The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1917-09-11
TN ADVIRnssR'S sEa.wREKLY


iSK~HE argument has been advanced that the
"a %weaitlf aud resources Of the United States
are impaired to the extent OF all the money spent
by the government for war purposes The argu.
rnent is very unsound There is sharp contrast
between cost to the government and cost to the
people of the country. l7 sat.~..
The United States has sold two billion dollars
worth Of Liberty Loan bonds to the people OF the
United States and therefore owes two billion dol
lars more than il did few months ago When the
money for the bonds has been collected in full and
been expended in full the matter will stand in this
shape sEi.s ssE#s ..T
The people Of the United States will have loaned
10 their government two billion dollars in return
for which they will have received two billion dol
lars worth Of Liberty Loan bonds which is as val
liable security as the world affords Moreover
they will have in their pockets or their banks the
two billion dollars which they loaned their gov
eminent The government will have expended
part Of this money itself and those European ma
tions engaged in war with Germany whose obga-
tons our government has purchased with part of
the money realized from the sale OF Liberty Loan
bonds, will have expended the other part, and all
of il will have been spent in America for Ameri-I
can products and in payment of American wages
The resources Of the nation, its capital stock So
to speak will not have been impaired at ALL Our
FARMS, our mines, our factories in fact all of our
fixed property and industries will remain intact
Our people will simply have sold some of the an
nual products Of the country, the products OF its
farms the products Of its mines and products of its
factories. t5 49,
|. Thus the government will have value received
for the money it borrowed from the people and the
people win have value received for the money
they loaned the government and the prod
uets they sold their government and the Euro
psan nations engaged in war with Germany. Asl
Secretary of the Treasury McAdoo has expressed
Il.of this financing is largely merely mat
ter OF shifting credits. All of the money will re-
main in this country and will not involve any loss
of-gold Of any loss of values" i
Y Ofycourse the United States is going to pay
these bonds at maturity and is going to pay inter-
est % them IN the meanwhile. 1t is going to pay
part With the money it win later collect from our
debtor European governments engaged in war
with Germany; it is going to pay part with money
raised by taxation 1t is not going to pay them out
II the capital Of the United States or out of the cap
tad OF the people Of the United States The money
IS TO come from the annual income and production
1t the country which now amount to fifty billon.I
The yearly agricultural production of the United
States Is more than ten billion dollars and the min
.ral Prddnstiop three billion, The profits of con1
'ettirg raw material into finished products amount
lpRiislly 70 fen pbillion dollars These are justl
'onls Of our main sources Of annual income
n lhe. raising OF money by the sale Of bonds and
ne expenditure Of that money for purposes of warl
lrs not going to injure or destroy the productiye
,apaeity of our fields, factories, or mines, There
S waste IN war, and great deal of waste but war
$ not allwas The actual waste in this war may
% more than made upby the speeding up of our
Industries under the stimulus Of the war il
There IS going to be loss by reason Of this war
wealth shot away in battle and wealth sunk at sea-
And there Is going to be loss of some Of Americas
'ravest sons But the price is one that America
willing 70 pay, that her fighting men and her
'eople are willing to pay, for the maintenance of
,nr lights and of our national honor the cause Of
lentocra the Preservation Of liberty and civi-
alton and humanity. The loss caused by war win
,e small, indeed, compared to the worth of these
hings ID america and to the world .' Il
( .S W.. 49,, f. u, ---r---~<S--- * II
=, l. ~. \. ~. 81