The Washington herald., 1917-05-24
Appeals to Pntrioti.n.

Secretary McAdoo in his early ad-
dresses IN the Midwest dweIt especiaIIv
upon the patriotic feature which sub
scrtptions to this loan suggest But he
did not conf1ne himself to that view. For
he made It also clear to the people who
heard him or who read his addresses that
from the investment point OF view the
Offering OF the Treasury Department Is
| beyond criticism
Frank A. Vanderllp, president OF the
National City Bank, II cooperating with
the Secretary Of the Treasury and with
bankers in the East. in the Mississippi
valley and upon the Pacific Slope, to the
end that the subscriptions to the liberty
loan may be made with enthusiasm as he
believes they will be when the peopIe nm
derstand the proposition. He, however,
| supplements Secretary McAdoo's ad-
dresses by speaking with great conf
dence OF the business prosperity which
awaits the United States.
He admits that there must be some
readtustments, thai the currents will
run in different channels-at least sonoe
of them wfII-frorn those which !, tu,o
years have brought prosperity 10 the
American people. But he insists that
| these channels will be as deep. as broad
and as sufficient as those have been
which have since the turn in the tide
early In 1918 been followed by food Of
prosperity unexampled in the history of
the world.
President vanderIip 1,ndopbtedr, 4.
anxious to persuade the people that he
desires to create and increase confidence,
| presumably believing that confidence
alone is all that is needed to secure fuu
| subscriptions Immediately for the nres-
ent Offering and for those that NAV he
made in the future. He believes that not
so much out Of past earnings as out Of
those which are to come will flow the
funds which are to be invested in United
states bonds.
Thomas W. LamOnt's View.
When the somewhat bewilderinr mo-
| position was made. over two wears ago
| that England France Jointly borrow IN
The United States. 500, 100 o00. plcdginC in
| security orty national honor and credit.
| j. P. Morgan spoke briefly 10 n CON-
| pany Of bankers who II was thought
| would cooperate In floating this loan.
Mr.. Morgan was almost as lacoElc as
his father was accustomed to BE- when
| speaking OF great affairs and he had all
| Of his fathers confidence and power of
| tmparting confidence when he earnestly
advised the bankers that they should
cooperate in this Heretofore unsur-
| passed proposition. The bankers took
| him at his word and the loan was made.
| When Mr.. Vanderlip was speaking for
| publication upon the business aspect OF
the loan and Secretary McAdoo was
speaking in the West upon certain other
aspects OF the loan. one of Mr. Morgan's
| partners, Thomas W. Lamont, was CO.
| operating with them by addressing a
| banking association in New jersey Mr..
Lamont upon that occasion made the
initial address of a good many which. in
| cooperation with all American bankers,
he purposes making IN a campaign of
| education and persuasion.
He Is to appeal especially to the small
investor, to the man who may be able to
subscribe for one bond. even though the
] denomination be as small as $50. In
presenting this view, Mr.. Lamont is to
speak publicly the thought which he has
| frequently expressed in private since.
Secretary McAdoo offered the Liberty
Loan" to the American people. Mr..
! Lamont has said that, in his view, II
is expedient, even vital, that small in
vestors, as well as large, should be-
come thoroughly aroused so that they
will share with the men and institutions
of wealth in perfecting this loan.