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Birth of a MarketThe U.S. Treasury Securities Market from the Great War to the Great Depression$
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Kenneth D. Garbade

Print publication date: 2012

Print ISBN-13: 9780262016377

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262016377.001.0001

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Marketing the Liberty Loans

Marketing the Liberty Loans

(p.90) (p.91) 6 Marketing the Liberty Loans
Birth of a Market

Kenneth D. Garbade

The MIT Press

This chapter discusses the marketing of Liberty Loans to finance America’s participation in World War I. Treasury Secretary McAdoo not only sold the bonds at market prices or better, he was also able to generate oversubscriptions that publicly demonstrated the breadth of American support for the war. He understood that successful prosecution of a war required Americans up and down the economic ladder to buy into the effort. The Liberty Loan campaigns provided a means of generating the emotional commitment that President Wilson and McAdoo wanted.

Keywords:   Liberty Loans, Liberty bonds, Treasury bonds, bond marketing, Treasury Secretary William McAdoo

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