The Birmingham age-herald., 1917-08-20
THE NEXT LIBERTY LOAN
By HOLLAND

New York, August 19.-(Special.) Some of those who are to assist the Secretary of the Treasury Mr. McAdoo, in marketing the second liberty loan say that it might have been worth NLile had tae secretary added line Tor two to his recent warning that the public should not be misled by any re- ports regarding the next liberty loan.
 The men who will help him would have been pleased had the secretary in addition to his warning said that at the time he makes announcement that tc@ loan Is to be placsl upon the market he would also give full and understandable statement respecting the terms upon which the loan is of fered and in clear detail what he ex- poets. the banks and the organizations 10 do in the way of supporting the loan. Were Secretary McAdoo to do this he would avoid mistake which was made when the first liberty loan was offered by him. At least a week, and in some cases 10 days, passed be- fore the bankers who were to assist Tn selling these bonds and the various organizations that were to take up the work of soliciting the public had a good understanding of what was ex- pected. In some parts of the west am npuncements from Washington were very confusing. Telegrams were con : tradictory, and in the northwest "a
 finely perfected organization was, ac- cording to its leader, completely balled up" by reason of these misun- derstandings.
 Nevertheless there was no disposition to criticise Secretary McAdoo because it was recognized that be had under taken a task of unprecedented mag nitude and was seeking to sell to the American public within a few weeks bonds of the aggregate value of $2,o0o,- 000,00 The secretary had few or no precedents to guide him. He was com pelled to do the best he could. But the experience met with when the first loan was upon the market should be, in the view of those who are to aid in marketing the second loan, of great value.
 THE UNAUTHORIZED REPORTS
 The various reports which Secretary McAdoo calls unreliable that have been in circulation regarding the second liberty loan have been taken here by those who are to assist the secretary as worthless. They have had little or no effect in formulating opinion. It is recognized that when a secretary of the treasury has in contemplation an important piece of financing it Is vital that he keep his own counsel until ready to make formal announcement to the public John sherman when sec retary of the treasury in the adminis- tration of President Hayes, was com pelled, as he said, to put on a mask so that spectators and others might not gain any information respecting his purposes until he was ready to give the information to the public.
 Nevertheless there are some reasona- ble differences to be drawn from recent conditions and statements respecting the general character of the second liberty loan. In the first place it is that Secretary McAdoo plans campaign tour as soon as the loan is offered to the public, seeking especially for his auditors the farmers of the middle west, the northwest and the south That purpose leads to the inference that the secretary does not contemplate placing the loan upon the market until the farmers have re- ceived payment for their harvest. They will begin to receive payments in Oc- tober. Presumably, therefore, the loan