The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1917-06-07


for the Liberty Loan, and they may
be cashed or bought for cash with the
greatest ease. The Liberty Loan will
be related to the money market more
closly than other bonds, and, furthr-
more, will be related to the gold mar
ket as consequence of having an in
ternational market.
Government bonds are now being
exchanged so generally and in such
sums that there is prospect of realiz-
alton of the idle dream of the past
that substitute could be found for
international shipments of gold on the
balance of merchandise exchanges. 1t
is easier and safer to ship securities
than specie, and the international re-
lations are now becoming so intimate
that bonds in safe deposit may be suf-
ficient guarantee of credit exchanges
without shifting even securities from
one side of the ocean to the other.
The Federal Reserve Bank now bal
anes credits by telegraphis orders on
gold fund at Washington, without
shifting the gold. 1t is not difficult to
believe that the relations between the
Federal Reserve Bank and the Bank
of England may yet justify the control
of international exchanges in the same
manner, under the safeguard of an
exchanges of securities as good as
gold.
These uses give value to the Lib
erty Loan which can be shared with no
other bonds. The modest holder of a
hundreds or thousands of the worlds
premier security may consider that
such uses are nothing to him. That is
a mistake. He may not want the
loan for those purposes, but the fact
that the loan has such uses adds to its
value in the hands of even the smallest
holders. The Liberty Loan is ma
tional utility, whoever owns it, and It's
utility increases with the universally
of its ownership"
The Liberty Loan Bonds are the
premier security of the world today.
Americas High Duty
By John Sharp Williams,
United States Senator from Mis-
sissippi
The United States has entered upon
the great world conflict, which is to-
decide whether Democracy shall have
safe place in the sun on the earth, or
not There is hardly any duty higher
than that which ought to actuate each
citizen to help furnish a part of the
money which will be necessary for
that purpose.
It is true that man may be able TO
lend his money out at 6, or Z, or 8,
and in some places even 10 per cent,
but he might well forego for the space
Of two or three years the higher rate
Of interest while he invested In 312
per cent bonds of the United States.
His principal would be safe. The
bonds are exempt from taxation, ex-
cept the inheritance tax, and ex-
changeable for later bonds Of high
er rate of interest if the United States
later during this war issues such, and
are specifically free from any war tax
that may be levied.
Our men cannot get TO France or
Belgium in any considerable numbers
f5r a year. The Governments money
received from the subscriptions TO
bonds may get there by wire, the
credit based upon it may, which is the
same thing, and, after getting there
takes the form Of clothing and food,
munitions. rifles and cannon, and may
help our Allies to win. Next TO the
immediate duty Of chasing submar-
ines and sinking them wherever they
can be found, thereby reopening the
avenues overseas for the worlds com |