New Britain herald. [microfilm reel] (New Britain, Conn.) 1890-1976, 1917-04-14
Henry Clevs
Weekly Letter
Especial to the Herald.)

! DOAOS anu $6sVVV,VVV,VVV treasury
notes to start with is historic event
of supreme significance. Such an
amazing demonstration of financial
power on the part Of the United States
was never expected and will have far
reaching effects. Undoubtedly it will
hasten the end of the war by both
moral effect and practical results. 1t
Is blunt and effective notice Of our
intention and our ability to earnestly
| aid in pushing the war to q successful
conclusion. OF the $4,000. 100000
United States 8 IL per cent bonds.
| $4,000, 600. 900 are intended for the
| Allies This backing, or loaning Of
| our credit on 1-2 per cent, basis,
! will immensely strengthen the Allies.
whose bonds have already undergone
| a marked advance in consequence.
Much Of this amount will doubtless
be spent on this side for munitions.
the result Of which will be continued
activity in those industries. The fact
also that the bonds will be held In this
country will avert the strain upon
foreign exchange that would follow II
payments were made from abroad,
and will render 1t much easier to
control exchange in the future. Sales
Of foreign holdings Of Americans will
also be CORRESPONDENCE discouraged.
The dates of issue must be left to
discretion of the government, which
will undoubtedly take all factors OF
public interest into full consideration.
The bond issue will be an unQues-
toned success. It will be so for pa
triotic reasons, also for business
reasons, and especially because of
their freedom from taxation which
will popularize them among financial
institutions and bolders of large for
tunes. A good return, 3 IL per cent,
is offered for a bond of the very high
est grade. American credit is now
above that of any other nation in the
world; for thus far we have escaped
the strain of war and that which we
now undertake will be easily borne, |
while the debt per capita Of this
country is infinitesimal compared with |
that of European nations, our re-
sources being greater than any.
When this war; is finished the United |
States will enjoy an incalculable ad-
vantage in its freedom from the
crushing load of public debt that the |
nations OF Europe must struggle under |
for generations to come.
Our food problem is already excit- |
ing serious attention. In reality there |
is no cause for public alarm for there
is undoubtedly enough food in the
United States to go around, with q
good surplus remaining for export to l
help feed the millions Of hungry and
half starving people of Europe. But
there is need for caution. since in
few lines there is positive scarcity,
and two ways OF relief are within our
grasp, viz: economy in the home, and
larger product on the farm. Much
food is wasted, particularly in hotels.
and clubs and as yet we
have more to learn regarding scientl-
fic utilization Of all waste. AS for
larger product, that Is attalnaole
more scientific and intensive
cultivation, plus the largest possible
acreage. Probably the farmer Will
suffer somewhat by the withdrawals OF
men into the army. but the serious
ness of this may be exaggerated. Tor
the bulk of the recruits Will be taken
from cities, the counting room ana
factory having provided a large share
of Europe's vast armies. Then. much
can be accomplished by a wider use OF
modern agricultural machinery; the
gasoline tractor for instance, which
supersedes the horse and promises to
existing methods OF Gull
tivation. There is, Therefore, no rea-
son whatever for public alarm about
the food outlook. Last years short
wheat crop and the locking up OF
vast supplies in Russia have been the
main factors in present high prices OF
wheat, and our farmers should plant
every available acre to make good all
deficiencies, especially the threatened
shortage in our winter wheat crop,
which usually forms about two-th1rds
Of the total. There. has been some
talk of Government regulation OF
food supply, for which it is hoped
there will be no necessity. Much de-
ponds upon the attitude. Speculation
in food products should be discour-
aged, and consumers should not fall
into panic and unduly or selfishly
stock up in advance of requirements.
There is an admitted shortage Of some
articles. vet the food situation In this
country is nothing like SO critical as
abroad, and fasty action is unneces-
sary in view of the fact that new
crops are already in sight. Our gov
eminent is already considering vari-
GUS plans of food control, and In case
of emergency some form of govern
ment Intervention must be anticipated.
Misrepresentation would simply hasten
such measures and insure their
greater severity.
Stock market conQltlOns are stIH
governed entirely by war. In addition
to the agricultural outlook resulting
from the food problem. also the finan-
cial outlook connected with the bond
issue, there is the investment outlook
as affected by taxation problems. At
this writing the new taxes have not
been announced, and many Of the pro-
posals thus far presented have with
out doubt been for the purpose Of in
voking discussion. This country can
raise hugh funds for carrying on its
part of the war without the slightest