The Washington herald., 1918-10-28
MONEY BRIDGE
ACROSSOCEAN
Minimum of $4,000, 600
000Cost of u. S. Trans
porting Troops.


stretches from the French ports to
those OF the United States, SO also
financial bridge. so to call Il. fs
under construction and has been sn .
part completed. II will cost at least
$4,000. O0O. 900. for IL is represented
by the offerings of the government,
in six month periods, of bonds which
the American people have absorbed
ana VIII absorb. Upon the heels Of .
one loan come the preparations for
another and with frankness Secre-
tary OF the Treasury McAdoo an :
nounces that some time in the
spring the government will zsE the
people again TO subscribe 10 a loan
which IL presumably to be ss,ooA- /.
100000. In the financial oistrfc4s =
they say that very likely Mr.. Nc
Adoo has not as yet made up his
mind what the aggregate amount Of
the loan is to be or what are 20 be
the terms. But he knows that the =
government will offer for sale in the
early spring bonds aggregating sew
eral billion doilarE, and while those
who have had charge OF the Fourth
Liberty Loan campaign and the bonds
and various agencies through which
SUBSCRIPTIONS were received are stili .
occupied In tabulatinE returns and in "a
Z nnoing out exactly where the ccuatry
STANDS with respect to this bond is-
sue, the Treasury Department beslnr
preparations for the fifth Offering OF
bonds
One Of the clubs Of New Yorf SUBJ
scr1beo through its mennberr for
SSooooO Of the liberty bonds and n :.
was said by those who manareo this
campaign among the club members
that year ago selling methods OF
that kind had not been adopted sno
that IL has taken three liberty loans
TO perfect organizations throughout
the United States whereby every
citizen or at least every family IS
reached.
presumably the treasury preps-p-
tons, in part at least. reflect the de-
sire thoroughly TO perfect IN ample
time the relation OF the banks ana the
ancing OF the Fifth Liberty Loan.
naneing OF the Fifth Liberty Loan.
The machinery has already been per-
/ tected. All that is needed is constant
care or this machinery 50 that ~
may be in as excellent condition
when the fifth load is offered as VA
the case when the fourth loan was
upon the American market L
The Need of a Fifth Loan
The financial leaders say that in ali
probability this fifth loan before IL Is ;
/ offered will have ben discounted shv
the Treasury Department by as rnuch
as Is per cent That will be accom-
phsheo by the. sale OF short-tirne
! Treasury certificates TO the banks so
that in this way Secretary McAdoo
can receive needed funds in the win
ter, while these certificates will be
available when due for payments for
the bonds Of the fifth loan. Not much J.
II any OF this money will. according
10 the best opinion here, be used FOR
meeting the expenses entailed in
bringing the American army back TO
the United States. For IL is not the
belief that the war Will be ended in
lslS. but it is the sincere conviction
of those who are best informed that
the government will be called upon
20 begin the return Of the soldiers
some time in the late summer or
early fall OF 1878. Therefore Il is pre-
sumed that just after the harvests OF
next year are Rarnered Secretary Nc
Aooo will md 1t necessary TO ask the
American people for another loan
perhaps OF $500 10000.
We must, the financial leaders say.
continue our loans 20 the allies for
another year at least And we must
maintain in all probability our in
dustrial efficiency and output. stu
pendous as is the cost. for another
year. There - also a very serious
problem which our government alone
can answer satisfactorily. That T.
a problem whose answer involves the
sufficient feeding OF our friends. the
I impoverished nations across the sea.
nF ka L.
4 For it is evident that these countries
will turn 10 the United States for
another year at least in the eNpec-
tation that we will be able 70 fur
nish them with needed food. We
may be compelled TO feed RuSsiA.
4 for IL is very doubtful whether the
Russian people will be able for a
! year or two 70 feed themselves. There
is no question today about our sbil-
ity, by reason OF the splendid har-
! vest OF wheat in 1878 TO furnish
enough wheat principally In the form
/ Of flour to meet the demands Of
( the European countries. Excsllent
/ authority asserts that although we
can with confidence rely upon our
ability to furnish European countries
with wheat nevertheless. ~ in add
tion 20 that barley. oats, corn, and
l oil cake are TO be furnished in order
4 10 keep up the necessary milk and
meat supplies in allied countries, the
/ problem OF meeting this demand is
likely TO be one OF the most difficult
I for the American government to
solve. -.
OF course some OF the nations win
avail themselves OF the credit or
loans which the United States
makes to them to pay for thes~
/ food supplies so that the money OBJ
I tained from the Liberty Loans.
which is in part utilized in making
loans to the allies will not 20 out
Of the country but will be received
by farmers and there in payment
for supplies. There Is no doubt that
| it will devolve upon the Unitec
States TO furnish food In large
amounts to the peoples Of son. OF
the countries who must receive this
food as benefaction, nor being able
to pay for it. Presumably, there
fore, some considerable part OF the
funds obtained by subscriptions 70
the fourth and fifth loans ana ver~
likely to a sixth one Will be utilized
! in supplying our friends across the
sea with needed food. The aggregate
amount which, as now estimated. IL
will be necessary 20 send across the
sea within the next twelve months, Ia
not far from ., ,ecO.OOO tons. -.