The Detroit times., 1917-09-21
NEW WAR
LOAN WILL
Be RUSHED
Twenty RilliOn Needed
First Year, Says
Local Committee

In a meeting % The Liberty loan
committee OF Detroit and Wayne
county. In the Detroit Athletic club.
Thursday evening al which plans
were discussed for The second I'D
Crty loan campaign 70 comm euce
early in October The question was
raised a. TO whether the people Of
the country fully realized me ina.
mensity OF The financial problem
which faces the government 10 con-
nection with the raising of me funds
necessary 10 pay tho expense of
conducting the war. Unless they do,
there is some likelihood thar they
will not feel the necessity ~ sub
scribing 70 the second Liberty loan
issue as freely as they otherwise
would.
Including the 100000 oo0 %,
bonds issued and sold under The
Act Of April "a last. congress has
authorized a total war indebtedness
OF various kinds OF securities bonds.
certificates of indebtedness and war
savings certificates, aggregating Si5.-
53S.945, 400 Deducting the $4,000.
600, 900 og bonds above mentioned,
already sold. and the $3.50 600 600 OF
certificates of indebtedness on.
standing on Sept II. there remain
available for sale 70 he people of
the country for war purposes secHrl.
ties amounting to a total OF Sl2.
6ss.945, $50.
The proceeds from the sale OF
this s15.536.945.460 Of government
securities are 10 be used almost en-
tirely for war expenditures. and it Is
apparent from the estimates Tor
these expenditures for the fiscal
year ending June 30. 1913, that this
tremendous sum will not be sufi-
cient. II is fair 20 say that the pub
lie mind SIS somewhat confused IS 20
the amount Of the aggregate expen
ditures required for war purposes
when Secretary NcAdoo visited De
troit in June last. be stated, In one
OF the meetings the close OF our
Liberty bond sale here that these
expenditure for the first year would
aggregate $4,000 600 600. This fig
IRE has been added 20 from time 10
time since then IN statements made
AiVl Oilkt W ANN AtFNrNAF MFtAfnN NAllfAl.r
hut by members Of congress and off
cial committees Of congress. and va
lious estimates. some of them os
high "a S2l, 600 600 have been
published II o. not surprising
therefore. that there IS confusion in
The public mind in this natter
The committee has obtained the
latest estimates as 10 the gross
amount OF these expenditures for tho
first fiscal year, namely un 90 June
so, 1918. This late official estimate
totals s1s,7S2, 370.92o. substantiauy
$4,000 600, 600 or this amount ~
Is estimated that the loans 20 ths
Allies aggregate $1,000 .G0- coo. lcsv-
ing practically s12 oo1,000,0oo for eX
penditures Of our own government
This total is being added @ almost
daily By additional estimates which
are being furnished 0y The depart
rents In Washington 20 congress.
covering expenditure found neres-
sary 70 tho proper conduct of me
var, az the plans for The nrosecU
lion of the war doviop o. would
not be out Of the way. therefore. to
hey that the total expenditure for
the first year would aggregate in
the neighborh0od OF {2o 600 600 COO
u Is apparent oi course Thar his
does moi represent the cost of lh.
war and norma running expenses 0f
The federal government for fnc hrs
year 20 this country. because of This
amount, IN the neighbOrhood of b.
coo, 1000, 600 representing loans 20 The
Allies, BE- secured hy bonds OF the
Allied countries which are bought by
this $1,000 600 000 and viii ~ E4r.