Evening star., 1917-10-17

most amusing of all. though It Is con-
stantly being repeated. One only has
to remember that the same persons
who now accuse Vail street Of driving
down bond prices to hurt the sale only
a 1ew months ago were crying Justify
that Wall street drove US into the war
to protect it's interests. Now, they
seem to argue, having gotten us into
the war to protect capital, Wall street
is trying to force the country to lose
the war.
AS a matter of fact, the recent low
levels reached by securities are easily
explicable by the slightest knowledge
of present money conditions. Money Is
in demand. Commercial paper that
could be had for 3k per cent a short
5A per cent There is a heavy demand
for short-time commercial paper. which
every bank desires for rediscounting
purposes. and when an investor can
get sky-high interest rates with. per-
feet assurance of safety he is not go
ing to salt his money down in the old
line of securities which range about 4,
5 and. at best, 6 per cent. Hence these
shares. must go down IL they are to
be negotiated. This does not impair
their value in the long run. as shown
by the order of the Secretary of the
Treasury permitting bankers to place
a normal valuation on such securities.
Theme for the Speakers.
On points like these liberty loan
speakers will be encouraged to con-
centrate There also is the fundamen-
tai question of. What is the liberty
loan for?" That is. what does the
money to our allies how does that help
win the war? Watch what happens
when this country lends a billion to
Great Britain. Accept the fundamental
principle that to help the allies is the
most efficient way to help the cause Of
world democracy. There seems to be no
doubt on that score. When Great Brit
ain borrows a billion. she turns about
and spends it in this country. This is
not a simple matter of give and take,
1t brings out the fundamental reason
why the allies turn to US.
Great Britain. France, Italy do not
want our money They want what we
produce They want raw materials and
material. To borrow money here is not
enough In spending it here lies the
principal point of the transaction. Great
Britain simply is asking the United
and so much labor, for which she will
pay us back when the war Is won For
her to take gold or silver across the
water would do no good. She sorely
needs the things that gold and silver
will buy.
Its Bearing on Liberty Loan.
Now the bearing of all this on the lib
erty loan is: The soldiers are working
in the trenches. doing harder. more ar
duous and more disagreeable work than
any stay-at-home can realize. Plus
this is the the element of danger 1t
would do no good for the clerk, the
bookkeeper, the salesman, to go to
work in a munitions factory. or to turn
to agriculture. But he can help by con-
verting the wages he gets into the
kind Of labor which Is needed. He NAV
buy a liberty bond. which represents
$50 or 500 worth of work. performed
by some efficient person. which will be
of aid to our allies. therefore to U.S.
If ever the American citizen can be
made to grasp these elemental prin-
ciples, it is firmly believed. this liberty
loan issue will be subscribed as fast
as banks and other agencies can rake
In the coin.