Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-08-25
Spending Lavishly to Win

While the army and navy are being put
together to win this war the financial re-
sources of the country are being checked up
TO pay the bill and the checking up of these
resources is no small job despite the ease
with which the public has become accus-
toned to the ready use of the word "bilions" ="
A billion, be it remembered being one
thousand million-and million itself being
fairly comfortable sum. When we speak
of billion dollars" and endeayor prop-
erly to realize its meaning. we are reminded
of the early but amiable and public-spirited
suggestion Of Hon. John Wanamaker that
the American people contribute 81 900, ,OOO,-
600 to restore Belgium. We were sorrowing
with stricken Belgium then, it will be re-
called, but there were some who, though
they spoke generously, did not seriously en-
tertain the kindly suggestion of the great
Philadelphia merchant. They began to fig
ure up what $1,000. 900. 900 meant-substan-
tlally SlOo apiece for every man, woman and
child in the country--and they looked at
each other and shook their heads. They
treated the suggestion with respect, but
were sorry for Mr. Wanamaker and, for the
time being, "the billion idea" went to the
scrap heap, just exactly as did William
jennings Bryans Government ownership
of railroads idea, with which on one occa-
sion he was so unfortunate as to open his
PRESIDENTIAL campaign in New York city
Mr Bryan is said to be looking hopefully"
TO the future since Government owner.
snip IS a little more popular than when he
made bold to mention it, but Mr.. McAdoo,
the Secretary of the Treasury who is also
credited with hopes for the future" 10
beating Mr. Wanamaker ito it" on the
Dlllon idea. Mr.. McAdoo now looks to Com
gress not for one billion" but for what in
the aggregate, during this session of Con-
gress will be United States contribution
to the war of upward of SIS 600 600 OOO
hIlrlan nf
for our war experience of four months
only, though it may be expected to carry us
forward to the end of the fiscal year. luna
80 next At any rate, 1t makes the Belgium
"billion-dollar' idea of Mr.. Wanamaker
quite respectable
New Demands a Surprise
The new McAdoo proposaIs come &C
surprise to both the Senate and House
The Senate was grinding away on the war
revenue bill as If that was sufficient IN
settle the whole war business. Having given
the Administration authority to borrow
SHOOo'ooO'OOO, of which $4,000 OOO, 900 was
10 go 10 the Allies, the new demand for
loans put damper upon the thought of
adjourning, for even the Senate realizes
that these enormous sums of money must
come out OF business and the people Like
wise In the House there was a feeling of
surprise and resignation. we have gone
INTO the war it was said; I'VE will have
TO give the Administration the money 70
see it through" Congress had some iistifi.
cation for its surprise at the new demands.
because it was understood when the 81 600
100000 loan bill was passed, the bigrest
ever up to that time, that the Allies would
be satlsned and that the needs of our own
Government would be met up to the end of
the fiscal year. 1t now appears that in
addition to the $4,000, ,000, 900 authorized for
the Allies by the act of April "a, 1917 n
will require $4,000, ,0O0, 900 more to keen
them going until June. 1918, inclusive. The
secretary of the Treasury plans to let the
Allies-England, France, Italy, Russia and
the others who are fighting Germany-have
at least S5OO,00O,000 a month. They are
said to need 1t to see them through the
winter and to prepare for the next great
spring drive. Supporting the demand for
the loan Is the argument that the more
money we send abroad the fewer men we
will have to send. Apart from the assist
ance we are to give to the Allies are the
requirements of our own forces which
seem to be steadily increasing as can be
attested by Chairman Fitzgerald, of New
York Mr.. Gillette, of Massachusetts, the
ranking Republican; Mr. Sherley, of Ken
lucky; Uncle Joe" Cannon, Of Illinois. and
other strong men of the House Appropria-
tions Committee, who are locked up almost
daily in conference with army and navy
officials and their war estimates. As evil
III
that the War Department seeks an appro-
priation on one item alone, that of field
artillery, of $500, 100000.
1t is not clear just when the new loan
will be offered or what the rate of interest
will be- Four per cent has been mentioned,
but that will have to be determined bv
Congress. 1t is more than likely, however.
that per cent will be agreed upon, as
there is grave doubt about the ability OF
the Secretary to finance another large loan
at Sh per cent In certain sections of the
country depositors In savings banks and
other institutions can readily obtain 4 per
cent for their money, which the Adminis
tration found to be an obstacle TO the
placing of the Liberty Loan. Anticipating
action by Congress. the Treasury
Department Is already laying its plans for
the disposal OF the new loan. II promises
ever put " uP !, tse''e 3 sss,,c,. ,.o,,