Location: Mansion House Oak Room. Private meeting.
The SECRETARY FOR FINANCE moved:
"It is decreed that an additional sum of $23,750,000 may be issued for subscription to the Loan of the Government of the Irish Republic in the United States of America, thus increasing the total amount for the issue in that country to $25,000,000."
He said that discretionary powers were at first sought to increase the amount of the Loan issue to $5,000,000, and now it was asked to increase it to $25,000,000. As to the Loan, the actual issue had not yet been made, and the prospectuses had not yet been issued to the public in America. It appeared that the Friends of Irish Freedom were engaged in a campaign to raise funds for propaganda purposes for themselves, and it was not considered advisable at the time that the Loan Issue should be made simultaneously. President de Valera was interviewing a number of Bankers one of those days in connection with the matter. The Finance Committee were about to issue 5,000 prospectuses to every constituency in Ireland, and with them, leaflets for distribution. After a Teachta had held a meeting of the Comhairle Ceanntair and the Committees had been formed, the leaflets and prospectuses should be circulated and copies sent to the house of each probable subscriber. In this matter Teachtai had the chief responsibility. The prospectuses would be delivered in a week's time.
Launched on 17 January 1920, organised by James O'Mara and helped by Eamon de Valera's campaign, it raised $5.5 million in six months.
LIAM T. MAC COSGAIR (Kilkenny North) seconded the motion.
SEAN ETCHINGHAM (Wicklow, East) inquired if the Deputies were aware of the suggestion to form Republican Loan Clubs?
The SECRETARY FOR FINANCE, in reply, stated that instructions as to this were being issued with the pamphlets.
The motion was put and carried.