El Paso herald. (El Paso, Tex.) 1901-1931, 1918-06-13
GET READY FOR
4TH WAR LOAN
Officials Say It VIII Have
to Consist of Money Saved
for That Purpose.
BY TREDEHTC j. HAskIN

Washington, d. c.. June Is.-Pre-
pare Tor the fourth Liberty loan,
Since the dust raised by the whirl-
wind progress Of the third one has
scarcely had time to settle, this may
seem premature; but it is not The
fourth Liberty loan is already occupy
ing a large place in the minds Of the
treasury officials who VIII have
charge Of its conduct. and they are
generously anxious that the public
share their interest iu the subject
Tor the tremendous flow of revenue
which is necessary 10 the support Of
our war program can be maintained
only bv the continuous, resQ4ute co.
operation Of the American people.
Three Liberty loans have been floated
on freshets OF patriotic enthusiasm
These have taken I'D many Of the small
savings accounts and much OF the
readily available capital 10 large
amounts. The Liberty loans will have
70 consist nf money saved expressly
for them. u is the duty Of every cit
izeu 20 determine now how much OF
his income he can possibly lend the
government. and 20 lay that amount
aside for investment I'm eminent
securities as regularly as though he
were saving 90 nay The rent Tlis
method OF providing in advance for
future Liberty loans is urged upon
the investor by Lewis B. Franklin. de
rector OF the war loan organization.
Financing Problem Big One.
The magnitude Of this problem Of
financing the war is realized only by
a Few men who have the job iu hand.
An idea OF BE- may be gained from the
facts that the earning capacity ot an
nnnn|a nd : "| nwnTnnHrna
United States is estimated at about
$50. 900. 900 0000. that we spent about
s11.00o,0o0.0 during the first year
% war. and viii spend over 100000
100000 in the coming year-these fig
ures including loans 10 our allies In
a word. a. will not be long before two
ffths 81 our total national income viii
be speut on war.
For every s. earned. So must flow
through the treasury department II
we are doing our share il the support
OF the war. two-fiftEs OF our earnings
must 20 20 pay federal taxes and 20
the purchase Of United States govern
meut securities. Of course not every
one can do this much. which means
that those who have large incomes
must do more
A table showing just how much
might be contributed from incomes Of
all sizes fin order 90 make up a war
compiled by one OF the great New
Y ork banks. According 20 this table
the man with an income Of $3.50 a
year should nay in taxes or lend 20 the
government IS percent or his income.
one who makes $500 a year should
contribute 22-5 percent. and so on Up
20 the man who draws 100000 q
year. and who should pay so percent
OF that amount 20 his government IN
the form Of taxes and purchases OF
bonds.
Must Increase Percentage
Since our expenditures are already
more than Sl5,00Q.oQ0. 600 q year. all
OF these percentages would now have
TO be Increased. But the point is that
70 takes a large part OF all the money
war machine going. What IS NOT vol-
ultarily loaned 70 the government by
the purchase o. bonds and war saw
.nEs stamps viii have 20 be taken IN
the form OF taxes.
This latter fact makes 60 especially 10
The interest OF persons OF property 90 .
subscribe 20 the Liberty loans. for taxa .
.ion falls more upon wealth than upon F.
earning capacity. This fact was very I
readily perceived By the big finan- I
,iers OF the country. who took the f.
lax free bonds OF the first Liberty f.
Dan IN large quantities The second I
Liberty loan was carried largely by I
he patriotism OF wage earners. while +
he striking feature o. the third was 4
he way in which the farmers respond +
ID TO it.