The Birmingham age-herald., 1918-10-28
THE NEED OF A FIFTH LOAN

1 The financial leaders say that in l all probability this fifth loan before 1t | is offered will have been discounted l by the treasury department by as
 much as 75 per cent. That will be sc~ complished by the sale of short-time | treasury certificates to the banks so that in this way Secretary McAdoo can receive needed funds in the win ter, while these certificates will De available when due for payments TOT the bonds of the fifth loan. Not much if any of this money will, according to the best opinion here, be used for meeting the expenses entailed in bring ing the American army back to the United States For it is not the be- lief that the war will be ended in i9iS. but it is the sincere conviction of those who are best informed that the gov ernment will be called upon to begin the return of the soldiers sometime m the late summer or early fall Of l3l? Ther efore 1t is presumed that just att CT the harvests of next year are gar nered Secretary McAdoo will find 1t
 necessary to ask the American people
 for another loan perhaps of s6,O0n.-
 900 ,000
 We must. the financial leaders say.
 continue our loans to the allies Tor
 another year at least. And We must
 maintain in all proba bility our indus
 trial efficiency and output stupendous
 as is the cost for another year. There
 is also very serious problem which
 our government alone can answer sat
 isfactorily. That is a problem whose
 answer involves the sufficient feeding
 of our friends. the impoverished nn-
 tions across the sea. and perhaps some
 of the neutrals. For 1t is evident that
 these countries will turn to the Uni
 ted States for another year at least
 f,,t tl,a fat Tor ha yva a xu Q a
 to furnish them with the needed food.
 We may be compelled to feed Russia,
 for it is very doubtful whether the
 Russian people will be able for year or two to feed themselves. There iS no question today about our ability. by reason of the splendid harvest of
 wheat in 1918, to furnish enough wheat principally in the form of flour to meet the demands of the European countries. Excellent authority asserts that although we can with confidence rely upon our ability to furnish Eu- ropean countries with wheat, neverthe- less, if in addition to that barley, oats. corn and oil cake are to be furnished in order to keep up. the necessary milk and meat supplies in allied countries. the problem of meeting this demand is likely to be one of the most diff ficult for the American government ty solve
 Of course. some of the nations will avail themselves of the credit or loans which the United States makes to them to pay for these food supplies so tha: the money obtained from the Liberty Loans, which is in part utilized in nak- ing loans to the allies. will not go out of the country. but will be received by farmers and there in payment for supplies. There is no doubt that it will devolve upon the United States to fur nish food in large amounts to the peoples of some of the countries who must receive this food as a benefac- tion. not being able to pay for it. Ere N suma bly. therefore. some considerable part of the funds obtained hy sub scriptions to the fourth and fifth Lib erty Loans and very likely to a sixti, one will be utilized in supplying our friends across the sea with needed food The aggregate amount which ii now estimated. it will be necessary to send across the sea within the nex 12 months, is not far from 22.oo0.0o. tons.