El Paso herald. (El Paso, Tex.) 1901-1931, 1918-04-18

necessary food, don't you see that you
release supplies that viii contribute
Immensely 10 the success Of the
armies in the field2 Don't you see
[ that It is vital TO the success Of our
arms that those things ihall be done4
Unless you save and economic in
TINS way, you cannot at the same time
save money 20 lend to the govern
menL The government, must ask you
20 lend IL your money so that Il may
buy the wool. or the cloth made OF
the wool. and the shoes made Of the
leather that you do not take. and to
pay the wages Of the men who make
I those things. In saving therefore,
and lending your money 10 your gov
eminent. you perform an immensely
patriotic service, an essentially pa
I triotic service. and at the same time
you are benefitiuE yourselves because
YOU are making yourselves better of
by adding 70 YOUR wealth the amount
that you save.
Must Purify Souls.
we must learn in the second year
OF the war that we must not indulge
self to the extent that we have In ne
past We must purify and fortify our
souls for this great and mighty con-
test, which is now proceeding upon
the battle fields OF Picardy. And the
extent 90 which we do that is the ex-
tent TO which we are going TO help
ourselves; 10 is the extent 10 which
we are going 70 be able TO keep the
general level OF prices at more rea-
sonaoie point and the extent 20 which
you VIII be able to respond as often
as the government calls upon you 10
respond In the purchase OF liberty
bonds.
says Dollar Not Fugitive.
u have been told By some people
that the rate OF interest on liberty
bonds is too low. and. therefore, we I
could not rely upon the patriotism Of
the American people 20 buy them. I
have been urged to make the rate Of
interest higher, In orde- that the
bonds might sell more readily. I 90 I
not believe that % Is necessary 20
raise the rate Of interest on the bonds /
in order 20 sell them. do not believe Z
that the patriotism OF America IS eI-
pressed i'm the rate Of interest on q l
government bond do rot believe ]
that the American dollar is a fugi-
tive and must be chased by high rates
OF interest when the governments /
creolt is back Of them. 7 tell you. be- |
cause this is your problem as well as
mine. that If we do not all take an /
intelligent stand now. in favor OF i
keeping the rate OF interest on gov
eminent bonds stabilized at az per I
cent per annum. unless we are willing I
20 make a fight TO preserve the gov
7rnmenLs credit upon that basis. then i
it is going to be the most unf0rtu-
nate thing that can possibly happen
70 the American people. We have got i
10 make IL clear TO every man. 10 ev-
cry woman. and 20 every child, who
buys a government bond. that while
.t may be true that they could invest
their money in something else that
would pay q larger return. they can
invest their money IN nothing else I
that is so full of blood and necessity
as United states government bond.
We have got 90 make 20 understood
that when government bond has
been bought, that the patriotic thing
10 90 is TO keep Il, not sell Il, just 70
get the dollars.
ThouEhtIess sale Says Market.
Why do I say that2 Every time we
ssue three billions or four billions Of
government bonds, what happeDs2 In
/ campaign Of this character every
nan, woman or child in America is
solicited for as many government
bonds as they can buy, and when the
finally come in, the buy
ng power Of the market has, OF
course. been absorbed. Everybody who
lad any money 10 invest ia govern
nent bonds has bought them. and the
'esult Is that II someone offers his
londs- on the stock market, there IS ,
10 buying power left. and the price
iags- II does not sag because the ]
IONA is NOT GOOD IL does not sag be- ,
.ause the purpose or determination :
Il the American people 20 see this {
var TO a finish is reflected in that
.ecli7e- II does not indicate any lack
determination upon the part OF
america to carry the war forward. Il :
Ices not indicate that the confidence
Il the people in their government has I
'een weakened. Tt merely indicates
hat the people who sell their bonds
h0ughtlesEly or otherwise. or unnec-
ssarily in the market. have offered 9
hem at a time when there did mott
appen TO be enough money left TO
NY them, and that is the reason they Q
70 down
Against Higher Interest.
suppose sou put up the rate again.
Ve did put it up this time 20 az per- q