New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-10-23
Taft Tells Bankers
Wall Street Will
Have to Save Loan
People Not Yet Sufficiently
Awakened to Crisis,
He Declares


Yesterday that the ultimate RESPONSE.
bility for the success Of the Liberty
Loan rested upon it. He spoke on the
floor Of the Stock Exchange. 1t vas
the patriotic group Of fnanciers, ssn-
orally abused as wall Street. and the
money interests" he said, that must
exercise its potent and legitimate inhu-
ence to push this loan over the line,
saving the pride of a lethargic people
and convincing the world Of the de-
termination Of the United States.
"Wo have to raise fourteen billions
q dollars between now and the first
of July" he said. "If this five goes
of, then there will BIO nine more, and
| venture to say that nine more will
20 more easily than the five. The peo-
pie will gradually see what their duty
Is and how important It is for them
to respond, and perhaps from your
shoulders then may be lifted some Of
the load that you have had to carry in
these first loans.
"To me alone it would not be par
ticularly discouraging fact II We did
not get the FIVE billion. know tho
American people. They do not respond
as rapidly as they will, but they are
all headed in. There Is 10 troubls
about their loyalty or their patriotism,
but they have not reached that fine
edge of desire to sacrifice that which
ultimately will come to all"
German psychology, which had
planted and cultivated in the nation
the conviction that the state was para
mount, had forced the United States
into the war, just as il had forced the
war upon the world said Mr.. Taft.
Half a century of military preparation
had enabled Germany to step forth to
combat at the first excuse deemed suit
able.
Calls Germany Ignorant
As TO the psychology Of the rest Of
the world, Mr.. Taft continued, Ger
many lived and moved in vast and
complacent ignorance. This ignorance
convinced her that Great Britain
would not fight, that British colonies
would refuse to aid the mother coun-
try and, above all, that the United
States would not fight. So Germany,
oblivious to the earlier lessons offered
by Great Britain, Canada, Australia
and New Zealand, proceeded along its
predestined course, needless of inter
national law and morality, impelled
by the obsession that the good OF the
state was above all.
"And So" he said, "at time when
the greatest war in history had been
fought by those great nations, and they
had exhausted or nearly exhausted
their man power, their money, their
food and their resources, Germany de-
lberately forced into this war the ma
tion that is now able to, and will, fur
nish more money, more food, more war
equipment and more men than any
other nation in the world.
"Now, the end Of this war must be
psychological. Here we have a people
whose heroic loyalty TO their Emperor
and to the cause that they have mis-
takenly adopted. of course, call for the
admiration OF the world-a people oh
sessed. indoctrinated with false phi
losophy. But they are not supermen.
They are not above those rules that
govern with All men, and what they
need in order 10 produce the certain
psychological change is a licking, .
defeat.
There is already creeping over them
the disappointment that victory had
not come, that they are not in Paris.
They are still being fed with false
statements while being misled as to
the conditions. But those conditions
will force themselves upon the people,
and then they win make those respon-
sible who have led them into this war.
Loan Will Cause This
"Now. my friends, that will come,
and then there will be wedge be-
tween the German people and the
Kaiser and the ruling Prussian mill
tary caste. and when that comes the
| end will come, and il will be the result
J Of the psychological operation Of facts
| on the German mind.
"And IL is our bushes. 70 stimulate
| that psychological effect And what
affects the mind more than the fur
nishing OF the sinews of war and the
contribution from the people at large
to their government to carry on this
war;"
An audience Of fully 5000 jostled
I for foot room on the floor OF the ex-
change and frequently interrupted the
speaker with applause. Among his
hearers were ]. p. Morgan, Benjamin
Strong, Jacob II. Schiff, Thomas ".
Lamont. stephen Baker. william A.
Nash, Walter f. Frew. Gates ". Nc
/ Garrah and Francis L. Hine. Mr.. Taft
entered the building between ranks Of
a Aetarhnent Of hlne lac krfs sent from