New-York tribune., 1918-10-20

thaJ tne loan mas gone over. lner'
was never any doubt that it would
But it has not gone over as it should
hSve~ The distribution is uneount
able Many persons have bough
more than their share; many other,
have bought less, and that only un
der pressure and fear Of public
scorn, Still others have bought none
at all 1t is the same with food con-
servation. with gasolene saving. witt
personal sacrifice of all kinds. The
people are not to blame They are
direct minded and are becoming I'M
patient of circuities~ But it is not
for the public to formulate rules or
enact laws. II can only enforce laws
and give to the rules that should
nave heen laws something of the II
sidity CT laws If gasolene needs
saving the people see that ii is saved.
The right of any individual to waste
what the people in general must fcre
go does not impress them Freedom
If choice they do not recognize as the
exclusive privilege of the Stacker.
They admit no parley- They tolerate
no half measures. They organize
treet squads. The necessary thing
must get itself done.
In all things America IS prepared
without limit, asking only that no
liberty be left anywhere to debate
or demur or refuse--no one allowed
to evade his burden by the mere
preference that another shall bear it.
The permission of soma to waste
makes unfair the restraint of others
and robs it of it's purpose making
the gasolene cheaper and more plen-
riful for the wasters- The public is
better advised. Free choice in es-
sential things is freedom for injus
tice. The duty being for all. the
observance shall be fo1. al What
;he loyal man must do the disloyal
shall.
And precisely so with the war
loans. While the government cxhorts
the people require The coercion
that the law lacks courage to apply
The public applies outside the law as
ar as it can. Often the only choice
is between subscribing and moving
Public opinion is not SO definite as
10 the precise terms on which con-
tribution shall be required. but only
that it be required. In place Of free
choice it declares for the principle OF
'oerclon--essentially the tax prinri-
pie. What sort of slip of paper shall
lie granted in return, whether a
promise bearing interest or d receipt
hearing none-a new right or the
discharge from an old obligation
may not be clear. If it is true that
the future can be made to pay, let ii
pay-let there be only the bonds. in
terest Fearing settlements
If il be true that the citizen can
huy more bonds than he can pay
ta1es-if the adequacy Of the reve-
nues depends on the nature of the
settlement offered--let bonds be is
sued for what taxes cannot secure.
S,tf f4l- L
nues-the necessary thing not left to
choice. As the brave are not to die
that the towards may live. 50 should
rot the expense be for l + to the
IN Of the unfit.
= therefore. free enc faht not
ee actual, it ought na ,c legal.
ae people are righi epndiat-
tin applying pre- to sell
'le ponds--the governns- is wrong
IN enacting it. But nou!d be
maze regal, II should e legally
pracoicapie. 80 long e appeal
: made TO choice, the oAer should be
made attractive -t the investment
elf-warranting on the investment
hasis. not halfway station between
coercion and inducement. \ dollar
paid for 95-cent bond is cents Of
gift or tax. 4 patriotic par that
not also e market par is mis-
Jolnder OF motives-the principle of
Taxation without the courage of its
apriicatioG. Only tho market pur-
chaser gets good investment-tbe
GOOD thing for the wrong man. \
consistent policy is, then the require
menr. Hereafter. either make the
interest rate high enough to attract
investment without exnortation or
.orego the appeal to the investment
market-relying neither on taxes
that are permissive nor on invest
ments that are coercivc.
Efforts TO reduce the premium on
New York funds at Montreal have
been unsuccessful. The premium
stands at 2 per cent, the same level
rs earlier in the year. and bankers
here are of the opinion that it NAV
increase IN view of the slowness of
I ba Como, do,