Needing to raise funds to pay for the war, Congress passed a law allowing the government to petition the people. The Secretary of Treasury William Gibbs McAdoo conceived of the idea of Liberty Loans.
He worked with the Committee on Public Information to develop a campaign. The loans were sold in denominations of $50-$100,000 with an investment rate of 3.5%. They used famous artists like Fred Strothman to create posters and movie stars Al Jolsen, Mary Pickford and Charlie Chaplin to promote the sales. Children were encouraged to do their bit by purchasing War Savings Stamps. They were given War Savings Certificate which they could affix 25 cent stamps. Once they had affixed $4 worth they could exchange it for a $5 bond.
The government wanted all Americans to be able to participate regardless of their financial background. Liberty Loans promoted patriotism and made Americans on the home front feel like they were contributing to the war effort. The quota placed upon Cecil County for the Fourth Liberty Loan was $713,00 and there was concern at the ability for our rural county to be able to raise the funds. By the end of the campaign our citizens proved their measure and raised over 40% more than asked!
A telegraph was even sent from the Maryland Loan Committee to our boys in France, “Tell the Cecil Boys folks back home subscribed more than a million dollars to the Fourth Liberty Loan, exceeding county quota more than 40%. Good luck to them and give Kaiser Bil hell.” Four Liberty Loans and 1 Victory Loan were issued in all raising more than $25 billion dollars.
