The Washington herald., 1916-03-27
NATION TAKES DAY OFF
Makes Total of 36,600,0 00,-
900 from People Since
Start of War.
BANKERS PROUD OF RECORD
Minister of Finance Tells Reichstas
Result Shows Teutons Are Prepared
to Fight to the Bitter End.
BY AUGUSTUS 7. BEACH.

ny AUGUSTUS r. BEACH,.
Special Cable to The Washington Herald.
Berlin. March %. via London, March IS
| (delayed).-The German people through
out the empire today celebrated in semi
holiday spirit the remarkable success
OF the fourth German war loan and the
dedication Of the people themselves to
continued prosecution of the war
| Today's celebration made doubly posi-
tive the answer OF the people given in
the Reichstag yesterday to the claim
that they are tired of the war and wished
peace. In the most enthusiastic session
OF the Rechstag recently held. Dr.
| Hellffrich, the minister of finance, an
nounced that the fourth war loan
amounted to 1850 10000 marks or $780,
100000 marks more than the credit orig
inally asked for.
Nation Takes Day ON.
Today, while the schools were closed
in celebration of the event and the ma
ton was taking a day off in honor of the
occasion. one high Official told me that
the amount stated by DR.. HeIlfrrich as
having being subscribed probably would
be considerably exceeded when a more
complete count had been made.
| In his address to the Reichstag Dr.
Hellffrich, after announcing, amid stormy
applause, the result of the loan, said
| Germany has again proved herself the
only beihgerent country that can cover
all Its war expenses by long term loan
| I
Der. I am now again able to affirm that
the war is financed for another six
months.
No words OF mine can express what 1t
means to a nation OF nearly 70OOc 900 peo-
I pie to be cut off from the outside world
by acts of violence which are contrary
to the law of nations; but the remark
able thing is that this nation, which for
twenty months has borne the heavy bur-
den of war, now in its twenty-frst month.
| once more offers to the country more
than 1O,Oootoo.OoO marks"
shows Determination.
DR. siegfried Heksches, of the commit
tee on foreign relations in the Reichstag,
| salu 10 me To-Day:
This will show to the world that Ger
many is determined to fight to the end
will venture to predict that the fifth
war loan will be as readily granted"
Later Herr Havensteln, president of the
Reichbank, said to me:
The result of the fourth war loan was
a pleasant surprise. 1t far surpasses all
our hopes. 1t must be regarded as due
to the unconquerable will of the Ger
man people, rich and poor, to carry the
their gold and blood to achieve their
purpose,
1T should be emphasized that only
half year has passed since the third
loan was subscribed after great effort.
I'm this third loan it was perhaps ad-
money market longer opportunity to re-
cover, but We were anxious to catch the
turn of the fiscal quarter in order to
reach the great incomes. Thus a rela-
lively short term separated the two
loans, which makes the present success
more remarkable.
! Poorer Glasses Subscribes.
"our efforts this time were largely d.
rected toward people of small incomes
in the cities and in the country That
we succeeded is proved by the fact that
the Credit-Genossenschaft Credit AS
sociation), whose clientele is made I'D
of small savers, was among the great
| est subscribers. 1t is also a sign of the
intensive work of our industries, COM
merce and agriculture, that the small
subscribers are as numerous as the large
ones OF course, this to a great extent
is due to the blockade which compelled
US to work with doubled intensity to
make up for the former imports from
foreign countries. The fourth loan is
Just between the second and the third.
The first loan gave US four and one
half billions; the second. nine billions
the third, twelve billions. and the fourth,
ten and one-half billions.
This makes the grand total thirty
six and a half billions, all from the
German people themselves, without any
foreign assistance, to sustain our armies
and navy in the combat
| "Unlike our enemies. We have been
able to consolidate all our war expenses
in long term loans. AS a result, the
market is not only open to short term
credit, but we still have spare money
for the next loan.
| II think we have a right to be proud
of this financial feat, which I doubt
Iany other nation on earth could equal y