The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1917-06-08
RICH NOT LIBERAL
COMMITTEEMAN MAKES STATE,
MENT-RETURNS SLOW AND
UNSATISFACTORY.

When called on this morning by
a Daily Leader reporter for a state
ment of progress in soliciting for the
Liberty loans, Chairman John W.
Walden. of the county committee,
made the following written state
ment:
Reports made by the different
/ citizens soliciting committees show
Indifference and lack of action on the
part of the majority of people who
should subscribe generously to the
Liberty loan bonds. Many persons
! are trying to evade their duty by the
thought that this loan will be over
subscribed. There is absolutely no
reason to justify this belief as the
government has given out no infor-
lmation to this effect. Every city,
township and county must stand up
on its own record, and, if the loan is
over-subscribed, it is all the nor
reason why Lake county should fully
raise its apportionment; otherwise,
it will be placed in the Stacker col
umn. where ii belongs. There are
others who will not subscribe to
these bonds, giving the reason that
they are paying interest and that
their creditors ~shouldshave consider
alton ahead of their country. This
is a very unpatriotic attitude to as
sumo, as the present call is for sac
rifice if necessary on the part of ey-
cry individual.
MANY Of the ablest financial
minds in the nation have been seri-
ously alarmed over the Liberty loan
bond situation. There is no fear but
that the $4,000, 600 600 will be sub
scribed. The banks will subscribe it
The banks have been doing their
share so far as their W subscrip-
tions are concerned. They have
bought millions of these bonds
against the contingency of reselling
them to their customers and to 9th
ers i'm small denominations. but eX-
cept i'm Il few districts where effective
organizations exist, the sales have
not been made to anything like the
necessary extent. The people have
not yet realized hat the nation is at
war. and are not subscribing for the
bonds up 10 expectations. These are
established facts shown clearly by
the report.
Banks will face additional de
mands because OF the increased pro
duction. commerce and m~anufactur-
ing which will arise on account Of
the war. They must therefore keen
their assets liquid and cannot take
the bulk of these bonds as a perma-
nent investment. The public must
not be misled because of the reports
that large corporations and a few
wealthy individuals have subscribed
as high as 5000, 900. There are
three such subscriptions. Twenty
five million dollars is a large sum,
but is only one-eighteth of $1,000
00O, 900. A few mor of these large
subscribers are possible. but the
great bulk of this loan must be
placed among 10000, 900 small sub
scribers.
Continued public Indifference TO
the purchase of these bonds and the
resultant holding of the bonds by
the banks would be a very serious
matter. The banks can and must
take the self liquidating and short
time treasury certificates of indebt-
edness. $4,000. 900, 900 of which have
been authorized by the treasury de
partment. The $4,000. 900 900 Of
Liberty loan bonds offered at pres
ent. and the many billions to come,
must pass into the hands of the peo-
pie. If the first issue of 1900. GOO,
900 does not so pass on to the peo-
pie. and pass on now. it is very evi-
dent that a situation may arise,
where banks will be called upon to
purchase IA bonds far above their
capacity.
Let us pull together. Let u
place these bonds In the hands of the
individual. Let's keep the banks
liquid. so hat the machinery will moi
break down. The wheels of produc
ton, commerce and industry must be
kept turning. 1t depends upon you"