Pine Bluff daily graphic., 1918-04-27
NAT|ON' $ PRESENT CRISIS REQUIRES
 FULL DUTY IF ALL
SECRETARY McADOO POINTS OUT THE OBJECT OF WAR SAVINGS
 AND THIRD LIBERTY LOAN.
LOAN CAMPAIGN INTENSIVE
The Work of Neither War Savings Nor Loan Organizations Should
 Be Permitted to Overlap.
By WILLIAM G. McADOO. Secretary of the Treasury.

the Liberty Loan and War Savings
 Campaigns:
 As the time for the opening of the campaign for the Third Liberty Loan approx ches, it seems advisable to set forth in a definite way plan by which the activities of these two IT. ganizations shall be brought into uni son for the period of this campaign. The War Savings Organization should have for it's primary object l the education of our one hundred mill lion of people to the idea that at this time of war and national crisis the practice of thrift is not alone mat l ter of personal wisdom or advantage, but is vitally necessary to the welfare i of the nation. The United States gov ernment in it's prosecution of the war, requires the use of the products of labor to the extent of billions of dol lars per annum, while at the same 1 time it has been necessary to remove from productive employment over one million five hundred thousand men. This demand for material cannot be met if the normal needs of our popu- i lation are continued. To reduction of these needs the chief activities of the War Savings Organization should be directed, and as a complement to this work the savings thus effected, when translated into terms of money should be invested in U. s. govern ment securities.
 On the other hand, the Liberty Loan Organizations are confronted with problem of raising within a 1 short space of time billions of dollars l to meet the immediate requirements of the Treasury Department. Insofar as these monetary requirements can be met out of savings, the situation is l thereby benefited, but in any case the money must be raised and raised 1 quickly. The campaign must there fore be intensive and, while pointing out the necessity of self-denial in eA- penditures, must be directed toward amounts of subscriptions as well as numbers of subscribers. The needed amount must be raised, even though present savings are not sufficient and even though it becomes necessary to ] pledge future savings through the use ' of credit facilities.
 In the coming Liberty Loan drive, therefore, the War Savings Organiza- tion should continue their efforts in the formation of War Savings Socie ties, educational work in the schools and general thrift propaganda Their actual selling organization should, 1 however, be combined and co-ordinat. ed with that of the Liberty Loan Or 1 ganlzatlon to the end that during this 1 period sales of government securities, both Liberty Loan Bonds aDd War Savings Stamps, should be made in the largest amounts possible to each individual buyer, but the purchase of Liberty Loan Bonds rather than War Savings Stamps should, during this period, be the main object To this end, during this period, all donated advertising space should be devoted to Liberty Loan offerings
 | The first effort of both the Liberty Loan and War Savings organizations during the coming drive should be to sell Liberty Loan Bonds, and no mem- Der of the War Savings Organization should endeavOr to divert a purchaser | Of Liberty Loan Bonds to the pur. chase of War Savings Stamps On the other hand, there are persons who are unable to buy Liberty Loan Bonds, and all these persons should 1 be urged to buy War Savings Stamps. ! With regard to partial payment sub- scrlptions to Liberty Loan Bonds. these should be encouraged, but where employers of labor or others have formed efficient War Savings Socie- ues which are actually obtaining sys. 1 tematic and adequate subscriptions to l War Savings Stamps this work should l not be interfered with by an endeavor 1 to supersede the War Savings Socie- ties by the introduction of the partial payment plan for subscriptions to Lib. erty Loan Bonds. Such War Savings Societies should make every possible endeavor to promote the sale not only of War Savings Stamps but Liberty Loan Bonds during the coming drive.
 The loyal army of workers in both these organizations must realize that 1 they are working for common cause, though by different methods, that each is part of the Treasury Depart | ment force, and 4xiat each is under Treasury Department control.
 Complete harmony and unity of pur- pose helps both organizations in the attainment of the purpose of each the successful financing of the war on sound basis. We must have con- | plete and cordial cooperation between ! the two organizations, and I am sure , that may count upon every member | of each organization for that kind of patriotic work.
 ask that these suggestions be car | ried into effect both in letter and in spirit.