The Birmingham age-herald., 1918-09-13
SURE SUCCESS FOR
 FOURTH BIG LOAN
By HOLLAND

ny nJA4LAAo
 New York. September 12.- Special )-In little over two weeks from today the nationwide campaign for the sale of at ileast 5000, ,OoO.oo0 and probably s6,ooo, ,ooo,- 900 worth of Liberty Bonds will be- gin. Already the banks in the larger financial centers and to a considerable , extent in the rural districts are preparing for this greatest piece of government financing that the world has ever known. There appears to be no doubt about the success of this loan and it would not as- tonish some of the leaders of the finan- cial district if it were oversubscribed. Ihere are many reasons why Secretary McAdoo and those who are acting under his leadership are convinced. that the floating of this loan will be as conspicu- ous success as has been the case with the placing of the other Liberty Loans Chief among these reasons is the co-oper- alton of the banks of the United States. A beautifully perfected piece of machin- cry has been established whereby the banks of the country can. acting in CO., operation and almost as unit facilitate " ''',"A -NSNitA5 Ol lAllo lOdI
 In the next place it is the belief of the financial leaders that much the greater part of the funds received by the govern ment in payment for the earlier Liberty Bonds has been paid out. Therefore. there should be no lack of funds when the appeal is made to the people to buy the fourth Liberty bonds Thus over and over again money received by the govern ment by those who have subscribed to Liberty Bonds is returned to the people in the form of payment for commodities, for army and navy expenses, and for'the vast industrial output which the war has made necessary
 In the third place there prevails a be- lief that the people of the United States now well understand what an investment in Liberty Bond means. When the frs, Liberty Loan was offered to the people, propaDly 90 per cent of those who were asked to subscribe had little or no con- ception of what investment in a bond of any kind meant. In the far west and especially Sin the northwest that great body of statesmen who undertook to mar Ret these bonds among the farmers dis covered that there was almost a unani- nous belief that the purchase of bond meant an outright gift of money to the government, exactly as a subscription to the Red Cross fund meant gift of money to that fund.
 NATION OF BOND OWNERS
 When the second Liberty Loan was well under way jt was discovered that the people had learned the meaning of an investment in the safest security the world knows, and it also means the eiv- ing of vital assistance to the govern ment in this time of war. All the re- ports that have been received from other parts of the country justify the belier that this fourth Liberty Loan will be speedily absorbed
 LOAN AND NEW TAXES
 There may be some hesitation on the part of the corporations and of those who receive large incomes about the amount which should be subscribed by them to the fourth Liberty Loan. That will be due, however, entirely to the relation of the tax law, which will be passed after the Liberty Loan has been absorbed, to thatloan Many of the corporations will not know until the tax bill has become a law how great a proportion of their earn ings will be absorbed by the new taxes That is also true of those who are fortu- nate enough to possess large incomes.
 A DIFFICULT PROBLEM
 It is, in the opinion of those qualified to speak, going to be far more difficult problem to apportion the 100000 men who will be included in the new draft law to the various services of which tho government will have need than 1t will be to float a Liberty Loan of 5000, COG, ,OOJ or even to perfect the greatest tax law any nation has ever adopted, and then to prepare for the payment of the taxes The question which arises in connection With the utilization of the entire man power of the United States between the ages of IS and 46 is regarded here as per- haps the most difficult which the govern ment at Washington has been called upoh to solve. For it Is said that the absolute and compelte withdrawal of this man power for various services, army, indus trial and the like, will inevitably tend to deadlock various industries and much of the retail and merchandising business of the country and also to impair our gradually increasing commerce with Lat in-American countries. We are speedily to have ships in plenty so that our trade with South America can be facilitated and also it will be possible to utilize the stores of wheat iD Argentina and Aus tralia which are now lying idle for lack of shipping. The new law has given much concern to the bankers of the United States because much the greater part of the clerical force of the banks is made Up of men between the ages of 21 and 46. Some of the banks in this city have already taken time by the forelock and installed women clerks There is no doubt, however. but that General Crowder and his subordinates will be able ultimately 60 adjust this new demand upon the entire man power of the country between the ages of IS and 46, so that while the army and the industries associated in maintaining the army win be adequately enlarged ard supplied nevertheless. on the whole the industries and business of the United States will not be seriously or alarmingy impaired by reason of the authority given by Con- 1 gress to the government to call upon every able bodied man between 19 and ~ for service of one kind and another Castle Heights Opens Monday Lebanon. Tenn, September 12-(Spe. cial.) .)-Castle Heights Military academy