Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1917-10-19
JUST OWING NOIKSEIE.

iHf AIUfIA " lptll flOfN IlOi fUllNNllNlN ~
an increase In the public debt The
system OF bookkeeping used by the
government may 80 classify It, but u
really Is not 80. A bond issue which
nlcipality of issue II not an added OBJ
legation except purely In the technical
sense. II is just swapping dollars.
You give the government 500 for o
Liberty loan bond today. The gov
ernment pays you per cent per an
mum. In twenty years, the ultimate
limit of issue. the government WIN
have paid you, coppOundinR the IN
tcrest 40 per cent on the Investment.
In other words the government will
have paid you your 500 back with $40
added, but still owes you 500 wnich
IL still duo you.
Not a dime in, ested In Liberty loan
bonds is going out Of the country. II
the bond issue should be taken abroad
II would result in the Interest being
paid abroad aud thus constitute a,
drain on American resources But
where the bonds are taken by the
American people simply means that
they owe themselves. To call such "A
transaction ~ Increase in the national
debt * merely a fiction Of pooK.
keeping.
Before the present war Whitaker's
Almanack. an international authouty.
- la. .
could not be computed but was some
whore around {5.00O,O0O 900, which.
at that time. was the greatest dent IN
the history OF the world. But, Whit
akcr added the amount OF the debt
Is lncOnsequcntial ana not fact to
he considered In international finance
because all OF the securities are held
In France, ana thus the people lust
owe themselves" France paid cash
indemnity TO Germany OF $1,O0O.OOO,-
900 after the war OF 1901. and never
n shop window closed. France IL
nanced I;ussla during the japanese
war and atShe beginning OF the pres
ent stupendous conflict. with the
greatest national debt in existenc. had
more gold In her treasury than any
other country IN Europe and for
months financed her own armies out
OF her own pockets
Get the idea The Liberty loan. Ia
IN assessment. II Is progress. ANY
statement that II increases the ma
tlonal debt is n dreary rot. In plain
terms the American people are Just
transferring $1,000 900, 900 from one
account to another. IL Is consolidating
The funds OF the individual for 20
eminent purposes. IL will not take a |
lime out of the channels OF trade. ex-
cept the small amount which will be
spent by the soldiers IN France. on
The other hand u will stimulate indus
Try all over this country, every indus |
try. and will result. even during the
while winning the war in Europe. A !
dollar now Is worth as much as n sol |
Her. a dollar now will be worth |
ten dollars three years from now, !,
~ w. 'HFH'h i"Hi 'ih'A l'ilks Nllb
he war will last that long unless tho |
liberty loan issue Is subscribed. Moth |
ng conceivable would or coulu |
nonrten the firing legions OF Ger
many more than the announcement /
hat the Liberty loan had failed |
Nothing conceivable would or could |
the oft-rcpeated cnars-
.hot war Is not popular in the Unitc1 |
states more emphatlcally than tnc
allure OF tho Liberty loan.
1f this loan was to be sold all over
he globe, was TO be pcddled arounl |
he stock exchanges and the bourses
= Europe and made the football OF
bis business, there might be some rem
lon for slarlSing. But when you
Snow that every dollar OF 1t is going
10 be spent at home. that It really
loes not add 10 the national debt. that
he interest Is going to be paid Mt
iome. there ls only one excuse for
'our failure 10 subscribe for the bond
ssue. and that Is to drop dead on your
"a. e.