The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-09-08
BY AGNES c. LAUT.
.HE announcement comes W

4 cuhar irony to Canada that the
United States viii presently take steps to
handle Liberty Loans after the method
followed by the Dominion on Victory
Loans; for Canada, dauntless Canada,
with record for her heroic fighters that
has placed her reputation on a pedestal
Of glory and almost idolatry, is the one
country among all the Allies whose financ-
ing has been made more difficult by Uncle
Sam entering the war.
Belgium, France, Great Britain, Serbia,
even China, have been helped financially
with credits and loans by Uncle Sans
participation. For Canada alone has
financing been made harder; and Canada
both in peace and war is one Of Uncle
Sans very best trade customers, both as
buyer and seller.
The countries have never been closer
mentally and spiritually. When Canadian
troops appear on the screens in a movie
on this side the line the audience claps its
hands sore with enthusiasm; and when
American troops passed through Canadian
cities few weeks ago they owned the
towns. Canadians literally yelled their
heads off with welcome. Yet Canada is
the one country with technical discrimi-
nation against her financially. Though
she is one of our best customers, exchange
has been running against her high as 2
per cent.
Exchange "Pegged' Elsewhere.
We have sent commissioners, official and
unofficial, to Spain to right exchange,
where the discount was running against
us; and we have sent commissioners to
Italy to right exchange, where the rate
was ruling against our Italian ally. We
have "pegged" exchange for our big allies
like England and we have even fixed rates
stretched the law to do it-for re-
mote lands like India, setting the price of
silver, for instance, so Spectators could
not buy silver cheap and sell it dear to
India; but for the Dominion, which is first
blood brother to Uncle Sam, we have done
less than nothing.
We have permitted the war to work an
utterly unnecessary hardship and handi-
cap financially; and We have done it on u
technicality far less essential than the
regulations we stretched to help India.
The situation is about the best example
this war has afforded financially of Mr.
BUNDLES description of the law as an ass
and an idiot. Here in brief is the status
Snag the first Before the United States
went into the war Canadian securities
municipal, provincial and even Federal
could be launched on the American market
and were bought with greater avidity than
purely British loans or Anglo-Frenct
bonds. Look up the list of values fol
1916 if you want to see just how the
American public regarded Canadians ir
comparison to Europeans Early in thu
war the Canadian Government raised
loans in the United States to the value OIL
nearly $186, 100000.
But on this country entering the wal
the special issues committee rightly rulet
against foreign securities being sold or
the American market. Allies could secun,
credits or straight loans from the Ameri
can Treasury. The national guarantee Of
the Allies stood behind these credits an,
loans and the money for the loans wa.
raised direct from the American public
by taxes and Liberty bonds, behind which
again stood the guarantee of all Uncl'
Sans wealth and power
Effect of War Bond Flotations.
The arrangement looked copper rivete'
and nickel plated. Nobody could lose
Tncle Sam behind the Liberty bonds
The Allies behind the loans and credits
Bonds, loans and credits had practicall
the wealth and integrity Of the allie
world behind them. They would be PAID
They would never be repudiated.
wasn't like a public boom when privat
corporations had issued private sceuritie
to general investors and when the failur
of one or two corporations might set a
Al ,o.fnl,,nrv "a