New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-21
By BENJAMIN STRONG
Governor of the Federal Reserve bahA
of New York

TIME Liberty Loan campaign Is
very much like a race where
YOU cannot see your oppon-
ent We have effected a big organi-
zation. with more than 10000 men
and women actively engaged IN sell
ing bonds. but all the elements OF TINS
organization are scattered through
ont the Federal Reserve district
helping to pile up an amount OF SUB
scriptions never before dreamed OF IN
his country. We are battling an un-
known quantity, consisting largely OF
the apathy of the public and their
lack of experience as bond buyers
Until within a few days of the end
of the campaign we shall not dell
rItelv know whether the appeal to
sound business judgment and pa
tr;otism has been such as to enable
us TO be victorious and to get the
subscriptions at which we are ann
;ng. But / believe we viii win the
race.
II is not an Americans part to
argue when human lives are at stake
When the choice is clear and sharp
between lending money to the gov
eminent and permitting our soldiers
lives TO be lost will Americans hest
ate?
am extremely confident that they
will not, and that we shall sell bill
;on and a half dollars of Liberty
Loan bonds in this district. There
are several reasons. First is the or
ganization that has been constructed
for this campaign. Profting by the
experiences and the omissions of the
first campaign, we sought to put to-
gether an organization by means OF
which we would reach every man
and woman within the I'd Federal
Reserve District and should prevail
upon them to help the government
WIN the war. In the construction OF
that organization, we have had the
enthusiastic cooperation of thousands
of people. This brings Us to the sec
ond reason why l believe we will &C
complish our aim. So many men and
women are ready to work so hard
and so long, to make personal sacri-
fees and to devote so much energy
to this campaign, that / feel the peo-
ple of the district are imbued with
the same patriotic enthusiasm, and
that they, too, will do their share IN
subscribing for bonds.
The nation is at a crucial point IN
It's history. To help the country pass
the crisis it is necessary that every
man and woman subscribe for bonds,
and plan to do so not out OF the
money they have already saved, but
out of the money they expect to save
in the coming months and which can
now be borrowed from the banks and
made Immediately available to the
government. While the citizens of
the country will be making good In
vestment not only from the viewpoint
of dollars and cents, but from the
viewpoint of the help they will give
TO our men at the front, their sup
port OF the loan will be a tremendous
step in helping to end the war. 1t is
necessary that they borrow in order
TO pay for the bonds-that they bor-
row an amount which they can rea-
sonaDly expect to repay out of their
weekly earnings. To give aid to the
people who are willing TO take this
step, the banks have offered every
possible cooperation, and it is well
for every man to give serious thought
in the next few days to just what he
can do to help in the crisis. If any
3ne is in doubt, he will find thousands
Of bankers throughout The Federal
Reserve district who will be only too
glad to give him counsel and help.
While the subscriptions for the
last three weeks are not up to the
average, ! believe that within the
next five days and half we shall see
an extraordinary rush Of subscrip-
lions. because feel sure everybody
realizes his or her duty ! am con
fident the I'd Federal Reserve Dis
trict will subscribe its maximum
quota of 81, jOO,OOO,OOO.
Ry GUY EMERSON
81 puhlt,ttx