The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1917-08-16
Liberty Bonds Preferred stock.

coI poIdtIOH WlIn more imam nunQFeu
million stock holders and with capital
stock and resources of more than two
hundred fifty billions of dollars, and an
annual income of fifty billions of dol
lars, each American citizen is a stock
holder in this great corporation Even
those whose only assets are their earn
ing capacity own shares in our public
domain and property and are working
on profit sharing basis with a vote
and voice in the management of the
corporation and with the right to ac-
quire more stock at any time
A Liberty Loan Bond may be hkened
to share of preferred stock in this
gigantic corporation. Like preferred
stock in other corporations it may not
return, at times, so large dividend as
common sock, but the dividend from
it is certain and sure. Tt is stock that
pays 311aq6 dividend but the stock and
dividend cannot be taxed and while
crop failures may decrease the farmers
dividend from his land some years to
less than nothing, and various causes
may lessen or destroy dividends from
all other sorts of property, the dividend
from the Liberty Loan Bond is certain
and sure, subject to no failure or dimi-
mutton.
The owner of Liberty Loan Bond
holds written tangible evidence of be-
ing a preferred stock holder in the
United States, the greatest, the most
glorious, the most honorable and the
most successful corporation in the
world. He holds the certificate of be-
ing citizen willing TO support his gov
eminent and to lend money in his coun-
try when it needs it and calls for it.
There is honor in being the owner of
q Liberty Loan Bond as we'll as profit.
| The United States is financing itself
in this war by loans and taxes. Tt OBJ
tains funds from the people, some by
taxation and some by the sale of bonds,
and then it goes into the markets and
buys from the people what it needs The
people supply the government with mon
ey and the government with this money
buys from the people what it needs for
the war.
There are three sources from which
| the United States can draw the sinews
of war First is the fixed property of
the nation. This represents our farms,
factories, mines, railways and all other
property including accumulated savings.
| From the corpus or body of none of
these, except the accumulated savings,
will the government obtain war funds,
and even from the accumulated savings
it will draw relatively small portion.
These accumulated savings are invested
| in industries and business which are
| necessary to the cOuntry's welfare and
| prosperity and it is only that portion
of these savings which are seeking in
vestment that the government will re-
ceive in exchange for bonds.
The second and the great source from
which the government is to derive its
war fund is the wealth produced dur
inc the war. Part of this it will OBJ
tain by taxation and part in exchange
for bonds. The annual production of
the United States, from its farms, mines,
factories, and other sources, amounts to
$50 900 100000 a year and out of this
| $50 ,000, 100000 will come the funds,
part from taxes and part from the sale
of bonds, with which the United States
will finance itself during this war.
By taxation this generation will paw
its portion of the cost of the war. By
the sale of bonds the next generation
is called upon to pay its portion, and
this last portion wiz be naid from the
wealth production after the wa.
BY this method the capital of the
country, its sources of income and
wealth, are unimpaired It is only the
yearly increment of this property that
is called upon to bear portion of the
cost of the war Thus despite the
waste Of war and the destruction Of
property involved the country may
emerge from the conflict stronger fl
nancially, more efficient and even
Weather than before. What the gov
err ment receives it receives from the
people without impairiDg the sources of
wealth of the country, and passes it
back to the people in exchange fer TIE
productions of the country. Tt is in
wav only shifting of credits.
The government collects the current
taz-es and by means of bonds anticipates
taxes of the years to come, and all the
money thus acquired passes back into
the hands of the payers. This IS
why governments which follow sound
economic methods not only are not i'm
poverished by wars but sometimes
emerge the stronger as England did aft
er the Napoleonic wars and the United
States did after our great Civil War.
Real natriotisu these davs is the pa