The Washington herald., 1917-04-10
3 BILLIONS FOR ALLIES|
CONTINUED FROM PAGE ONE


in part, the expenditures involved in the
proper organization and operation OF the
army and navy and the conduct Of the
war generally.
"Of course, a larger amount of addi-
tional revenue will have to be raised by
taxation, but this part of the problem
Is under consideration by the Ways and
Means Committee Of the House Of Rep
resentatives. 1t will naturally take
reasonable time to discuss and agree
upon the new items for taxation. which
should not, and l am confident. Will not
become the subject of partisan treat
ment.
Three billion dollars of the proposed
issue Of bonds should be used to supply
credit to the governments making COM
mon cause with US against Germany to
enable them to secure essential supplies
in the United States and carry on the
war with increased effect. The most ser
viceable thing we can do Immediately
for the common cause is to furnish credit
to these foreign governments who, IN
conjunction with us. are fighting Ger
many. This financial aid ought to be ex-
tended at the earliest possible moment.
It will be trebly valuable and effective
II extended now.
THE purpose Is to purchase the obhga-
tions of the foreign governments to
which credit is given-such obligations to
bear the same rate of interest ana, h
other essentials, to contain the sans
terms and conditions as the bonds OF the
United States.
"The bonds of the United States will be
offered as a great popular loan. ana the
widest opportunity will be given to the
nublic to subscribe, and by subscribing.
10 nerform one of the most patriotic
services that can be rendered to the coun-
try at this time.
;.In view of the fact that ue laws Of
the United states forbid the payment or
commissions on sales of government
bonds. It Is extremely gratifying to have
received 40 many offers from bankers
and others throughout the country OF the
n,e US OF their services and facilities In
making the proposed bond issue a sue
cess, It is the purpose of the department
to mako use of these offers and to seek
the assistance of the Federal reserve
banks, the national banks, the State
banks and trust companies, the savings
banks, insurance companies, private bank
ers, and investment bankers throughout
the country in the public Offering that
will be made of the governments bonds.
Every governmental agency, such as the
internal revenue offices and postofhces,
win be asked to assist in this patriotic
work.
when the Congress shall have
granted the necessary authority to
make public offer of the bonds, shall
take the benefit of the counsel of the
most experienced bankers and invest
ors of the country as to the best
means Of making the offering a pro-
nounced success.
The wealth of the United States is
SO great, the Investment resources of
the country are so large, the strength
Of our banking situation Is so phe-
nomenal. and the patriotism of our
people Is SO aroused that am conf
dent that when the government offers
It's bonds for public subscription the
amount will be overwhelmingly sub
scribed."
Secretary McAdoo closed his state
ment with an expression OF thanks to
the many bankers, organizations. and
individuals who have rendered their
services to the government In handling
the crest loan,