The sun., 1918-09-25
M'AD0O, IN SPEECH
HERE, OPENS DRIVE



their requirements into demands upon
the United States Treasury. The Treas
ury must at all times be prepared to
meet those demands, which invariably
take the form OF money payments. I'm
less the Treasury Is strong enough to
answer every call instantly and in full
the essential war industries of the ma
ton may be arrested or slowed down,
the vital prosperity Of the people may
be imperiled and the fighting power of
the armies in the field may be gravely
reduced with serious possibilities Of dis
aster.
Can't Win without Money.
THE Treasury now asks the American.
people to subscribe to the fourth Liberty
Loan, $4,000, 100000. This money is
needed to carry on the war. We can not
lick the Kaiser without IL. We can not
| restore peace to the world and roestab-
lish liberty and democracy without 1t.
The money Is required for food and
clothing and munitions for our army
and navy. for the ships that must trans
I port these supplies to them, for air
planes to blot out the vision Of the Huns
in the skies. for the support of the de-
pendent wives and children Of our gal
liant Soldiers and sailors who have gone
to the front. for the payment Of the life
insurance which the Government issues
to Its heroic men. for the construction
Of wharves and docks and facilities at
nouns ana in rance for the military and
| naval operations and for loans to our
gallant comrades who are fighting
| shoulder to shoulder with US In this war
tho Belgians, Serbians, Greeks, Ital-
ians. British, French and every other
| nation which has espoused with US the
| cause Of liberty and humanity.
The huge amounts expended by
America in this war are not wholly used
for destructive purposes. Great sums
are used for constructive work which
will be OF permanent value to the Amer
lean people.
I'VE are building a great merchant
! marine. Upon completion II will be the
largest. most efficient and modern mer-
chant fleet In the world. The wharves
and terminal facilities we are construct
ing In America for the accommodation
OF this merchant marine are an essen
tial part Of 1t. Our commerce after the
war will be facilitated by these great
national undertakings and the money
used for these purposes Is an investment
Of immeasurable value to the American
people. The loans to the Allied Govern
| ments are represented by oblig cations OF
great nations which In time will repay
them. Out Of the S30.000.0o0 of appro-
priations made by Congress for the
fiscal year 1919. II is probable that
$4,000, 000, 900 to $4,000. 000, 900 will rep
resent loans to the Allied Governments
docks, wharves and other facilities
which will be salvazed TO the American
people,
a.
1.-THE bonds OF the fourth Liberty
Loan bear AZ per cent. per annum
They will mature on October Is. 1898,
unless the United States should exercise
its reserved right to redeem them on or
after October Is, 1898.
The interest on $4,000 of bonds OF
the fourth Liberty Loan Is exempt, until
two years after the termination OF the
war. from surtaxes and excess profits
and war profits taxes. The taxpayer
who subscribes for $4,000 OF these
bonds and still holds them at the time o!
making his tax return will also receive
An exemption from such taxes for a like
period as to the interest on an aggregate
amount Of $4,000 OF bonds OF previous
Liberty Loans and subscribers in lesser
amounts will receive proportionatt
similar exemption. These bonds Of the
1
nently exempt from all other Federal
State and municipal taxation. except es'
tate and Inheritance taxes.
These bonds are an investment OF
unquestioned security. and no man who
lends his money to his Government BY
buying Liberty bonds need ever fear thai
the principal will not be paid in full a.
maturity. or that the interest will not be
paid punctually every six months. Every
purchaser. therefore, of q Government
bond Ia doing the wisest possible thinl
for his own welfare and prosperity. ii
contributing to the SUCCESS Of our arnie.
In the field, to the restoration Of peace
J and the security Of liberty and democ
racy for the future, and at the same
time Is aiding in the constructive worl
of creating great merchant marine
with all of its auxiliaries. which will
have a permanent effect upon the pros
per.ty and destiny Of the American PEG
pie.
Wages and salaries are higher IL
America to-day than ever before in IL!
history. Those who spend everything
they earn are not only living in a fooli
paradise but they are doing a grievou
injury to their country. They are Living
In FOOLS paradise because the same de
gree OF prosperity cannot be expected I,
, continue upon the return of peace. whel
, the inevitable readjustments OF all in
dustries must take place. and they ar
doing their country a grievous injury be
cause II IL only by saving that We cal
provide our Government with the none.
which 1t must have to buy the essentia
!, supplies for our military forces.
, Dollars to He Worth More Later.
Every dollar saved now and investe
in Liberty bonds will be worth nue.
, more when peace comes again. Ever,
, provident man and woman In the Unite
; States may find their savings wort
twice as much In purchasing power afte
. the war as now. How can any one NOR
I certainly make money than by saving
now. with assurance OF Its enormous en-
a lhancement in value when normal condi
lions are restored?
THE highest duty OF every man an
Q woman in the land. therefore, ts to saw
, to protect themselves and their chlldre
D against the possibilities of the future,
say nothing Of the fact that by such say
. ing they are bringing peace that niue
s nearer and are making that much NOR
= certain the saving Of thousands G
: American lives. which. otherwise. wi
have to be destroyed as the price OF vic
K tory"
i. Secretary McAdoo laid stress on tn
Q question as to why men of moderate an
K larger means did not buy bonds on tn
= instalment plan and anticipate the II
3 tUre, Just as the laboring and salarie
men do. On this score he said:
'"The business men and the me
of comfortable means and incomes VIII
fail to buy to the limit of their abilit,