The Washington herald., 1917-06-13
HOLLAND LETTER
The Biggest Daily
Financial Nsws Feature Of
the Counhy's Best Newspapers.


Dwight w. Morrow, one Of the part
ners Of ]. p. Morgan q Co, who
spoke at Carnegie Hall q few even
ings ago following the Secretary OF
the Treasury, William q. McAdoo,
said among other things that the lib
by merely thinking that Il Is an easy
proposition to finance, but instead. by
good understanding of the fact that
1t Is vefy hard proposition. In many
parts OF the country this belief has
been just the one which voluntary as
when they started out to bring the
people into good understanding OF pre-
ciselys what the loan means from all
points Of view.
When Secretary McAdos announced
loan offering of s2.OOO, 90. 900. hoping
that IL would prove to be acceptable
to the people OF the United States.
no one knew better than he how great
the necessity was fully to inform the
PEOPLE, both Of the opportunity and
of the obligation. But there were only
struction Of this kind to the plain
people of the United States. Many of
them had little or no understanding
either Of the magnitude of the amount
or Of the vital necessity that II should
be divided up in proportionate parts
among the people instead of being a
lean absorbed BY bankers and men OF
great wealth.
The campaign of education which
began Immediately after Secretary
McAdoo made public the offer, is
cess in the history Of national nanfic-
ing. When England and France joint
ly sought a loan OF 500, ,0O0, coo in. the
United States. many of the bankers Of
this country did not fully understand
the proposition and were for that rea-
rAlnlnf0nN 10 NnfNg a.. 49,
loan II was necessary for a cam
patgn Of education to be carried on
in order to enlighten the bankers. This
Wassinstituted under the leadership of
j. p. Morgan and he was a very sue
cessful teacher, for in due time this
loan was fully subscribed. The banks
and bankers Of the United States had
up to that time but slight experience
In the financing OF loans TO foreign
The campaign Of education in the
rural districts of the United States
In behalf of the liberty loan had been
successful wherever II was possible 70
carry 1t on. In some parts of the
country. especially in the remote South
or Southwest. where the population
IL widely scattered SO that there IL
great difficulty in reaching individuals,
the responses TO the offerings have
been rather disappointing. But those
who have been active in securing sub
scriptions do not attribute this to any
conscious indifference on the part of
the people. but instead to lack OF in
formation That will be remedied
when a second offering of the loan is
made.
Possibly the best Illustration of what
team work, voluntarily undertaken
and involving travel over vast dis
tances. can accomplish. is furnished
by the experiences of the campaigners
in the ninth reserve district of which
| Minneapolis is the center. That in
cludes much of the remote North
west. II is one of the chief grain re-
gions Of the United States. Its popu-
lstion is scattered over farms, some
OF which are of great extent. But
as soon as the farmers were informed
OF the meaning OF this loan, of its
opportunity for safe investment, and
the service it would perform in aiding
the United States and our allies in the
war. they responded with amazing
ltberality. In the larger twons associa-
| tions, numbering in all a little over
1000 bankers and business men. volun-
teered their services, which involved
| the reaching Of every township and
| county In a region which contained
t360o0 square miles. The region in
cludes six States and is about !, 500
miles long. Ninety per cent Of the lani
in that district is in farms, and many
! OF the farmers are remote from busi-
| ness centers
Yet an organization was so quickly
perfected that various subordinate
| State organizations were built up.
each adopting the peculiar kind of
machinery or methods which would
facilitate the speedy reaching Of all
the people in the district 1t was
| necessary to hold discussions with
| every farmer. Many of these face
to-face talks were extremely inter
| esting. The farmers desired to be
enlightened, and when they under
stood exactly what the loan meant,
both for the country and for them
| selves, they responded exactly as Sec
retary McAdoo and those in New
York City who are leading the cam
\ paign of education believed the peo-
4 pie would respond when they had