Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-09-28
BANKERS WILL HELP
SELL LIBERTY BONDS

Atlantic City, n. j., Sept. 27-Assur-
ance that the American Bankers AS
socfat1on stands ready % give the
government all the assistance pos
slble In the f1Otation of future bond
issues. was given by Peter w. Goebel
Of Kansas City, kas., president of the
Association. in an address he delivered
here today before the annual conven-
ton Of that organization. He said
'All the banks of the country have
extraordinary duties to perform in
these trying times. They have as
sumed these new tasks willingly. One
OF them is to assist the government in
the sale and distribution of war loan
bonds. This duty naturally falls to the
banks. The banker is the financial
adviser of his community TO him
the people turn even when the gov
eminent calls and patriotism dictates.
The financial machinery is under his
control. So when the Secretary Of the
Treasury called on the banks to as
sst in floating the two billion dollar
Liberty Lean issue, the banks, with
scarcely any exception, devoted their
entire energies to the task and greatly
aided in the achievement of the splen-
did success of that campaign
THE American Bankers Association
stands ready to give the government
similar assistance in the flotation Of
future bond issues. The organization
should not again undertake to finance
such activities and it will proba blv
not be necessary. The Federal reserve
banks, as the governmental agencies
for selling and distributing war loan
bonds have had experience and ample
time in which to perfect organizations
for this purpose. The Association will
cooperate with them in every way
possible. There are undoubtedly some
things the Association can do better
than any other organization, and it
remains orIv to have these things as
signed to it as its work in aiding
to raise funds to carry on the war.
THE loan operations of the govern
ment are in proportion to it's vast mill
itary operations. We have undertaken
not only to pay our own bills. but to
advance funds to our allies. It is idle
to give figures. They are incompre-
hensible. So far. the funds advanced
have been expended in this country.
Soon the payment Of the troops will
call for large expenditures abroad. The
food and munitions for our armies will
not be paid for by others To supply
these necessar ies. production must be
greatly Increased. 1t Is obvious that we
must change our ways If we are sue
cessfully to perform that which It Is
set for US 70 do We must stop skim
ming off the cream and use all the
milk
"Thc only way the people can pro-
duce the funds with which to supply
the government is by thrift. Thrift
means the wise and wasteless use OF
our resources. 1t applies as we'll to
the employer of labor as to the wage
Garner. 1t demands the effective use
Of machinery. Of soil, Of mines. Of for
ests and of men. We need thrift IN
the productive processes as we'll as
IN consumption. Thrift means greater
production as well as wasteless con-
sumption, so we must save and be-
come more competent"
Discussing the recent change in bank
reserve requirements. Mr.. Goebe1 said
that fear Of an undue credit expansion
and currency imitation frequently have
been expressed. He said:
Under the existing conditions. II
Eeems to me that both credit and cur-
rency expansion are necessary. VI.
are all inclined to measure the pos