizon, Americans invested almost 350 million dollars to safeguard their future. Month by month, the defense bond total grew until December 1941. War strikes in the Pacific. America moves swiftly toward full mobilization. The Treasury bond selling organization was ready to move into high gear, working through a great volunteer army, which has since swelled to 2 and 1/2 million workers. 270,000 of them specially trained, and only 800 of them on a paid basis. And on this war bond front were the retailers of America, who had organized as early as July 1941, and who by that fateful December day were fully on the job. That was Retailers for Victory Month. War bond sales reached the great total of more than 900 million dollars, nearly triple the sales in the previous July. Sales of stamps increased from 3 and 1/2 million dollars in July 1941 to nearly 54 million dollars in July 1942. Retailers were on the march. Americans in Alaska. Americans on New Guinea. Americans on Guadalcanal. Americans in North Africa. Americans on far-flung battlefronts. And on the bond front, Americans continue to fight. 50 million of them now, 50 million American men and women buying war bonds. More than 5/6 of all income-receiving Americans buying war bonds. Americans in Canton and Victory increased their voluntary bond purchases till they add up to a total of more than 11 and 1/2 billion dollars. This was accomplished in typical American fashion. Workers were encouraged to save out of current income through the payroll savings plan instituted in August 1941. By the end of 1941, 700,000 persons drawing wages were buying bonds at the rate of 5 million dollars per month on the payroll savings plan. These were investing 4% of their income. Less than a year later, 26 million were buying bonds out of current income, and these were investing 370 million dollars per month. or 8 and 1/2% of their income. That isn't the whole story. Additional billions have been bought by people not on payrolls, the farmers, the self-employed, professional people. These people are now buying at the rate of over $2 billion a year, making a total of 50 million persons buying at the rate of 7 and 1/2 billion dollars a year of E bonds only out of current income. Will this be enough for the job ahead of us? Probably not. Can more be done if more is needed? Yes, for the proof of the future is in the performance of the past. The organization for going ahead, for doing more, is set up. And on this war bond front, are more than a million retail stores already in action, determined to surpass their previous impressive record. The importance of the job they can do is summed up in a recent statement of the Secretary of the Treasury. Through a most generous and patriotic expenditure of time, effort, and money, retail merchants have contributed a great force of salesmanship and advertising to the Treasury's war savings program. By means of their daily and direct contact with millions of customers, retailers are in a singularly advantageous position to render continuously greater service to the Treasury through the promotion and sale of war bonds and stamps to both customers and employees. Thanks to your industry and your 5 million employees for your loyalty and support. Signed, Henry Morganthau Jr., Secretary of the Treasury. Retailers of America are serving on the war bond front for the duration.