Der Deutsche correspondent. [volume] (Baltimore, Md.) 1841-1918, 1917-06-25
William G. McAdOO,
Secretary of the Treasury.
McADOO THANKS THE FEDERAL
RESERVE BANK

Loan Committees of your district, to
the banks, and to all other organi-
cations which have cooperated with
you in this great Liberty Loan enter
prise, the assurance of my warm APP
probation as well as my cordial
thanks?
"Will you not also urge these
committees to preserve their organi-
zations in order that they may be
prepared to render signal services
of like character to their Government
when it is called upon again to seek
an additional credit? 1t is of the ut
most Importance that he splendid
machinery now perfeced shall be
available when needed"
THE PATRIOTISM OF THE
AMERICAN PRESS.
The service rendered to the Gov
ernment Of the United States in the
sale of the Liberty Loan Bonds of
1917 by the press Of the country is
record evidence of the generous
patriotism of the newspaper men of
America. 1t is recorded in the pages
of thousands of American news
papers, many of them printed in for
eign language, from the largest dali
~ to the smallest country weekly.
The newspapers of the country 'came
across" with liberal donations of
space in news, editorial, and adver-
tising columns.
Newspaper men have observed
with deep and peculiar pleasure the
whole-hearted activity of the men of
their fraternity in the country in
promoting the sale of the Liberty
Loan Bonds. The Influence and as
sistance of all publications in making
the loan a success are simply incal-
culable. Their efforts greatly contri-
buted to making it a double success
in that it was not only largely over
subscribed but the Liberty Loan
Bonds were placed in every commu-
nifty in the United States, in cities
and in remote country districts, in
mining towns and manufacturing
centers, among farmers and country
merchants as well as city bankers
and large commercial and manufac-
turing houses.
1t was a great educational cam
paign. Readers of their county
paper in their country homes, and
new American citizens from papers
printed in their old language, and
others just learning our language,
who in the evening spelled out the
news in the great daily papers, were
informed of the purposes and objects
Of the Liberty Loan and instructed In
the nature value, and terms of
Government bonds, especially tn Lii
berty Loan Bonds of 1917. The
whole Nation has made long stride
forward in financial education
through the Liberty Loan campaign
of 1917 as conducted through the
press of the country.
The country press which without
compensation gave literally OF its
limited space is equally deserving of
praise with the large papers. In their
respective spheres all classes OF
publications in the country covered
their field thoroughly and we'll. The
press of America can look back on
the work it performed for the Liber-
ty Loan as o great public service,
ably. thoroughly. and unselftshly
performed
EDUCATIONAL VALUE OF THE
LIBERTY LOAN CAMPAIGN.
In addition to the main result. that
Of selling the two billion dollars
bond issue and the equally important
result of placing the bonds in every
section of the country and among all
classes Of Americans, the campaign
for the Liberty Loan Bonds has had
a great educational value.
The people of the United States
are much better informed now OF
their Government finances and
methods Of finance than ever be-
fore Hundreds of thousands Of
people whose idea of Government
bonds was vague and indefinite are
now not only possessors Of Liberty
Loan Bonds. but know what a Cow
ernment bond is and the peculiar
worth and value of such securities.
They have been informed of what
othern Governments have done in
the way of bond issues, Of the
wealth Of this country compared with
its national debt. and the wealth of
other nations as compared with their
national debts.
The campaign has opened and de-
veloped a vast market for future
bond issues of the United States and
has Opened UP to the American
people aad made them acquainted
with a field of investment they knew
little of before. 1t has given them
Investments for their savings the
equal of which they never had be-
fore.
The newspapers and the banks OF
the country were great instructors in
this campaign Scarcely citizen of
any town and scarcely a newspaper
reader Of any sort in the United
States but has had the opportunity
thrust upon him during the cam
palgn Of informing himself regarding
the Liberty Loan Bonds of 1919 in
particular, and the United States
Government hOnds in general and