Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-05-30
MILTON C. ELLIOTT MAKES
ADDRESS TO BANKERS
attorney for Federal Reserve Board
Describes Magnitude OF
Liberty Loan.
MUST SEEK SMALL INVESTORS
Effort Is to Place This Great Issue
Oh Bonds I'm Hands OF individuals
with Least Possible Disturbance
to Financial System.

Describing the system inaucuratcd
by the Treasury Department OF tho
United States for the sale of tbe 50
Oo0.00o.o0O Liberty bond loan ,ss,o
'his couhtrys first war fund, Milton c.
'Hhott. attorney for tho Federal Re-
..tNr board declared last night that
e NJ. VI ochocracy was at stake, and
that the underlying issue of tho rrca,
war Is whether or not this form of
government. which our forcfatbcrs
iouSht ana died to establish, shall sur
vive.
AR Elliott was addressing members
OF me richmond Chapter OF the Amerj
can institute Of Banking, which held
us closing meeting of tho session al
me Jefferson Hotel. Continuing. II.
s"'u mat our responsibility in tho
matter can scarcely be ovcrcstimat.d
and under the guidance of patient
ana conservative. but wise and fc.r-
less leader. President Wilson. we b,vo
entered the lists on the side OF bu-
manity.
me war. as we must. II is
necessary" he said. 10 use scientif.
can! and without reservation our rroa,
financial resources as well 49, our men.
The scientific use of our iinanri,, 20
sources presents m Interesting proh-
rem from tie standpoint OF the bank
crs." Mr.. Elliott then dcscribcd no
system worked out by Secretary Mo
MOO for the sale OF the bonds and
lotd now necessary ii WAS To secure
subscriptions from tho pcopIo. I'm,
this must be done in way to ,iis,urh
as little as possible our financial .,s
TEN.
ISSUE - GREAT
FINANCIAL UNDERTAKING..
i;ui tn" people mus, ultimately no
hhid back. through the process OF
taxation out OF the fruits Of the In
"ustry OF the people. Eor that rca
son. nc said the issue was a uro,,
undertaking AMI should be wisely dis
tr'hut.d with no heavy Investments by
large corporations OF by individuals
beyond certain degree. For IL the
earning capacity OF our industries is
seriously crippled. the sources OF rcve-
nu"S OF the government will neccssar-
II! be curt"ilcd. He also told OF tn.
provision made FOR the handling Of
none! raised BY these bonds sayin.
that the department had guardc,,
against heavy Withdrawals OF money
from any one bank or section. which
might seriously affect business
MI. Elliott then sketchcd. briefly. tho
organization Of the first bank OF Tho
United states, tho growth Of the bank
ihG system OF this country, and finally
the establishment OF the Federal re.
serV" system. bringing the govern
mcnt and the banks Of America in .
closer touch. aud linking the Treasury
Department in the present crisis with
the peopl. OF the country He cx-
planned how the twelve Federal banks
would act as hscal agents for the gov
ernmcnt and that through them tn.
payments on the bond issue would bc
transmitted.
DIFFICULT TO COMPREHE:Nn
MAGNITUDE or ISSUE:
1T is little difficult TO comprehend
the magnitude OF this bond issue h.
said but our calculations show that
II the issue was in silver dollars placed
In line they would reach around tho
globe five times. paving teller.
counting 200 per minute. would REQUIRE
lao years 10 count the money. and by
that time the accrued interest would
amount 10 S3S.0oo,ot0. and h. would be
80 years more in completing his
work.
DR. Douglas :. Freeman. instructor
OF the Institutes classes. also spoke
last night. urging tho young mon IN
a striking manner never to forget their
duties, especially In the present crisis
ana always to do whatever they were
upon. whether il WAS lighting on tho
Soinnc front in France or behind their
desks III Richmond. He told tho mem.
bers OF the work OF the chapter re-
Gently and urged them to greater en-