The Birmingham age-herald., 1917-06-10
AND HARDING STIR
 ENTHUSIASM FOR BONDS

1 would have no market, and hard times and disaster would result. This is the
 only thing that can stop prosperity. As
 I know that the Americap people will
 cheerfully bear the additional taxation and provide the necessary credits, | have
 no fears about continued prosperity. | Let us on June 15 roll up a subscrip- | tion which will he an unmistalsable an-
 swer to the enemies of our country. And
 on June 14-Flag Day--let us go out and I kneel reverently to that flag the su- premacy of which is today the hope of
 civilization that flag the very colors of | which thrill our hearts and ennoble our souls; and let us pledge ourselves anew to liberty and democracy and self-gov- ernment in the world, and swear that l the flame of liberty shall never be eXtin- guished while there is a drop of blood in the veins of any American freeman!
 Morris Bush introduced MT Harding former president of the First National 1 bank in Birmingham, now governor of the federal reserve board, in a most htIng manner He referred to MT. Harding as
 citizen of Birmingham, and one of whom Birmingham was proud; one who
 is serving his country in a most credit
 ble manner, and who is looked upon as
 one of the foremost financiers of Che country.
 Birmingham has oversupplied her man
 
 not subscribe money, no army nor war fare can go very far, said Mir. Bush.
 Mir. Harding paid splendid tribute to MT. McAdoo stating that he had learned
 to know him, to respect and admire him,
 and that he knew that the country's finances were safe in his hands. He spoke of his home city, of the pleasure of sec ing old friends and how proud he was of Birmingham on Registratio Day, and of the telegram that announced the city's [ intention of taking the first S100,O00 of the liberty loan fund. Birmingham will not only do her duty" he said, but she will set the example for the state of
 Alabama" said MT. Harding.
 T have often heard here in Birmingham ! that Birmingham was not on the map. but when I read the announcement in
 the morning paper made by the head of the United States Steel corporation finance committee. then I knew that Bir- mingham would do her part in making the liberty loan victory loan"
 Mir. Harding was frequently applauded as he deliberately pounded out the ue | tails of the liberty loan issue in tell ing manner, going into the manner of placing the bonds, the personal sacrifices that were in reality a splendid invest ment, and stressing the fact that Alabam- ians should cultivate a patriotic sent- l ment and do their duty as American citi- zens.
 MT. Harding's speech was as follows:
 W. P. c. HARDING'S SPEECH Mir. Chairman, ladies and gentlemen: This liberty loan issue should appeal to our business judgment as it surely does arouse our patriotic impulses There are going to be some changes in business dur ing the period of this war. The govern
 nlent is going to be the principal customer of the producers of America, of the men who toll on the farms, who work in the factories and who delve in the mines. Ten billion dollars will be expended in this country during the next year for gov ernment purposes, $4,000 GOO, ,OO0 perhaps for purchases made by the United States for it's own account, and $6,000 000,000 for the foreign governments with which We are associated. Government financing must necessarily therefore, be paramount. It must take precedence over every other form of financing, and business with the government is going to be the principal business that anyone will do.
 Our problem in raising this money is comparatively simple when we look at it properly. We are not mopIllzng the actual cash of this country in order to send it abroad. We are simply arrang- ing for very extensive system of credits. The transaction is very largely one Of bookkeeping. We not shipping any gold of consequence away from this coun-
 try, except few paltry millions to Japan,
 and that movement has about stopped.
 Our gold supply is going to continue to
 increase. It has been augmented during
 the past two years by more than $ll ,O00,-
 000,000. We now have between 35 and 40
 Fer cent of the entire stock of gold in
 the world I fully agree with Secretary.
 McAdoo that we may look forward to
 one of the most prosperous eras of busf
 ness this coAlitry has ever known, pro- vided the men and women of the country will rally to the nations assistance and subscribe for these Issues as they are offered. All of the money raised is go- ing to remain in thi, country; it is go- ing to be expended in this country So there is no possibility or any stringency anywhere as result of these bond opera tions
 BANKER SHOULD UNDERNEATH There is one very important factor that we should consider: While this problem is peculiarly a bankers prob demand I want to say here that the bankers of America have risen most nobly to the situation, that they have responded in a manner which shows that no class of American people has a higher conception of patriotism than they-I want to say that while this problem Is peculiarly a bankers prob lem, it is the province of the banker
 more to underwrite these issues with view of distributing them as widely