Macon beacon., 1917-10-19
The South and the Liberty Loan.
By Hon. JOHN SHARP WILLIAMS.

ways run strong in the South.
The history of the United States,
and even more the history of the
Confederate States of America,
show that the people of the South.
their money and means, as we'll
as their men, are always subject
to the needs of their country.
And if their services to the Ma
tion have been more in the way
of men than money. it has been
a matter not of spirit but of sup
ply.
Y However, in advocating the
liberal support Of the Liberty
loan by the southern people there
is no necessity to make any spe-
cial call upon their patriotism.
Enough along that line is done
when the patriotic. ature of the
investment is mentioned.
The Liberty Loan bonds have
been called by high financial au-
thorities the premier security of
the world. So far as the security
of the loan is concerned, it is Sc
cured by the honor and good faith
of the United States. 1t has be-
hind it all the taxing power of
the United States and the two
hundred and fifty billion dollars
of the national wealth of the
country, and the millions of acres
Of coal, oil, mineral, and farm
and timber lands that still belong
10 the public domain, which are
worth many times the amount
sof the Liberty Loan. No debt in
k;;he world is better secured NOR
.hlly and materially.
The Liberty Loan bonds are
klso secured by the obligations of
"A nose countries at war with Ger
| many which we have purchased
hnd are to purchase with the ma
I lor part of the proceeds of the
hoan. This additional security
ES'bnay add practically nothing to
4 khe already absolute security to
glihe bonds, but it has an effect
(which high financiers think of
sanusual advantage.
III 1t gives the Liberty Loan bonds
Il marketability and stability in
'Xlll the allied countries. When
Npeace comes and the ordinary f.
hancial transactions of interna-
|}Hional commerce are resum e d
\ throughout the world, Liberty
Ei loan bonds will probably be
Hauoted on every stock exchange
(hnd bourse in the world. The
demand for them is
R!yxpected to be constant and
.nteady and it is believed by many
That they will figure largely in
settlement of balances of trade
I'D nations, taking the place of
lk [e heavy gold shipments which
M I'VE hitherto been used in these
ttlements.
IN As the cotton country is a great
|lk sporting country, the value of
|fl exports of the staple being
M realty in excess of the value of
Nj. S imports from abroad, this in
I \ irrational exchange feature may
We of no special direct advantage
Illb holders of bonds in the South.
1ut in creating a steady value
I nd demand for money at all
Hines the holders of these bonds
h the South, as we'll as all other
receive a decided advan-
|lsage.
Y The rate of interest the bonds
lsf the second issue now being Of
Iitered BEAR per cent-is not so
sreat q return on ones money as
sltny number of investments in the
ybouth will bring in. But there
A'.re other considerations, besides
9.he loyal desire to support the
at war, which argue
btrongly for a very liberal sup
Of the Liberty Loan by the
2fotton country.
IN The times that are to follow
1.-The ending of this great war are
|5uncertain. The close of hostilities
Hand the resumption of world COM
|Smerce may bring about the fierc-
Hest competition and a revolution
q Iary adjustment of values. 1t
a may bring to some sections an
era of stagnation or one of great
prosperity. The surest thing
4 about the situation is that the fu-
& ture is uncertain.
Under these circumstances it
nwill be of great advantage to
* .l.z-1 ~ y,axy wind oc