Four different loans are contemplated. Persons desiring to invest their savings at a small but sure interest rate will be able to buy the certificates at a 5 per cent. loan. These certificates will have a face value of 100 rubles, and they will sell at $90. The interest rate will not be changed within the next fifteen or twenty years. Therefore, the actual interest rate will be 5.56 per cent. on the original investment.
A 6 per cent. loan will cater to those investors who like to place their loans at shorter terms. The certificates of this loan will be sold at premiums. Five-year certificates will be sold at ninety-six for a hundred rubles face value, four-year certificates at ninety-seven, three-year certificates at ninety-eight, two-year certificates at ninety-nine, and one-year certificates at par. This loan will be free from the interest (coupon) tax, but not from the income and inheritance taxes. In case of success one billion worth of these certificates will be issued.

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