Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-03-28

Topyrish, 1871. by the United Press. Iopy-
taws. Canada
LONDON. March IS.
A. Bonar Law. Chancellor of the Ex-
cheauer, has given the United Press the
recipe for raising five billion dolars--under
certain given circumstances. only one in-
giedient Is necessary. he said. in effect, and
that is patriotism. but II is well TO have
II stirred by German trlghtfulness
The synchronization of German fright
fulness.' he aid. made the success OF the
victory loan certain
Just as Zeppelin attacks on Loudon
started the first great rush 10 the colors,
the German promise of undersea frightful-
ness accentuated the greatest rush to the
pocketbook any country ever saw. So in
giving the people of Great Britain most Of
the credit for their great financial effort.
the Chancellor insists that some credit be
allotted to the promugators OF the fright
fulness campaign
He was asked why he had confidently I'M.
dertaken to raise the desired money with a
promise OF little more than 3 per cent
interest when I.ondon's greatest hnanciers
had declared it would be necessary to pay
per cent
FIGHTING PROBLEM
Y '"rhe bankers as was natural. looked at
II as a financial problem" he said 81
didn't | looked at it as a fighting problem
q war problem. | considered what the peo-
pie. would do as matter Of patriotism, not
as. matter OF finances. once they were
made to see the fighting possibilities of the
money we asked was sure they would not
look twice at the question OF interest.
Events proved that to be the case
He could have added that the difference
2 In interest saved the empire more than $50
100000 a year.
There were good reasons for not allow
ing the interest rate to exceed per cent.
hes continued Through the necessity ot
keeping up our exchanges the value Of all
money on the London market has long been
higher than IL otherwise would have been
Exchequer bonds. bearing per cent. and
Treasury bills. at 5 u. were issued up to
the very day before the issue of the loan
II was because of this high level OF money
that many financial men most competent
TO Judge warned me that the loan could
not succeed at less than per cent
1T seemed to me. as Chancellor of the
Excheuuer. that to stereotype British credit
at a high figure like per cent would be a
serious misfortune. II would be better even
to risk comparative failure of the loan
As a matter of fact. however. | really did
not expect failure in any degree. | was
banking on the people of the country.
a And IN my belief the success of the loan
should not be measured in the amount
raised. but in the number of persons who
participated. Eight million. people have
a part i'm this loan
q Addressing five big meetings in various
parts of the country, he said, he was
astonshed at the enthusiasm shown.
ENTHUSIASM RAMPANT
II never had seen anything like it. not
at the most enthusiastic party meetings.
he declared This spirit of the people
had the greatest effect on people of means
The spontsneity with which the poor people
gave their little would have made II inn
possible for the wealthy TO withhold the
I. needed big contributions, even If they had
been minded"
A search through London newspaper
'morgues" had revealed that his biosra'
piers unanimously agreed Law never had
coined an epigram.
Yet he was the author Of the appeal |:
Are you going to give your sons and not
your money!" What Mr. Wilson is long
ing for are fighting for 1T is impos
sible for German nature to understand
human nature" All in this loan campaign
How about it?" he was asked
We'll. perhaps the war has changed me
4 ] sometimes think it has changed all Eng
land
Despite the naturally high Importance
which he attaches to the financial side OF
the war. the chancellor is not convinced
that IL necessarily is the controlling factor
CREDIT NECESSARY TO FIGHT
The Allies. it goes without saying. have
greater financial resources than the ZEN
tral Powers he observed. But as long
as a country has credit II can fight. Ger.
many's resources. financial and otherwise
are virtually confined within her own bor'
ders. But there is no evidence that Ger
many has lost or is likely soon to lose hei
credit with her own people. Her other re-
sources may give way sooner Austria Ii
less able TO support herself alone, but ever
Austria Is a country Of great productivity
Turkey and Bulgaria, of course, are being
supported by the other two
''If IL becomes solely question of stay.
ing pOwer--fnancial and industrial staying
power-the Allies victory is certain. W.
have the resources
Has the effect of Americas possible
entry been considered?''
"Amerca's resources are greater thar
those of any of the Allies, but it is outsid,
the province of a member of the Englisl
Government to discuss Americas possible
& acti,n. We have steadily refrained from
q doing so. But IL 1t becomes a question o
staying power II is obvious American re
sources could make all the difference in tn,
world