New-York tribune., 1917-06-14
What Liberty Loan Means
A Simple Explanation Of What 1t Is
Intended For
To the Editor of The Tribune.

To the Editor of The Tribune
Sir: The Liberty Loan campaign mas zone
much toward making coupon clipping our
national indoor sport, and the by-products
will be thrift and conservative investment
and the get-rich-quick artist will find that
his intended victims must be shown.
The questions asked the writer, "nlIe ad-
dressing a score OF meetings, gave evidence
Of misunderstanding as 70 the real purpose
Of the loan and the importance OF its pelhe
cared for from future savings. lhrough
the medium of your columns, Will you not
emphasize the following salient features IN
order that they who hesitate in these last
hours OF the campaign may not be lost!
The Liberty Loan is intended as a loan
Of the people, By the people, for the people
To this end the Treasury Department mas
stated that all $50 and 500 subscriptions
will be filled in full and the banks, invest
ment houses and many employers Oh laoor
have adopted weekly payment plans, without
compensation, in order that those OF modest
means may prove their patriotism and at
the same time, accumulate nest egg tor
the future.
The banks have the greater part Of their
security that should not be disturbed; their
surplus funds must remain liquid and avail
able for the heavy demands of commerce
and industry that will be made upon them
The wealthy class will be heavily taxed
on their incomes, and this source of revenue
would be reduced correspondingly with the
amount of their purchases of these tax free
bonds. and the less wealthy would then
have heavier burdens imposed upon them.
Now. with an income of, say, 100000,
most of us have usually a platonic or re-
mote interest, but now that it is to be taxed
: per cent our interest becomes real and we
should absorb the "baby" bonds in such
amount that those of large means should
continue 70 pay tribute or perhaps, later,
buy our bonds at higher prices This Will
add to the yield of 81 per cent, and If the
war should end within a reasonable time
there would certainly be an appreciation in
price of the 3lzs. The former issues are
practically all held by the banks TO secure
circulation and government deposits. thus
leaving only small floating supply.
II takes months TO train our soldiers;
our dollars are already trained.
Every dollar subscribed 10 this loan is
blow struck for liberty throughout the world.
Our soldiers will give their lives; the
government pHls hSh9 10 W 1910
lars.
The Secretary Of the Treasury asks no
charity. He offers us gilt edge investment,
safety-frst bond that is no scrap OF
paper" There is more gold behind 1t than
any nation on earth ever mustered Il is
niece of collateral about which your banker
asks no questions. II is an insurance policy
against times of stress.
Money is the keystone of the national
arch. and a government is just as bankrupt
and impotent to carry out an undertaking
without actual funds in hand as Is cor
poration or an individual.
True. the government can resort to the
inposition of taxes. If the effort to borrow
fails, but don't let us wait for the tax col
lector to conscript our funds-he pays no
interest.
We must, therefore, volunteer our dollars
and keep the fighting on the other side or
the ocean: smash the Teuton juggernsut on
foreign soil. for if it reaches these shores
our fortunes. our business, ay, and "sll we
hold most dear" will pay tribute 10 the utter
most -farthing
The Spirit of 20" has worthily been the
proud boast OF this and past generations.
Nav future generations salute with the acme
Of pride the spirit Of II!
PAUL JARVIS.
New York. June 13. 1917.