Propaganda posters advertising the sale of Liberty Bonds were crucial to the fundraising efforts. Seventeen billion dollars was raised through the sale of Liberty Bonds and $8.8 billion was raised through taxation. By the end of the war, 20 million people had purchased Liberty Bonds. There were four Liberty Loan drives and a Victory Loan drive, which occurred after the armistice. Ten certificates could be traded in for a $50 Liberty Bond. Once the card had sixteen stamps, it was exchanged for a $5 War Savings Stamp, which was affixed to a War Savings Certificate. To make the bonds more affordable for the general public, a savings system was implemented that allowed people to buy Thrift Stamps for 25 cents each and paste them onto a collection card. The lowest denomination for the Liberty Bond was $50, which was equivalent to two weeks’ salary for factory workers. McAdoo explained that “we must be willing to give up something of personal convenience, something of personal comfort, something of our treasure-all, if necessary, and our lives in the bargain, to support our Noble sons who go out to die for us.” Use volunteer labor instead of government workers to sell the bonds The plan had three parts:Įducate people on the causes and objectives of the warĪppeal to Americans’ patriotism, encouraging everyone from children to millionaires to reduce personal spending in order to buy bonds On April 28, 1917, only twenty-two days after the US entered the war, McAdoo announced the Liberty Loan Plan to sell Liberty Bonds to fund the war. Therefore, McAdoo decided to gather one-third of the money needed through taxes and the rest through fundraising. McAdoo, did not want to risk devaluing the new US paper currency, which had only been in existence since 1914. During World War I, the Secretary of the Treasury and head of the Federal Reserve, William G. The Civil War had demonstrated that simply printing more currency would lead to inflation and economic trouble. Download the form.When the United States declared war on Germany in April 1917, it needed funds to support the war effort. In addition, you will avoid paying capital gains tax on the stock you donated to the NYCLU Foundation. You are permitted to carry any unused deduction forward for up to five additional years. In the case of appreciated securities, you may deduct the full fair market value of your gift once you have held onto the securities for at least one year. Why make a gift of stock? If you itemize your tax returns, gifts of securities entitle you to a federal income tax charitable deduction. Michael Friedman Fund for Voting Rights.Monthly Membership Program: Guardians of Liberty.DeSilver Society: Leave a Legacy of Giving.Join us in defending liberty and justice. Our legal, legislative, educational and community organizing efforts depend on donations from engaged supporters. You can help counter threats to fundamental freedoms – including personal privacy, the freedoms of speech, association and religion, and the right to due process before the law – and by supporting the NYCLU's work. Since 1951, the New York Civil Liberties Union (NYCLU) has been New York State's preeminent organization devoted to protecting civil liberties and civil rights.
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