The Washington herald., 1917-05-04
Congress, War ana Finance.
Che outlook.l


CThe outlook.)
Last week three subjects chiefly oc-
cupied the minds OF members of Congress-
finance. military service. and food.
The Seven Billion Dollar War Loan Bill.
virtually as It passed the Senate. was
agreed to by the House eonferees. pass
ed by Congress, and on April "a received
the Presidents signature The hin
authorized the issue Of S,oOO,OOO, 900 in
bonds and s.. 900 900 in Treasury certiA-
Gates. loan of sS,OO0.0OO,OoO to the
entente allies is to be taken from tho
bond issue, and the first loan to tn.
allied nations will go to Great Britain.
In reaching this decision our officials
have been Influenced by the knowledge
that Great Britain, as banker for the
allies, has met the heaviest financial
strain imposed upon any of the entente
governments. In making the loan the
United States government will accent
British bonds bearing 1-2 per cent in
terest as security. These bonds will be
desposited in the United States Treas
ury, and the interest payments upon
them (at a rate considerably lower than
that which Great Britain has had TO nav
for recent borrowings) will balance the
payments made by the United States to
the holders OF the American bonds. In
making loans to other allied nations
similar course will be followed.
The enthusiasm over the bond issue
continues. Not only banks, but depart.
ment stores and chain stores have offered
to solicit and accept subscriptions. and
In some cases to make subscriptions
easier for their customers by buying
bonds outright and receiving instaIlment
payments for them. Civic organizations,
fraternities, and patriotic societies have
also urged the campaigns. But. in any
event. there will, il would seem, be
enough places in the United states where
bonds may be purchased. These places
include banks. postofices, Internal reve-
nue. Offices, and custom houses
The expense OF issuing the bonds
will amount to several million dollars.
First there must be the cost Of the dis
unctiye paper upon which the bonds will
be engraved, and then there is tho
mechanical and clerical expense Incl
dental to their issue. As the Government
Bureau of Engraving and Printing is
already working night and day to meet
the governments present heavy de-
mands, a force of about a thousand per-
sons must be added. The incidental
clerical labor will call for the addition
Of at least 300 clerks.
Harden and DernburE
CSew York Timeal
Macmillan Harden has told the truth
to Germany before but never so openly
He throws of all disguise all restraint
and tells his country that "the German
house" Is ian eyesOre to the world"
1t must become a democracy, for de
mocracy Is the word of the hour" the
other nations are leaguing themselves
in accord with 1t, and shall Germany
freeze without" A commentary on Har-
den's amazing utterances is supplied by
the simultaneous publication Of Dr. Dern-
burg's speech at Breslau, almost equally
frank. Germany has become ''an eye
sore to the world Harden says, but
how? DR.. Dernburg answers:
I'VE have delighted ourselves in stand
ing on guard IN shining armor in Cen
trail Europe, and we have in a fateful
hour set ourselves against the general
tendencies Of a world that desires peace"
Put the German house in such order
that tomorrow 1t wifi be habitable," de-
mands Harden in Berlin, and Dernburg
says in Breslau, THE new Germany is
here and requires its house Let US build
It. Do not let us delay" Shall Ger
many freeze Without" asks Harden, and
Dernburug supplies the commentary:
we shall not reach permanent peace
II we keep ourselves in that isolation
which the war has brought US to and
into which, indeed, we had fallen before
the war, unknown even to those whose
duty It was to have known IT."
But Harden goes far beyond Dernburg
or any other German when he tells Ger
many the truth about the way In which
America was forced into the war. He
dares to say, what the whole outside
world knows to be the truth, that the
German peace overture was a fraud,