Evening capital and Maryland gazette. (Annapolis, Md.) 1910-1922, 1918-04-05

FRIDAY, APRIL 3, 1918.
THE THIRD LIBERTY LOAN.

..-.,...t.,. ,,,.. ,rsfr5 rfl.ar,,, Liam is
800. I'LL a. oon nno 400 j, fonr and
,,e-o,sr,er nor cent interest The
..a,,.rsia1 for the sale of these Liberty
I,.n rsords viii begin tomorrow.
t-rI G.h
4. fe needless 10 20 into generalities
...m ....erfg Bonds Everyone uH-
,er.tsrds vhst they are and what
,bo,, -ra for and why il is the duty
al tt. neorIa I'm absorb them The
,,ouDt of the third issue is. TO us.
sprnrieiugIv small We do not know
what the bankers expected. but we
fuIy auticipated that about five bill
lion would be the least asked
Elat we wish 10 particularly point
... ...b rasucct 10 the Liberty Loan
10 ma, so,ndnees NJ the investment
FROM, a. trsipoes etondnoint To orr
,,tpde n ie the greatest opportunitv to
n,fv buainess with patriotism ever Of
fared to a people At previous times
when il was necessary for the coun-
trv TO Issue war bonds. as in the case
of tbe Civil War. there was always at
least some risk that an unexpected
cbaoe p,igbt deyelop that would rem
do, tI,o honda worthless In This case
tborc ia po risk II is true there is
great risk that the war might be pro-
loured through lack of full apprecia-
ton Of the great urgency of the times
bv the masses and the reluctance of
a Democratic government to promul-
gate such arbitrary regulations as
would undoubtedly expedite matters
If the peopIe would be willing TO suf-
fer greater Inconvenience for a short
or period Rut there is no doubt about
the ultimate result. The war may
prorress adversely for several wears
until the people are fully aroused to
the hugencss of the task-but the III
innate result is certain. 1t is certain
for The reason that America is no
longer unprepared to meet an adj
Versary and for the additional reason
that there is no possible adversary
sufficiently strong in men and re
source TO overcome us-if we fight
And we would all fight if the war was
ever brought to our shores.
The Liberty Loan Bonds are as safe
as Il is possible to conceive anything
on this earth.
The business side of this investment
is simply rhis. Four and a quarter per
cent of itself. is no mean income to
receive from a guilt edge investment
Added to this is the taxation outlook
The war is now being conducted upon
borrowed money, for the most part
Even some of the interest on the first
Liberty Loan was probably paid out of
the proceeds of the second issued,
These bond issues are not contribu-
lions the amounts must all be paid
hack As Billy Sunday says, all these
Chi.aons will come home to roost some
las And. il seems to us, the bonds
are .eing issued for a rather short
period. With each successive Liberty
Loan more and more interest must
he raised through taxation and more
and more money must be kald aside
TO retire the bonds as they mature.
The money will come through taxa
ton Taxation, according to the
American idea. means levying against
property. Taxation in this country is
primarily against property - not
through revenue. the ideal way,
Property is anything of value. and as
taxation increases, more and more
classes of values will be added to the
lis. of taxable assets Buildings and
.u. are The chief sources now
.or,ed which taxes are raised. The
.tNs ION ON securities. machinery and
o.#." .h.nss is relatively small But
tr.. NOW on rates on every kind of
....ery an down along the line will
he lacked up more and more.