New-York tribune., 1918-09-25

patriotic duty to keep them to th
utmost limit OF their ability to do SO
In no other way can we meet the colos
sal demands of the future. Every pa
triotic American must realize that ser
vice to the country is not satisfied b,
the mere purchase of Liberty bond
to be sold at the first opportunity, bu
vice. consists in holding that bond tt
the limit, making it sacred duty no
to part with it unless adversely or re
cessity, which cannot be met in an,
other way. forces him to sell it.
This brings up the point Of more
effective and intelligent organization o.
the bankers and Liberty Loan commit
tees of the country for the purpose o1
securing secondary distribution OF
Liberty bonds after the completion OF
each loan and of stabilizing their value
We must provide the machinery ant
the means through which those who
have to sell their bonds may DO so anC
get the highest possible price for them
while at the same time protecting tho
innocent investor against swindlers nnt
interruptions and unpatriotic people
who. contrary to the earnest request OF
holders Of Liberty bonds to exchange
them for stocks or investments OF
doubtful value. The effect Of these OPP
erations is to force the Treasury to
buy the Liberty bonds which these
unscrupulous or unpatriotic people
acquire and throw upon the market
The Treasury, therefore. must take a
part of the money it has borrowed from
the American people after so much diff
ficult and patriotic work on the part OF
bankers and Liberty Loan organization
and buy back these Liberty bonds in
order to protect the market and the
credit of the government. Thus the
Treasury's available resources from the
loans are depleted and forced into un-
worthy channels, oftcntilnes in wildcat
can people and to the dctrimcnt of the
war. We must create a healthy public
opinion which will rcprehend such prac-
tices. | have made frequent appeals to
Liberty bond purchasers to resist the
efforts of unscrupulous and designing
persons; to refuse to exchange their
bonds upon the advertisements of self
ish promoters. merchants or manufact-
urers who tempt holders Of Loberty
bonds to give them up in exchange for
stocks or bonds of questionable value
or for goods at higher prices than cash
prices, and then, in turn, sell the bonds
at less thar their par value on the
stock exchanges, with all Of the evil
consequences have described.
Don't Sell Needlcssly
Il have repeatedly said that no OBJ
lection could or should be raised to the
sale Of Liberty bonds where imperative
necessity or adversely makes such So les
unavoidable, but we should constantly
appeal to the intelligent self-interest
and patriotism of those who buy Lib
crty bonds to keep them to the utmost
limit Of their ability as one of the sa-
cred duties they have TO perform in
this war
The amount allotted to the New
York district is 1.so0,0 100000. We must
not be content with subscription
merely cf our allotment. No district
must be content with that. We must,
from one end of the country to The
other, make it q point to surpass our
allotmcnts. 1t is necessary to do that,
because some sections of the country
have suffered grievously from drouth
and other causes and may not be able
to reach their full quota in this loan
Therefore, it is that those sections of
the country which have prospcred most
shall do most in order that the country
as a whole may not fail to meet the
pressing demands of the nation.
There is hard work before you be-
fore success can be secured, but it is
glorious work. Every dollar you pro
vide brings us nearer to victory and to
a righteous and enduring peace. Sue
cess means life to thousands of our,
brave men, who, if we fail. must pay the
price of that failure with their blood
and find their final resting places fa,
from their native soil in foreign lands
across the seas.
Our Heroes" Best Argument
II was asked not long ago what areu-
mcnt could be made for the fourth Lib
erty Loan. replied Immediately
Pershing and our heroes in France.
NO other argument is ncces sary. Tie
American people know and feel tho
need OF those men and are prepared TO
go the limit to supply that need.
no can measure the wonderful
morale Of great and glorious America
this unparalleled democracy of ours,
which military despots have heretofore
amused and deluded themselves bv de-
scrlblng as incapable of organized ef-
fort and too cowardly to fight? In
eighteen months we have given the
most inspiring and conclusive pr6of
not alone OF the spirit and ideals of
democracy, but Of its power to organ
lze and face successfully any foe, how-
ever unscrupulous and brutal. The
despots who threaten democracy. the
ideals it represents and the liberties of
the world will be vanquished by the
sword of democracy.
What marvellous strides this great
democracy has made. since the Civil
War! One has only to contrast the
two periods to realize the splendor of
our achievements. In the Civil War
rich men hired substitutes to fight for
them at the front. and stayed at home
to make money out of war activities.
In this war q draft law of impartial
and universal application throughout
the country has been passed and no
substitutes are allowed. Want and nov. w.
erty are levelled to precisely the same
plane. The rich man fights beside the
poor man in the ranks. and the burden
Of taxation. although borne bv all the
people and distributed widely, is i'm
posed more heavily upon those most
able to carry the load. The greatest
tax bill in the history Of the world has
just been passed by the House of Rep-
resentatives unanimously. All honor
to the men of both parties for this su-
perb exhibition Of patriotism.
Democracy in America is regnant
everywhere. and the discipline Of dc
mocracy and the organization of de
mocracy, as eXempliticd by America.
have been an example to an amazed
world. BVt, more than all, the sons of
democracy upon the field Of battle have
vindicated the noblest traditions OF our
country and the highest ideals of our
nation.
"Who is not thrilled by what pershinc
and his glorious men have done already
upon the field Of battle? Those un-
trained freemcn of democracy have