The Birmingham age-herald., 1917-10-31
FLOATING LIBERTY LOAN
nx HOLLAND

New York, October ao.-(speciaD-on the evening of the day when the substan- tial success of the second Liberty loan was assured. some of those who had vol untarily given their entire time Gor month to the work of selling these bouds to the American people, met by cha 2 and informally discussed some features of the wonderful campaign.
 One of the remarks was accepted by all who heard 1t as containing truth. It was stated that the first Liberty loan was the hardest successfully to float; notwith- standing the increased amount, 1t was much easier to persuade the American people to take the second loan than the first. And, when in the spring or late winter the Secretary of the Treasury MT. McAdoo, comes again to the American people with another request that they lend several billions to the government the appeal will be even moro readily and gladly met than was the call for the sec ond loan of at least $3,000,000.0o0.
 The reason given for this view was that when the first offering was made It was an absolutely new proposition to the American people. In the past when gov ernment bonds were offered the treasury department looked chiefly to the banks for subscriptions Even in the CIVIL war days much the larger amount of govern ment bonds was bought by the banks and after a. national banking system
 ttfi1 In securing national bank circulating notes. From time to time men who had amassed great fortunes passed away, and it was discov- cred that in the majority of cases their estates contained only comparatively small amount of government bonds.
 One lawyer of New York. 8 partner of William M Evarts and J. H. Choate' MT. southmayd. was found to have in vested substantially all of his accumu- lated wealth in government bonds the agsregate amount having been reported at some s3,0OO,OOo. This was regarded as SD unusual an investment of principal that it occasioned a great deal or com ment.
 Tn the spring the American people were appealed to to lend $2,o0o'Ooo'Uoo to +hemselves--that is to the govern ment-and in Juno of this year they were on the whole rather slow In get ting a full understanding of the mean ing of the offering. Furthermore 1t was an enormous undertaking to organize an absolutely original national cam- paign made up of men and institutions who undertook to sell these bonds and to explain to the people what the mean- ing that lay behind an investment Of this kind really was.
 The first campaign which, of itself, constituted the greatest selling organ ization in the history of the United States, far exceeding any that was un- dertaken in the time of the Civil war, opened the eyes of the people so that it was said, after the subscriptions were ended and Secretary McAdoo was able to announce that the offering had been heavily over subscribed, that if he had asked for $5,O00,000,O00, and had allowed another month for the sub ScrlDLlOnS lO pC AlduO AiS "ONAo NAe' secured the money.
 What the reasons were which per- suaded Secretary McAdoo that 1t was the better part to limit the time for making subscriptions to the second loan to a month, he has not said. nor is it matter of very great conse- uuence. He did know that the American people had been so well instructed by their object lesson which the first lib- erty loan campaign gave that they were in a condition of mind which would make 1t far easier to appeal to them than was the experience in June, this year.
 Having become accustomed. there- fore. to lend money to the government. and having learned that in doing that they simply change the visible form of their possessions from actual cash into something that is equivalent to cash. and having since June accumulated in the aggregate a very large amount of new savings or incomes. all that was necessary was to furnish convenient facilities for selling the bonds to every individual in the United States who, presumably, had money enough or credit enough to buy even a small one.
 Therefore. it is assumed that when the third liberty loan is called for, if the Secretary finds it expedient to ask the American people again to lend some part Of their money to tho. government, sell ing campaign will be carried on with even greater enthusiasm and with more speedy success than that which characterized the loan which has just closed.
 Already the men ~of finance are begin ming to look into the future. wondering how soon Secretary McAdoo will ask the people again to lend money to the gov- ernmept The prevailing impression is that Il t h necessary to mako coll os