McNairy County independent. (Selmer, McNairy County, Tenn.) 1902-1969, 1917-06-22
Letter From New York

AnObnef great step mas JUST been
taken in the march of the United
States to victory against Germany
and for the establishment and preser-
walton of a world-peace. The "Liber-
| ty Loan" of two billions of dollars
has been oversuhscribed to an extent
that will open the eyes Of our own
people, and compel the admiration of
our friends and terrified respect of
our foes. Streamlets and rivulets of
gold in every part of the Union flowed
into the great rivers of the reserve
banks and they in turn poured their
precious food into the great reservoir
OF the treasury, and now Uncle Sam
has a pocketbuok Of such dimensions
that he can Guy just about whatever
he wants and pay cash for it. Along
in the fall another loan will probably
be put up, and the many who came in
too late for this one will have their
chance to do their bit to help out.
1t is no charity Uncle Sam is asking;
the Liberty Bonds are gilt-edged
enough Investment for anybody, and
it is predicted by some that therewil |
be a premium of, several dollars on
the hundred within year. | was
lucky enough to become the owner of
small slice of this great loan before
it was oversubscribed. Several others
rushed in when it was too late. They
were afraid they would need their
money before they could get it out of
the bonds, but any bank, it is said,
will loan 80 per cent. on them, and
many concerns will take them at their
face value in trade. 1t should never
be forgotten that Secretary McAdoo
and Chief Clerk Wilmeth of the
Treasury Department, which handled
this wonderful loan, are both Ten
nesseans.
This is the most impressive lesson
the outside world could have of what
this country can do when it tries, in
the money line. No human being can
realize just what this sum of money
means, that was in two short weeks
poured into the lap of the nation to
help whip the wicked Kaiser. 1t is
said that three billions of dollars were
subscribed. At rough estimate,
this would make a pile Of solid gold
720 feet GAO yards long, four feet
wide and four feet deep, or 80 cords.
Counting day and night, it would re-
quire $50 years to count the sum in
dollars. If placed in greenbacks it
would fill several trainloads, and long
trains at that. And yet this is only
about one-seventy-ifth part Of the
estimated wealth of the United States.
Of this sum New York City alone con-
Itributed more than one-third, and it
could easily have carried the whole
thing
There are various theories as to
the actual effect this great loan, and
those which may follow after, will
have upon the business interests and
geneneral commercial conditions of
the country. Bankers seem to think
here that it will stimulate things to a
great extent. putting lots of money
in circulation through purchases Of
supplies in such enormous quantities,
as we'll as through many men being
on the pay roll in the army. etc. 1t
is expected that the money loaned to
the Allies will come back here for
supplies to a large extent, and more
besides. A great deal of money has
been turned loose that was lying idle
or locked up in other securieties.
In his great speech made on Thurs
day of this week at the Flag Day eel
ebration in Washington, our president
showed plainly just why we are in this
war. 1t ought to be read by every
American who has any doubts upon
that point. He made plain the ambi-
ton Of Germany first to get hold of
Europe and then make that base of
operations against us and the rest of
the outside world. And rather than
have the Prussian barbarians rule this
land and grind US under their iron
heels, we will all fight like killing
snakes. To read the accounts of the
everyday doings of the German sol
diers and sailors is enough to put the
fire of warfare into every true hearted
human being. | do not refer to ran
dom stories of awful things, but to
to statements made by ambassadors,
oonn,,l, no1 rol;o II on..oonoa Jo.ta