Evening star., 1917-10-17

Now all these arguments are ridicu-
lous on ethe face of them. But 'ne
average person, even OF ample educa-
ton, is mighty hazy about fiscal opera
tions such as bond Issues. The princi-
pal appeal of speakers in behalf OF the
bond issue so far has been mostly on
patriotic grounds. Audiences have been
told to buy bonds to help America win
the war. to make the world safe for de-
mocracy and to crush Germany. 1t has
been taken for granted that the good
citizens would realize why buying bonds
would help to do these things.
Puzzles Over Inevitable "How."
IT has become apparent however. that
Mr.. Average Citizen has no such con-
ception. He knows just how money
contributed to the Red Cross Is gong
to help our soldiers: he knows how con-
tributions to relief funds will aid the
widows and orphans of our allied SOL
diers to exist. But the inevitable now
about the bond issue has not been as
fully explained, and from no" on win
this realization, the government ON
cials back of the sale are going to seek
to make this point clearer.
Bulletins now being sent out TO IN
duce bond buying, for example. answer
about the matter must ask, viz: SUP
nose the full issue Is not subscribed?
There is no doubt that 1t VIII be, put
the alternative furnishes one OF the
strongest arguments for bond buying
America is In the war and she must
nav for it, If she cannot pay the part
apporttoned to the bond issue by selling
bonds. the residue will be made up by
taxation That simply means to the
person who has not bought bonds that
l. hoy n
will not be able to redeem the amount
advanced in ten years and collect in
terest In the meantime.
No Conflict With Relief Work.
Contributions to all forms of relief
work is not discouraged by sellers of
liberty bonds Such contributions must
be made if an individual has in him a
spark of sympathy and fellow feeling
for the dire sufferings this war has en-
tailed. But as a plain business propo-
sition the fact remains that the quick
est way to end the sufferings Of the
war is to end the war. Persons who
have seen the pictures being shown
here this week, depicting the devasta-
ton of French villages by the invading
Germans, react to the appeal by real
izins that buying liberty bonds Is help
ing this nation to end the war sooner,
and they know, too, that every day and
every hour the war Is prolonged ex-
tends the scope anu lioRIoI OIL SuCn
cruelty and suffering.
Along comes the salaried man who
always has had trouble to make ends
meet and now Is pinched by the high
cost of living with this sort of argu-
ment: why should l buy bonds, when
the rich could do 1t with less inconven-
ience? Here is a man with a million.
Why doesn't he spend 100000 on lib
erty bonds?" Such an argument betok-
ems little thought about economics and
ip1
may be some slackers and hoarders
among the rich. But the vast majority
of men with a million dollars are not
walking about with n million dollars
in their pockets. They have it in
vested, for the most part, in plants
and industries, which are supplying the
things the armies and the people need,
and their only legitimate free cash for
bond buying is from their incomes.
Millionaires Buy Literally.
At 6 per cent this millionaire's in
come would be 100000, and If he is
not buying literally with that money,
then the poorer man has right to
complain. Statistics on the first bond
issue show that such men bought lib
erally. Even If the capital is not in
vested, it is deposited in bank. where
it is being loaned to other persons who
are using it.
All this is mighty simple as a phase
of economics. but points like this are
the rocks on which the effort TO dig
cash out of the old stocking that Sec.
retary Daniels told about Monday
sometimes come to grief. Even II tha
millionaire sold his factory or his store
and bought liberty bonds he would be
lessening the buying power Of some
body else by the purchasing price.
Wall Street Bugbear.
Then there Is the hullabaloo about
Wall streets alleged manipulation I'd