New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-07
Golden Flood Continues,
but Only from Banks and
Wealthy Persons
Small Investor Needed
Bonds To Be Issued on Easy
Terms to Give Every
body a Chance

washington, May y. ne gOluen
food of subscriptions to the Liberty
Loan continued to sweep in upon the
Treasury to-day without abatement.
Officials estimated that since 2 o'clock
Saturday, when the last compilation
was made, offers had been received by
wire totalling as much as the big ag-
gregate made public last night, sl72,-
900 900. Should this estimate be cor
rect, the total thus far approaches
$500. 00O. 600. "a
Thus far only the banks and wealthy
individuals have been heard from.
The small investors voice has not been
heard. except indirectly. Officials be
lieve that a great army Of men OF mod
crate means are willing and anxious
to invest in the bonds and to this end
a programme is under consideration
which will enable virtually every one
in the country with only small
amount to spare to buy at least one
bond.
The need of individual subscriptions
to the loan was emphasized tonight IN
a statement by Secretary McAdoo, IN
which ne said:
although the response made thus
lar by banks, bankers and citizens gen
orally throughout the United States to
my kilograms announcing the Liberty
Loan has been tremendous. 1t must not
be assumed that the great bond issue
will be subscribed without effort. The
loan will not be carried to success by
its own momentum.
Individual Aid Needed
Every man and women in the coun-
try must get behind this loan. must
give financial aid and active support, If
we desire the result to be achieved.
The splendid patriotism evidenced by
the thousands of kilograms received at
the Treasury Department these last
few days is most inspiring. but this
world struggle for the vindication and
supremacy Of democratcy cannot be
won unless the financial sinews of war
are put in ample measure at the dis
Dosal of the government.
Borrowing $4,000 100000 in large in
stalments is gigantic undertaking, but
it is not too big Tor America. The glory
of its success will depend upon the ex-
tent to which the people contribute to
it. We must not rely on any class to
furnish the patriotism and the means
to make liberty the common possession
of all tie world.
at is not possible, of course, for
every man and woman to subscribe for
a bond. however small the denomina-
ton, but it is possible for those who
are unable to subscribe to influence
somebody who is able to take at least
one bond. Every one can do a share in
this great national undertaking.
Everybody to Have a Chance
at is intended TO make the bonds of
such denominations and the payments
on such easy terms as will give every
inhabitant of the land, big and little,
high and low, the opportunity to help.
Announcement as to the denominations
and payments will be made in few
days.
given out from time to time as to the
progress of the subscriptions, but the
number of kilograms and letters
reaching the department is so great
that il will not be possible to give
daily statements of the amounts in
vested. Every effort will be made
however. to give the fullest measur.
of publicity"
II is indicated that small investors
will be permitted, in some manner yet
TO be formulated, to pay for bonds by
instruments lasting over a considerable
period of time. In this. Treasury OFF,
Gals have tho support OF many
banks. some of which have offered
to accept payments as small as 50
month. Department stores and other
agencies also have offered TO cooperate
in this plan.
Banks Favor McAdoo's Plan
Whether il will be possible for the
government itself to undertake the
vast amount of detailed work which
such a programme would necessltdte
is vet to be determined. Mr.. McAdoo
Is very DESTROYS of having the bonds
placed with the actual investing pub
lie. rather than the banks, and IN TINS
he has the Endorsement of the Federal
Reserve Board and most of the imam
cial institutions with which he has dls-
cussed his programme.
To have the banks absorb most or
the offering, or even considerable
part of it, officials feel, might be in
furious to the financial system OF the
country to the extent to which IL
would tie up funds which ought to be
kept in a fairly liquid condition.
To encourage individual subscrlp-
tion. Treasury officials have approved
q design of a button. to be worn IN
the coat lapel, stating that the wearer
is the owner of Liberty bond. Mr.
McAdoo has ordered the preparation
of this button in large quantities. One
button will be given to each SUB
scriber. The legend on the button
has not been finally approved, but 1t