Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-06-09
IMPORTANCE OF LIBERTY LOAN
William A. Law Tells State Bankers Association Bedford
Springs It's Purpose Is to Preserve Civilization
From Destruction

ILTILLIAM A. LAW, president of the First
w National Bank of this city. addressed
the annual convention of the Pennsylvania
Bankers Association at Bedford Springs
on the Liberty Loan. He said:
The Liberty Loan offers the American
neople the first opportunity to vote their APP
psoval of war against Germany. The ma
tional election last fall was regarded as
an expression of neutrality, though it is
doubtful IT, after the Lusitania tragedy,
neutrality was ever the actual position of
the American people. The nations sub
scriptions to the Liberty Loan viii record
an unofficial referendum on the war.
The entire nation is now being recruited
for patriotic service Congress has its
staggering problems created by unprece'
dented situations; the Executive has its
myriad perplexities private citizens every
where are searching their hearts TO find
where duty leads. and frequently decision is
difficult.
But for US who are bank and trust COM
pany officers there can be no mistakng tho
plain path. our duty lies in devoting our
time and energies toward making the Lib.
erty Loan n tremendous success in work.
ing for It wherever and whenever we have
opportunity, and until distribution is COM
pleted.
There has never been any doubt in my
fear has been that after II was all taken
l might look back and see with regret that
had not dono my share in helping to
place 1t.
Is patriotism only an emotional condi-
tion of mind, evidenced by displaying the
flag and singing the national anthem? No
1t is today the acceptance by each man OF
his practical opportunity for personal serv,
ice.
At the outset this loan seemed so CO.
lossal that there were no other figures by
which it could be measured. We have
long been accustomed to saying millions -
but have only lately begun to say bill
lions" Yet, comparing the $4,000, ,0O0, ,O0O
Liberty Loan, as n contribution from our
national income. with the actual amount
of that national income, say, SAC, 900, 900, =
900. we find that the Liberty Loan is much
lass than three weeks national income. Our
national wealth is estimated at $3.50 900, :.
900. 900; our bank resources exceed $685.
900 900 900. So relatively the loan is not
put Of proportion to income The total
loan is less than one-third of the value of
our farm products for 1916, which amount
ed to over S7,5O0,0o0,ooO.
A Liberty Bond is the best investment
in soundness and safety ever offered to
the public at any time in the worlds his,
tory. Its conversion privilege will proba.
bly, make It a profitable purchase II held
until peace comes, for a 4 per cent United
States bond will sell at a premium under
normal conditions and the next issue will
probably be at per cent
America Must Win the War
What is the object of the loan? To pre.
serve civilization from destruction to main
tain the freedom not only Of our people but
Of all the other decent peoples on earth,
TO punish tho brutes who have torpedoed
hospital ships, attacked innocent women
and MANNED helpless children whenever
they felt they might thereby gain a mill.
tary advantage. In short, the issue has
been Joined between tyranny and democ.
racy; between barbarsm and humanity Nv
winning we gain everything on earth that is
worth while. Treaty rights property rights
women's rights and human rights are ali al
stake. Especially since the recent revolu-
tion In Russia the burden is upon AnerI.
cans 10 win this war. and with Gods helm
we are going to win 1t in real America
fashion-by universal cooperation. by hAayy
and continued sacrifices by slghting-not
for territory, not for material gain. hu,
for the rights OF peoples who need orr
help and who In former generations helnsd
us when our need was the sorest.
To accomplish this is no small tasl, Y,
will require the sustained effort OF our .n
tire people and the mobilization Of All a.,
natienal forces but II all will co-operats 4,
can be done. For ours is a country I.ich a,
manhood, resources and spirit, Far bevona
what any OF us can realize, ana thIa -
Is the one great Job IN which every On.
can lend hand.