The Washington herald., 1918-11-14
FIFTH LIBERTY
LOAN PLANNED
McAdoo VIII Offer Next Is
sue in Spring, Says
Holland. , (

A few weeks before the selling cam
paign for the Fourth Liberty Loan
began the question was sometimes
asked: What would happen in Gaze
the full subscription Of S6.OOoOoocs
were not made? In reply the intims-
tons were strong that the American
banks had. al least by tacit agree
ment. underwritten the loan and
would make good whatever the dif-
q ference might be between the actual
subscription and the total amount Of
the loan For this reason IL may be
Secretary AcAdoo felt justihed IN en-
: pressing his perfect confidence that
the loan would be absorbed. He may
have known that the American banks
would undertake to make good any
4 dehcit in case there should be any
. But II is now known that not only
was the loan handsomely oversub-
seribed. but furthermore that u has
been unnecessary for banks to make
good their tacit aEreement 10 UNDER
write any unsubscribed remainder
Fifth Loan Proposed
Fortunately before Secretary Nc
Adoo makes an Offering to the Amen
can people in the early spring OF :.
O. htth liberty loan, which IL is pre-
sumed viii aggregate 5000 900 cor
porauons and individuals will have
something definite to base their esti-
mate upon OF the amount which they
may be able TO set apart for sub
scr1puons to this loan. The revenu.
Dill now pending in Congress will. II
Is assumed, have been put upon the
statute books in the course Of a few
weeks. When that is done every ror-
porauon and every individual having
large incomes will be able. rerhsps
not easily. but yet suricientlv 10
learn how much must be set apsrt in
order 10 meet this new tax REQUIRE
ment, Sld much, therefore. NAV he
Iett Tor subscriptions 10 the nth lib
tFS loan One Of the rea sons Why
the Fourth Liberty Loan went so
slowly al first was due 10 the fsct
that corporations and many fDsiyi6-
uals did not know how much tbev
would be able 10 subscribe because
they did not know what their new
taxation would be.
Shouid peace negotiations he am
bodled IN treaties and these treaties
be ratined then the government I,r-
doubtedly will feel justified in c,IttIns
oown. IN some ceases very largely.
expenses entailed in the purchase OF
various material Nevertheless wa
nave IN Europe an army OF 2OJlOn0
mth m,th ana including those who are in
| lhlS country as much a. On n0o man
or little more And this srr,y ,,-1I
not be demobilized until At least Two
years have passed. Therefore d viii
be necessary for the government 10
receive large amounts OF money since
me cost OF maintaining an army OF
this size Is very great. This viii
hecessitate al least one and possibIy
Two liberty loans within the rsTf
Twelve mo1ths Assuming that there
VIII be two more loans Of s.. .O10 900 taO
each the total amount of bonds which
the American people will have an
iorDeo pc ~ IN -, little over two years will
be S2,COo. .O00.O1O
Consider Loan Refund.
Already some Of the leading men of
nhance and, IL L. understood score
tary McAdoO are giving some con-
sideration TO the question OF refund
ing the government debt as IL SHAH
pecome due from time 10 time. For ID
Is sell evident that the government
can not pay on these billions Of bonds
as they come due aud therefors Trust
The United States viii tberef,rs
nave for two generations. prrhaps Tor
three. a war debt Of so 0lD a, -,
Nhl'h involves the payment Of an
enormous amount Of interest every
year. Nevertheless our e,ar,E.g
strength will not he impaired bUt
probably will ba Increased rs Tho
years 90 by because We shall haye
learned two lessons. ono INVOLVING IN.
utl tl.Hauon Of thrift and the other tho
UeNelopmcnt and conservation or our
uheNaInpIru Resources The uarfor4I
wealth should iuCTeH~, each wear nv
many billions OF dollars and so1,s
good judges est Innate 'hat our aurt-
cNEural production viii he found IN
the course OF few vcarz 10 br ,-ic1F-
lnS at leas' Ss0.gp.oB.Gp0 Of now
W'al'h every yyau
In the greater excitement and iUf.--
"Si which the m1rS,uny or Ter hr-
lions Of bonds On the paSt year ami
half has caused there hrs Fcecrr g,
disposition to overlook that stead.
silent and inc. Tsinv current OF fgr e
which is bringing 90 the government
many ml.lions renreseUti0g small gav-
iuEs Of the American peuDfs IL L.
. now estimated that tho sal Of war
Sa'ings and thrift Ftawps will have
been so great hv th, end Of the
present fiscal year - TO bring 10 tho
.rn"surv lit''" und~r t'ro NIlin1 dol
lars When il was FIRST proroscd 70
authorize the sale Of war sayin -
and thrift stnwus mary nconTa
doubted the SUCCESS OF the plan Il
Would n0' 'rr-c been su~oeszTrI rrrl-
less thoruu h organization had been
erected This organization is now To
b" 20 Gym 0s To make G., nos
sible 20 market stamps Of the aErrr-
gate vNlr" Of fuUr billion dollars The
or"" ni7"tir0 ,F one Of the most thor
och md eF0cl. -' Of I'll thog,. which
have f.ra crr~' d b.. tn government.
II is now r. r'garded as probable that
Congress will authorize the continued
safe OF war savings and THRIFT stamps
as long as the government has any or.
cnSion for borrowing money 80 that
this sale win be continued over a
long period OF years While Il has
already shown It's advantage as q
mon y-produCer for the government
q is believed to have been OF stiI
Ersater ADVANTAGE in teaching the
pnop'e how easily thrift and wise
sRv'n~s IN small amounts may be &C.
compliehod
HOLLAND"
PpIGUT LIGHTS ON SHIP
REACHING NEW YORK