New-York tribune., 1918-05-07
Mr.. Untermyer

To the Editor of The Tribune.
Sir: On my return here last night from
Washington my attention is called to an
editorial in your issue of April 90 headed,
"Mr. Untcrmyer's Patriotsm' to which I
take emphatic exception, especially to the
wholly baseless innuendo that there is
something connected with my bond pur-
chases that is lacking in the highest quail
ity of patriotism. The entire tone of the
article is gratuitously offensive, and there
are baseless implications contained in it
for which | feel I am entitled to public
apology
Apart from the months that have been
spending travelling around the country at
my own expense, at the request of the Ad-
mlnlstration in aid of the several loans, I
insist that the men who make the sacrifice,
whether large or small, involved in pledg-
ing their credit to buy these bonds on
lnstalments are assisting their govern
ment in way that is to be applauded and
not discouraged The principle is the same
whether it be the President, who set to
the country the valuable example in saving
by himself buying a $50 bond on the SIS
lnstalment plan, Or whether the purchase
be in large amount. In either event the
loans will have to be financed by the banks
and Will involve certain amount of inf1a-
tlon, as to the effect of which l, however.
by no means share your fears. With the
cost of everything at least double, con-
traction of the currency is more to be
feared than reasonable imitation to corre
spond to the changed conditions. But that
is beside the point of my present purpose
in writing you.
II 1t were the investment for which T
was looking when ! subscribed in Yonkers
Tor S6oo,o00 of this loan, which appears to
int 81.
gone into the market and bought these
same bonds, on The same terms of credit.
at about SO, by buying the second issue
OF bonds and exchanging them for the new.
and would thus have acquired the new
honds Tor $4,000 less than | paid for them
IN subscribing at par The same is true of
Ihe previous loan, where l would have made
saving of 100000 by buying the same
amount of bonds of the previous issue and
converting them. I have now considerable
over $1,S0O,000 of the three issues. on ac-
count of all of which hundreds of thou
sands of dollars have been paid, and the
paiance OIL winch VIII be paid opportu-
nifty affords.
AS | could have bought the bonds more
cheapy in the market by buying the old
bonds and changing so l could, at times.
nave reduced my obligations by the sales
OF bonds, had | not regarded that course
as preJudlclal to the success Of the var-
Gus loans. AS it is, | have not sold
single bond of any of the issues.
In reluctantly disclosing my private af
fairs connected with the facts of nv bond
purchases to my friends and neighbors in
the speech at Yonkcrs, l had in mind en-
couraglng those who had not the money to
puy on credit, and I am delighted to find
that we have over $1,000 subscribers to this
1ofi of ...l.
the rate of about one subscriber to every
three and half of the population. At
that ratio there would be over 10000. 900
subscribers to this bond issue in the
united States! Think of what that would
mean to the country in its bearing on the
success OF the war, and it's announcement
to the boys at the front!
And, pray, what would you have had me
do? had five alternatives
l. TO buy no more bonds.
2. 10 buy only so many bonds of any
OF these loans rs I had at the moment the
cash in hand to pay for.
3. To sell the bonds 1 owned of eacb
prior issue and buy the new ones.
L. 10 convert the old bonds into the
new ones, which would have saved mo
money, but would not have helped the loan
3. To do as l dd--hold all the old bonds
and buy as many of the new ones as felt
l could handle without demoralizing the
security markets by selling my securities
at such time. l feel that what I did was
best for the loan at the expense of nv per-
sonal interest.
Perhaps you will now be good enough
to advise me- in view of your hypercritical
criticism, what you would have done. if. as
l assume without reservation, you had no
concern save for the welfare of your
country?
There are other loans coming, to which
by the way, shall continue to subscribe
and IN the same way, if necessary. to the
extent of my last dollar of cash or credit
and so it is important that the question
OF the wisdom and quality of patriotism
involved in that line of action which YOU
have brought into question be settled
right now and here fer the guidance of
others.
shall expect you, with your usual sense
OF fairness, not to emasculate this lengthy
screed, but either to print it in full or not
at all, and if you conclude that you have
been IN the wrong, l believe you will.
that you frankly acknowledge your mis-.
take, and, contrary to newspaper custom
apologize. SAMUEL UNTERMYEp
Yonkers, N. Y, May 4, 1918.