The Washington herald., 1917-12-06
SAVINGS LOAN
BOON TO U. S.
Issue Of Stamps VIII Show
Resources Of Nation,
Says Holland.

The cents dimes and dollars which
the people are expected to invest in
stamps which. In the aggregate. win
provide the government with two bill
Hon dollars are spoken, OF as likely
to furnish one Of the best evidences
Of the abundant resources of the
American people at this time. The
government win issue, when the fun
amount Of stamps II bought and af-
fixed, q certificate, the aggregate Of
which to be held by one person, Is
to be not more than one thousand
dollars. Presumably this compare
lively small amount was fixed upon
50 that subscriptions to this savings
loan fund might not be greatly abb
sorbed by the wealthy but chiefly by
the people who carry In their pockets
a few cents or q dollar or two, and
are persuaded to invest Il In savings
loan stamps.
Frank A. vanderlip, who withdrew
temporarily from his service as pres
ident OF an American bank which
now carries over eight hundred mil
lions of resources for the purpose Of
perfecting a plan for the wide dis
tribution of the savings certificates.
is reported by his friends in this city
to believe that the entire amount will
be speedily absorbed by the plain peo-
pie of the United States. II the plain
people can within a year deposite in
the post Offices occasiopally cents. or
dimes. or dollars so as speedily to
lend to the government two billion
dollars. then that success can safely
he assumed to represent one OF the
great resources of the American peo-
pie.
The floating of this kind Of gov
ernment obligation which has only
five years to run is only another as
pect Of the wonderful work of CO.
operation and coordination which
has been carried on since the war
Germany was declared in April
of this year.
1t is the expectation that before
the first year since our entrance
into the war is ended, the govern
ment itself will have demonstrated
the capacity of the American peo-
pie swiftly to perfect a nationwide
system of cooperation and co-or-
dination whereby all Of the resources
OF the United States. whether indus
trial. mineral. agricultural of finan-
ciaL may have been so modified
as to suggest in kind at least the
remarkable mobilization which some
of the greater industries of the United
states have perfected. a conspicu-
Gus example of which is furnisher
by the organization and operation Of
the United States Steel Corporation
Like Big Business.
For it Is a fact that the govern
ment at Washington is to perfect
within n few months a great organ
ization to which industry OF all kinds
bears a somewhat similar relation to
that which the subsidiary companies
OF our larger manufacturing indus
tries bear to the overseeing company.
OF course. the lesson that will be
thus taught will be so well learned
that after the war is ended we are
likely to see a great change m the
attitude of legislators and even Of
the public to what Is called big busi-
ness and to the railroads.
In civil war days when many in
the North were beginning to despair
OF the success of the Federal armies.
David A. Wells published a book as
remarkable In its way as was the
report OF Alexander Hamilton a year
or two after our government began,
wherein was indicated what the i'm
mediate resources as well as what
the ruture OF the United States were
and would be.
Mr. Wells demonstration Of the
magnitude Of the resources of the
North. undreampt of by many Of the
people until his book appeared had
lmnnadtQfa aTno&
the United States, both here and in
Europe. 1t resulted in finding a fine
market for government bonds in Hol-
land and afterwards in Great Britain,
IL showed that although the cost of
maintaining the armies might be as
much as 8, ,Ooo. 90, 900 a year, yet these
armies could be maintained for ten
years at least without seriously i'm
pairing the resources of the North. As
a result Of Mr.. Wells work, successful
attempts were made to cooperate our
industries. resulting in a good mobili-
zation of the resources. There follow
ed such brilliant government financing
aa provided the people OF the North
with money in plenty and made II pos
siole for John Sherman years after
ward to say that the issue of the legal
tender notes. usually called green
backs. was the turning point OF the
war In favor Of the North. This
money made it possible greatly to de-
veiop our resources.
Present Day Resources.
The resources OF the present day
which the United States possesses
are unmatched by those of any 9TH
er nation and are presumably fully
equal to the combined resources of !