Series E bond

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E Series Saving Bonds were marketed by the United States government as war bonds from 1941 to 1980. The letters published from 1941 to November 1965 bear interest for 40 years; which was issued from December 1965 to June 1980, for 30 years. They are generally issued at 75 cents per dollar of face value, maturing in nominal terms within a certain number of years that fluctuate with interest rates. Available denominations are $ 25, $ 50, $ 75, $ 100, $ 200, $ 500, $ 1,000, $ 5,000 and $ 10,000. E Series Bonds are issued only in registered and non-transferable physical form. The minimum guaranteed investment yield for the bonds is 4 percent, compounded half yearly. Interest on E Series bonds is exempt from state and local taxes, but is subject to federal taxes.

Video Series E bond

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The first US Savings Bonds were issued in 1935, to replace the US Postal Service Bonds. They are marketed as secure investments that can be accessed by everyone. The first bond, series A, followed by series B, C, D, E, EE, F, G, H, HH, and I.

Maps Series E bond

Financing World War II

In December 1941, the United States declared war on Japan; Germany declared war in the United States not long after. This is the starting point for large scale - and thus an expensive defense program. The issue of World War II financing was greater than World War I, as the struggle lasted longer and the amount involved was greater.

The budgetary costs for the years 1941-1945 amounted to about $ 317 billion, of which $ 281 billion was directly related to the war effort; expenditures rose from $ 9.6 billion in fiscal year 1940 to nearly $ 100 billion in 1945. Of these expenditures about 45 percent were covered by taxes and other non-borrowing sources. The deficit should be covered by selling bonds. The Treasury sold $ 185.7 billion in securities (more than $ 2.1 trillion in 2016) to finance the war. Public debt rose from $ 50 billion in 1940 to $ 260 billion in 1945.

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Bonds war

The first Series E bonds were sold to President Franklin D. Roosevelt by Treasury Secretary Henry Morgenthau on May 1, 1941. These bonds were first marketed as "defense bonds", later called "war bonds".

During World War II the "drive" technique used during World War I was partially replaced by an ongoing campaign using a pay cut plan. However, eight different drives were made during the campaign. Overall, the entire campaign raised $ 185.7 billion from 85 million Americans, more than in any other country during the war. Creator Li'l Abner Al Capp invents the Small Fry , a weekly newspaper comic whose purpose is to sell Series E bonds in support of the Treasury.

Of the $ 185.7 billion collected during the ongoing campaign, a total of $ 156.4 billion was raised for eight dedicated drives, although the average duration is only one month each, as follows:

• First Credit Loan Drive - 24 days, from 30 November to 23 December 1942. The initial goal was $ 9 billion; The drive earned $ 13 billion ($ 194.7 billion today). However, only $ 1.6 billion is raised from individuals; companies and commercial banks accounted for most of the funds collected.
• Second War Loan Drive - 20 days, from 12 April to 1 May 1943. The initial goal was $ 13 billion; drives increased $ 18.5 billion ($ 261.6 billion today). Individual purchases have doubled compared to previous drives, mostly due to $ 4.5 million and $ 170,000 in advertising contributed by newspapers and magazines.
• Third Credit Loan Drive - 23 days, from September 9 to October 1, 1943. The initial goal was $ 15 billion, which would require doubling the sale of bonds from previous drives, with at least 40 million of 130 million Americans need to buy worth of war bonds $ 100. President Franklin D. Roosevelt spoke to his people through one of his lecture talks on September 8th. Singer Kate Smith collected $ 39 million during the September 21 CBS broadcast, part of the $ 600 million it raised in a series of one-day broadcasts during the war. The final sale is $ 19 billion ($ 268.7 billion today).
• Fourth Warfare Vehicle - 32 days, from 18 January to 15 February 1944. The initial target was $ 14 billion, and the drive was targeted to farmers and women. Quiz Kids radio broadcasts from the Syrian Mosque in Pittsburgh collected $ 5 million. Kate Smith again proved popular results, collecting $ 101 million during the February 1 broadcast. The final sale was $ 16.7 billion ($ 232.2 billion today), with nearly 70 million sold on separate bonds.
• Fifth Warfare Loan Driver - 27 days, from June 12 to July 8, 1944. On May 15, 1944, Orson Welles was placed on the US Treasury Department's payroll as an expert consultant during wartime (with $ 1 a year). On FDR's recommendation, Morgenthau asked Welles to lead Fifth War Loan Drive, which opens on June 12 with a one-hour radio show on all four networks, broadcast from Texarkana, Texas. Including a statement by the President, the program defines the causes of the war and encourages Americans to buy $ 16 billion in bonds. Additional drive of the war lending campaign took place June 14 from the Hollywood Bowl, and June 16 from Soldier Field, Chicago. Americans buy $ 20.6 billion ($ 286.4 billion today) in War Bonds during the Fifth War Credit Drive.
• Sixth War Loan Drive - 45 days, from November 2 to December 16, 1944. This drive generated $ 21.6 billion ($ 300.3 billion today).
• Seventh War Loan Drive - 48 days, starting May 14 (just days after Victory in Europe Day) until June 30, 1945. Officials fear that Germany's defeat may reduce bond sales. The amount raised over a six-week drive is over $ 26 billion ($ 353.4 billion today).
• Eighth Street War (Victory) Drive - 41 days, from 29 October to 8 December 1945. The goal is $ 11 billion. More than $ 21 billion ($ 285.5 billion today) was raised - 192% of the goal.

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After the war

Although the Series E bonds are usually associated with World War II drive war ties, they went on sale until June 1980, after which it was replaced by EE Series bonds. The EE Series bond issue, known as Patriot Bond, is a kind of post-war 11 September bond, but never enjoys widespread subscription of the E Series war bonds. The bond is no longer available in 2012.

In October 2008, several news reports claimed there were several billion dollars in unclaimed bonds. The US Treasurer created a website called "Treasury Treasury." This system provides information only on the Series E bonds issued in 1974 and thereafter.

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See also

• Fly Flag on Iwo Jima

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References

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External links

• Treasury Replication website

Source of the article : Wikipedia