New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-09-29
Capital Pledged by Amer
lean Association to
Push War Plans
Resources Warrant
74-Biliion Issue
McAdoo Declares That
Amount Justified, on
Civil War Basis
rs,a~ Co-sp'-icacel

fSa~ Co-sp0rfc1cel
ATLANTIC CITY. Sept. 25.-"Busi-
ness not as usual until the war is won,"
was the watchword % the American
Bankers Association to-day as its men,
bers outlined numerous steps involving
loss of profit and time TO themselves,
but which were accepted as means OF
defeating German militarism.
The final session of the organiza-
tons annual convention was crowded
with plans for placing the nations
finances upon a hrmer war basis and
for making the second Liberty Loan an
even greater success than the first. The
attitude Of the bankers concerning
profits was made clear when they voted
down, by two to one majority, a rec
ommendation that all future govern
ment war loan issues be made free
from taxation.
McAdoo Explains Tax Plan
This action followed close upon an
address b. Secretary Of the Treasury
W. e.. McAdoo. in which he explained
that the imposing of slgertaXes upon
the coming 1 per cen, bonds would
prove a hardship only to the very rich
and would not affect the small investor
in the least. Through MS explanation
It was shown tina. the small investors,
who TOOK up G2ia per cent Of the hrst
loan, would, If they repeated their per-
Torrance, succeed IN ,..as higher
rate OF interest on the aeA- loan with
out paying any additional taxes.
The organization adopted resolutions
in which al its member were pledged
TO bend every effort 20 speed the sale
of the new bond issue. !, was agreed
that every available dollar OF investing
capital would be reserved to be turned
into Liberty bonds.
The temper OF the bankers was
shown by the enthusiastic cheers that
greeted assaults by Secretary McAdoo,
DR.. Newell Dw.gh. Hills and Carl
Nrooman, Assistant Secretary OF Agrl-
culture, upon pro.tecr5, "a.sloyal ele-
ments in our own country and those
who are falling 20 do their full share
III Carl y rs Oi4 bhe wal
Predicts DISQUALIFICATION
Secretary McAdoo predicted vast
oversubserIption TO the new bond
issue, due TO the increased rate Of in
terest and the many features that are
expected to make IL carry a particular
appeal to the small investor. Incl
dentally, he surprised even the fnan-
Ia l. hLF
showing that the resources of tho
country, if used upon the same basis
as during the Civil War, would war
rant the raising OF $4,000 coo
through government war loans, II
necessary.
Fortunately" he said, "the re-
sources OF America were never so
ample for ourselves and SO formidable
for our enemies as nov. The combined
resources of the national and state
banks (inciud,ng trust compaEies) OF
the United States are now S3HOOO,OOO,-
COO. At the outbreak OF the Civil War
the combined resources OF the banks
were estimated TO be $1,000 100000,
and yet with these limited banking re-
sources the Union government raised
$4,000. 600 900 Dy bond sales, or twice
the amount of the banking resources Of
the country.
Upon the same basis We should now
be able to raise $4,000 100000 through
government loans. am not suggest
ing that this may be dOue; I am only
drawing a comparison
Refers to Won BernstorlT Plot
The Secretary briefly reviewed the
causes for Americas entry into the
war, declaring this could not be done
too often because OF the efforts or
noisy agItators and disloyai writers 20
confuse the issue. Much Of this propa-
ganda, he said, probably had been car
ried on with money left behind for the
purpose by Won BernFtOrt, 1.-The adrolt
and maleyolent German Ambassador
while IL Is true that America went
- war 20 make liberty and democracy
secure throughout the world said Mr..
McAdOo. "it must be remembered that
she entered also for q more immediate
reason the want0u disregard OF
American rights and ruthless destruc-
ton Of American life and property.
ii the United States had acquiesced in
the Kaiscr's order that its shipping
stay off the sea, $500, 100000 OF
American commerce with Great Britain.
France and Italy would have been cut
off and with one stroke Of his pen the
Kaiser would have accomplished more
destruction on our farms. IN our fac
tories and in our mines JhaG he could
achieve with all the armies and nayles
OF the German Empire"
Vrooman Hits ProGteers
Assistant Secretary Nrooman made
a heated attack upon the steel inter
ests. lie said they opposed the govern
ment p.ice-hXlng plans 10 an effort 20
reap larger profits, and continued;
Those Of " 20 whom the gods
have not vogchsaied the distinction OF
service in the trenches evidently will
find opportunity at home 20 show cour-
age. self sacrifice and patriotic deyo-
ton fighting side By side with those
Federal officials who have drawn down
upon themselves ypnOmOls abuse for
having dared 20 insist OF keeping this
war free from any faint Of graft, eN-
tortiOn OF other forms Of Illegltmate
war profits
The organization concluded its ses,
sion by the election OF Charles A.
Hinsch. OF Cincinnati, a. president. and
the selection Of Chicago rs ITS next
years convention site. Other officers
elected are Robert +. Maddox. Atlanta
v!ce-president; Frederick +. Farms
worth, New YORK, general secretary;
Z. NJ. Wing. La Crosse, Nis,treasurer
French Arms Trouble Ends
pApTc c.rt % differences he.