The Detroit times., 1917-03-28
tcspyrisAs. 1917. sy Tzs Usised Prsss)
tNSsy4a-ated at the DeDsrtment OF
AGrteaiture, ott.wa. Cssss.).
nv KAntnrr nTngr Esmm

AGFteeiture, ottswa. Caass.).
BY LOWELL HELLETT.
(st0r Correspondent United Press)
LONDON. March 2s.-A. Bonar
Law. chancellor OF the exchequer,
bias given the United Press the rec
ipe for raising ave billion dollars
under certain given circumstances
Only one ingredient ~ necessary. he
said. In effect. and that In patriot
SIN. but II IL well TO have u stirred
by German frightfuiness.
The EXPERIMENTATION of German
frightftllness." he said. made the
success OF the Victory War Loan
certain
Just az Ztppelit attacks on Lon.
don started the nrst great rush TO
the colors, the German promise OF
under-sea frightiulness accumulated
the greatest rush TO the pocketbook
any country ever saw. 30 In giving
the people OF Great Britain most OF
the credit for their great financial
effort. the chancellor insists that
some credit be allotted 10 the pro
mulsators OF the frtghtfulnsss cam
phign.
Asked why he had confidently un-
dtrtaken 20 raise the desired money
with a promise OF little more than
FIVE per cent interest. whom Lon
Gons greatest nnanciers had de
clared IL would be necessary to pay
per cent, he said
THE bankers. az was natural
looked at 4 as a financial problem.
! didn't. looked at IL as a tghtihc
problem. war problem. ! ccnsid-
cred what the people would 90 as a
matter OF patriotism. not es mat
ter OF finance. Once they were made
70 see the fighting possibilities Of
the money we asked. was sure
they would not look twice At the
question of interest. Events proved
that 10 be the case"
He could have added that the diff
ference in interest saved the empire
more than $50, 900. 900 a year.
There were good reasons for not
allowing the interest rate TO ex-
coed s per cent" he continued.
Thru the necessity NJ keeping up
cur exchange. the value OF all mon
ey on the London market has long
been higher than II overwise would
have been. Exchequer bonds bear
Ing per cent and treasury bills AZ
l-2 were Issued up TO the very day
before the issue Of the loan II was
because OF this high level OF money
that many financial men most com
petent TO Judge warned me that the
loan could not succeed at less than
per cent.
"It seemed 20 me. "a chancellor
Of the exchequer, that TO stereotype
British credit at a high figure like
SIX per cent would be a serious mis-
fortune. II would be better even
to risk a comparative failure Of the
loan. As a matter of fact. however.
| really did not anticipate q failure
in any degree. was banking on
the people OF the country
And in my belief the success Of
the loan should not be measured In
The amount raised, but in the num-
Ter OF persons who participated
Eight million people have a part in
this loan
Addressing ave meetings In vari-
Gus parts Of the country. be said, he
was astonlshed at the enthusiasm
shown.
Il never had seen anything Hike II,
not at the most enthusiastic party
meetingsg he declared. This spirit
Of the people had the greatest effect
on people of means The spontane-
ity with which the poor people gave
their little would have made It i'm
possible for the wealthy TO withhold
the needed big contributions, even
" they had been so minded"
A search thru London newspaper
''morgues" had revealed that his
bIographers unanimously agreed
that Law never had coined an cpl
gram. Yet he was the author o.
these.
Are you going TO give your sons
and not your money!"
What Mr, Wilson Is longing for.
we are hghtinR for"
1T lie impossible for German ma
ture TO understand human nature
All In this loan campaign.
How about H." ne was asked
We'll. perhaps the war has chang
cd me. sometimes think IL has
changed all England
Despite the naturally high import
ance which Re attaches TO the flnan-
cial side OF the war, the chancellor
is not convinced that II necessarily
is the controlling factor.
The Allies, II goes without say
ing. have greater financial resources
than the Central Powers" he OBJ
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