[Marxism] historical question
sartesian at earthlink.net
Sat Apr 17 08:33:34 MDT 2010
>From the US Treasury Website on the Series E [the type sold in schools]
The Volunteer Program and Series E Savings Bonds
The Series A to D bonds were sold through post offices and promoted chiefly
through direct mail and limited magazine advertising. Treasury was
encouraged by the successful start of the savings bond experiment, but
recognized the need for a much larger effort in the face of heavy defense
expenditures, a rapidly-expanding debt, and the growing threat of inflation.
As a result, Treasury decided early in 1941 to expand its savings program by
enlisting the help of volunteers.
On May 1, 1941, the Series E bond was introduced, and with it the start of a
national volunteer program. The volunteer program enlisted the nation's
financial institutions, community leaders, volunteer committees, and
advertising and communications media to promote the new bond.
Bankers, business executives, newspaper publishers, Hollywood entertainers,
all served to provide the Treasury and the savings bonds program with
manpower and support , making the program a success for more than six
decades. Of special note are the executives of many Fortune 500 companies
who served as members of the U.S. Savings Bonds Volunteer Committee which,
from 1963 through 2003, played an essential role in the success of the
payroll savings plan.
The Series E bond was patterned after its predecessors. It became he most
durable of all the series and the world's most widely held security. As the
"Defense Bond" of 1941, the "War Bond" of 1942-45 and subsequently just the
savings bond- it was purchased by tens of millions of families.
Originally issued for a fixed term of 10 years, E bonds were granted
interest extensions that brought their interest-bearing lives to 30 or 40
years, dependent upon the issue date of the bond. Millions of Series E bonds
continue to earn interest today, although the last E bonds will stop earning
interest in 2010. Series E bonds were replaced by the Series EE bond in
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