Weekly journal-miner., 1917-05-23
GOTHAM BANKER MAKES PLEA
 FOR LOAN
NATION WILL WITNESS PERIOD OF WONDERFUL PROSPERITY IF ALL DO THEIR PART; DUTY OF RICH AND POOR ALIKE TO PARTICIPATE IN BOND OFFER OF THE GOVERNMENT.

I DuSlnCSS Dut DtlltI DlISlICSs iOI -hIiitI-
 ica during the war was predicted to-
 day by Frank A. Vanderlip, banker and member of the labor committee
 of the council of national defense's
 advisory commission. In prepared
 statement, Mr. Vanderlip said the war will call for readjustments, but not | for diminution in volume of business: ! that times will be better than ever be-
 fore and that the people should be getting ready for top speed produc
 ton that will utilize every energy.
 "The sooner the public gets over
 the idea that we want business asI
 usual or can have ''business as usual
 during this great war the better for
 all." he said
 We want to stop all unnecessary
 work and unnecessary expenditures
 short off and concentrate on the inl-
 mense volume of work which has to
 be done Business men should get
 rid of any foolish fears that economy will bring on general paralysis of
 industry or trade.
 There is no danger of not having work for everybody; the trouble is that there is more work in sight than can possibly be done and the ques- ton is whether we shall cut of luxu- ries or necessities. It is absurd un-
 der these conditions to talk of the danger of unemployment, and to urge that the people shall go on buying what they do not actually need in order to keep labor from unemploy- ment or to maintain business as usual
 How is labor to be had to make uniforms unless it is released from making other clothes; how are looms | to be had for blankets unless released from something else; how is steel to be had for ships tin cans and agri- cultural implements unless other con-
 sumption is curtailed: how are women | to be had for office unless released | elsewhere: and. finally. how are we to | put $,0O0O00,000 or S8O00,000,OOn of purchasing power at the disposal of the government unless we curtail our individual expenditures?
 "The country should immediately | awake tn the fact that it has a great task in hand, and that it cannot carry on war like this with one hand and continue to do all the business it did before with the other
 Most of the argument against economy assumes that the people who economize will hoard their money. That of course, will be foolish, but if they lend their savings to the govern ment it will find its way directly back into circulation in providing for the governments needs. These bond is- sues will necessitatc more taxation in the future than in the past, but the person who practices self-denial now in order to buy bond not only aids the government but provides an off, set to future taxation on this account The individual who takes his share of the bonds will pay his taxes into his own pocket
 Every community should be close ly organized for subscriptions to this loan. Once the habit of saving to buy bond is established it will not be abandoned when the war is over. : but million new springs of wealth . will be developed to help on the de- velopment Of industry and the pro- gross of society in the future. Par. , cnts should buy for their children and employers should join hands with their employees, in the name of common patriotism and to bring an end to the worlds last great war. l
 "In setting out to raise the first in, { stallment of the S5,OO0O00.000 bond c issue, it is very important for the peo- f pie of this country to understand just q how large the task is and how they T must go about 1t. In the first place q our situation is quite different from d that of England ih that England had Il , great amount of capital employed O abroad which it was able to convert f, md bring home. We have few hold h ngs of foreign securities and there is II 10 other market in which securities f :an be sold. This is a rich country n ,ut its wealth is in real estate. factor f, es. railways and the machinery of r This property cannot be urned into the government treasury, L TOT can money be raised in any gem ral sense by selling property to each other. We see the effect of this in declining security markets. Such ef- C, orts depreciate capital values, disturb h. onfdence, make people feel poor and n that way actually make the task A arder. in
 This loan cannot possibly be taken pl ID by the mere conversion of bank b, unds now idle. The people must To nticipate their earnings and pledge to hem in advance. The treasury all aC ows payments upon installmcnts and To these terms do not suit the sub criber's convenience he should con- Jr ult banker of his acquaintance. m