The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1917-10-16
WHY THE SECOND LIBERTY LOAN
IS TAGGING.

The Liberty Loan is tagging because the
great mass of the people do not realize its
importance-and for no other reason.
To the average American, the war is
something far removed The statement
that money is needed even more than men
to win the war does not have an intense
personal meaning The average persO1
doesn't quite understand that his subscrlp-
ton will make the loan success. He is
willing to aid the government, intends to
do so to the utmost of his ability, but he
thinks there is no occasion for hurry. The
first loan was er-subscribed, there's no
doubt but that this one will be, he reasons,
so he passes the thought from his mind,
confident "the other fellow will gladly
meet all immediate needs and he will help
next time.
That's just what the trouble is with the
second Liberty Loan today-too many are
depending on "the other fellow" there's
too much confidence in the ability of this
big, wealthy nation to raise, without effort,
all the money it can possibly need.
The loan will be Observation-Disclosures is
an absolute certainty. 1t will never be
financial failure, but it may be moral
failure which is very much worse.
If the general public, the small investors,
do not respond as they should, the banks
must take up all of the bonds. But that
will be bad in several ways. The banks
should have their funds available for COM
mercial uses. If their money is tied up in
bonds hardships will result for the bust
ness man who is using his bank credit to
take care of the volume of business Incl
dental to the great prosperity of the coun-
try-to branch out and increase his opera
L. HTNf
banks can, if necessary, take care of this
Liberty Loan. But there is grave danger
in their doing so. 1t is apt to cripple the
business of the country. But if the loan is
taken for the most part by individuals and
small investors, conditions will be inn
proved.
If the small investors fail to buy big
share of the bonds the loan will be the
worst possible kind of a failure-a moral
failure
For every Individual in the country to
exhaust his every resource and then fall
short OF the loan would be glorious-it
would show real loyalty and true patriot
ism. But for the public to stand idly bv.
with ample means to over subscribe the
loan many times, and let the banks take
up the bonds would be ignominious. 1t
would seemingly represent the uuintes-
sence of disloyalty and lack of patriotism.
Germany would be encouraged as no VIC
tory OF arms could encourage her Her
people would believe the claims of the war
lords that the American people do not want
to support the war. Our allies would be
disheartened. Our men who have given
their service in tie army and navy would
feel that they have been BETRAYED. Ger
many would be inspired to give more Wig
orous battle, the morale Of the allied troops
would be weakened. Defeat would almost
certainly follow
And the hard part OF it is that the inn
preston would be false. The American
people are loyal. There are some slackers
and some traitors, of course. But the per-
centage is so small that it would run to
the tenth decimal point. The rank and file
you and your neighbor, every man, wo-