New Britain herald., 1917-09-28
M'ADOO APPEARS
BEFORE BANKERS
Expresses Confidence in Over
Subscription in New Bonds
PATRIOTISM Is FIRST
Advises That Whole Country Should
Now Be Able to Raise $74 ,OOO, ,OOO,-
900 Through Government Loans at
the Present Time.

the Present Time.
Atlantic City, N. j., Sept. 2S.-Vast
over subscription of the three billion
dollar second Liberty Loan was con-
fidently predicted by Secretary Nc
Adoo in an address here today before
the American Bankers association,
calling upon bankers to give the same
patriotic support to the new bond
issue that they gave to the first.
1T has been urged upon me-" said
the secretary, that many men of
wealth will refuse to buy the four
per cent. bond with liability to in
come taxation. I should be loath to
believe this. but If 1t is true, the posi-
ton of the government must always
be to offer a bond upon terms fair
and equitable to all alike and which
will make the widest possible appeal
to all the people without regard to-
the fact that a man may be rich or
poor. 1t has been suggested to me
that patriotism should play no part in
the sale of government bonds. I do
not concede this, although I believe
the American people will buy these
per cent. government bonds on
their merits. Patriotism is first, love
of country above everything-above
life itself; second, love of country
combined with that vital interest in
the nations welfare and safety which
will make secure the material inter-
ests of each individual and promote
his happiness and prosperity.
If this be true, the man of wealth,
with patriotism or modified patriotism
or without patriotism, has greater
stake in the security of the govern
ment than any other GLASS; because If
the governments credit Is destroyed
and disaster comes upon country as
it inevitably will If the governments
credit fails, what is property worth to
the rich man? What is life worth
to the free MANI"
Emphasizing the great financial
task ahead Of the nation Mr.. McAdoo
pointed out that it would be neces-
sary to raise between thirteen and
fourteen billion dollars by additional
bond issues before June 80, 1918.
This will not be easy, he said. but
it can be done by everybody, banker,
business man and men and women in
see it through.
sources Of America were never so
ample for ourselves and so formid-
able for our enemies as now. The
combined resources of the national
and state banks (including trust
companies Of the United States are
now ,$37, 900, 100000. At the outbreak
Of the Civil war the combined re-
sources of the banks were estimated
to be 1,500,000,000, and yet with
these limited banking resources the
union government raised $3,0OO,000,-
900 by bond sales. or twice the
amount of the banking resources of
the country. Upon the same basis we
should now be able to raise 74.000,-
100000 through government loans.
am not suggesting that this may
be done: I am only drawing a COM
parison."
The secretary briefly reviewed the
causes for Americas entry into the
war, declaring this could not be done
too often because of the efforts of
noisy agitators and disloyal writer's to
confuse the issue. Much of this pro-
paganda, he said, probably had been
carried on with money left behind for
the purpose by Won Bernstorff, 1.-The
adroit and malevolent German am
bassador."
While it is true that America went
to war to make liberty and democ-
racy secure throughout the world,
said Mr.. McAdoo, it must be remem-
bered that she entered also for a more
immediate reason-the wanton disre-
gard of American rights and ruthless
destruction of American life and
property. If the United States had
acquiesced in the Kaisers order that
its shipping stay off the seas, he de-
clared. $3,400,000,000 of American
commerce with Great Britain, France
and Italy would have been cut off
and with lone stroke of his pen the
Kaiser would have accomplished more
abstraction on our farms, in our fac
tories and in our mines than he
would achieve with all the armies
and navies of the German empire.
uIC nDnUuy