Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-09-29
THE BANKERS
Continued from Page I

( tary, William +. Wing, Lacrosse, Wis.
treasurer.
! Rev. Newell Dwight Hills of
Brooklyn, who addressed the tinal ses-
sion. Iecounted his experiences in a
recent visit to the war-ridden dis
tricts of France and Belgium. There
are six things" he said, that the
United States must provide to meet
war conditions. They 49, soldiers.
/ physicians, better farmers, better
manufactures, patriotic bankers ana
first class publicity men.
Address of Sec'y MeAdoo
I Vast over subscription q The three
billion dollar second Liberty Loan was
confidently predicted by Secretary Nc
Adoo, who called upon the bankers
, to give the same patriotic support to
the new bond issue that they gave
to the first.
1T has been urged upon me- said
, the secretary, that many men OF
wealth viii refuse to buy the PSF
cent. bond with liability TO super-in-
come taxation. | should be loath TO
believe this: but il it is true, the po-
sition of the government must always
be to offer a bond upon terms lair
dlill tQOltdblt W an di1ht anu w lllCH
will make the widest possible appeal
to all the people without regard u
! the fact that a man may be rich 0.
poor. 1t has been suggested to me
that patriotism should play no part
! in the sale of government bonds |
do not concede this, although I be
lieve the American people will buy
these four per cent government bonds
! Mt,
love of country above everything-
above life Itself; second, love of coun-
try combined with that vital interest
in the nations welfare and safety
which will make secure the material
! interests of each individual and pro-
mote his happiness and prosperity
is this be true, the man of wealth,
with patriotism or modified patriotism, or
without patriotism, has greater stake
IN the security of the government than
any other class, because if the govern
ments credit is destroyed and disaster
comes upon the country, as it inevitably
will If the governments credit fails what
is property worth to the rich man, what
is life worth to the freeman"
I Emphasizing the tremendous financial
task ahead of the nation, Mr.. McAdoo
pointed out that it would be necessary to
raise between - and II billion dollars by
additional bond issues before June 81, 1915
This will not be easy. he said, but it can
be done by everybody, banker. business
man and men and women in every walk
of life joining hands to see it through
Fortunately he added, "the resources
of America were never so ample for our
| selves and ia hla for toe
as now. The combined resources of the
national and state banks, including trust
companies Of the United States, are now
$4,000 900. 000 At the outbrea of the Civil
War the combined resources of the banks
were estimated to be $500. 100000 and vet
with these limited banking resources the
Union government raised $4,000, 0000 900 by
bond sales, or twice the amount of the
banking resources Of the country. Upon
| the same basis we should now be able to
raise s74o0ooO0O0o through government
loans l am not suggesting that this may
, be done I am only drawing a compar
SON
The secretary briefly reviewed the
| cause for Americas entry into the war
! declaring this could not be done TOO
! often because of the efforts OF noisy
! a gitators and disloyal writer's to con
t fuse the issue. Much of this propaSan-
ia. he said, probably had been car
red on with money left behind for the
purpose by Won Rernstorff. the adroil
! and malevolent German ambassador
While it is true that America went
to war to make liberty and democracy
secure throughout the world said
| hp remembered
that she entered il also for more mi
No diatc reason-thA wanton disregard
of American rights and ruthless de
! structior Of American life and proper
". If the United States had acquiesc-
| Cd in the Kaisers order that its snip
ming STAY off the seas, he declared 81
! 400. geo. 600 Of American commerce VIZ
Great Britain. France and Italy would
have hcen cut off and with one stroke
! Of his nen the Kaiser would have ac-
complishcd more destruction on our
! farms. in cur factories and IN our
mines than he could achieve WIN an
| tho armies and navies OF the German
empire
d., Vrooman. assistant secretary OF
agriculture. addressing the American
! Bankers Association said that IL the
war is to be won the United states not
only will have to put an army in the
trenches but will have + put several
other armies in the field at home,
I'VE shall have to have an army OF
| food producers in the burrows. ne de-
! cIared. "a womens army of food con-
servers. beating back the attacks OF
that world old camp follower Of war
famine. and a patriotic army OF CIV
| ilians in the business and political
wards fighting against disloyal greed,
unpatriotic partisanship. perverted
personal ambition and economic
treason to the public. Ten millions OF
| the flower of American manhood oy
the selective draft have had their
names written on the nations immor-
tai roll of honor; the nation calls to-
! day for an equal number of volunteers
to fight in the business world and at
the ballot box, to make the conduct OF
this war as clean and patriotic, as
heroic and self sacrificing in the bust
ness world at home as II is in the
trenches in France and Flanders"
| In urging increased food production
| Mr.. Vrooman declared we are face to
face with famine. mot as people OF
course. but as one Of sisterhood OF