The sun., 1918-09-25

the $4,000 mark. I would not inten-
tionally draw any inferences from these
facts which would do injustice to
wealthy corporations and to the men and
women In America Of large and easy
circumstances but these figures at least
indicate that they did not respond to the
call of the Government in the third LIB
load. The greatest tax bill In the his
tory Of the world has just been passed
by the House OF Representatives unani-
mously. All honor to the men Of both
parties for this superb exhibition OF pa
triotism!
Democracy in America Is pregnant
everywhere, and the discipline Of de-
mocracy and the organization OF de-
mocracy as exemplified by America
have been an example to an amazed
world. hut more than all, the sons Of
democracy upon the field Of battle have
indicated the noblest traditions of our
country and the highest ideals Of our
nation.
VINO is not thrilled by what Per-
shing and his glorious men have al
| ready done upon the field OF battle?
Those unframed freemen of democracy
have met then veteran fighters and the
best trained soldiers Of au,ocracy and
! have vanqushed them. not by foul
means but by fair lighting. They have
already demonstrated that the power Of
| Righteousness and of democracy Is ir-
resistible that the doom OF autocracy
is sealed and the day of reckoning
near at hand.
what We must do in America Is to
erty Loan commensurately with their
| ability to help. An earnest appeal should
be made to them to do more In the
fourth Liberty Loan. not only for their
| own good. but for the welfare of the
nation. We must largely increase the
| number of subscribers to the fourth
| loan between 10000 and 100000"
At this point Secretary McAdoo de-
clared that efforts must be continued to
| impress Liberty Loan subscribers with
| the patriotic duty of holding their bonds
and with the realization that their duty
| did not cease by the mere purchase Of a
Liberty bond Ito be sold at the first
| opportunity.
| This brings up the point" said the
! Secretary, ''of a more effective and in
| telligent organization OF the bankers and
Liberty Loan committees Of the country
for the purpose of securing a secondary
distribution of Liberty bonds after the
completion Of each loan and OF STABILIZE
| ing their value. We must provide the
| machinery and the means through which
those who have to sell their bonds may
do SO and get the highest possible price
\ for them. while at the same time pro-
tecting the innocent investor against
| swiridlers and INSCRIPTIONS and unpa-
triotic people, who. contrary to the
| earnest request of the Treasury Depart
ment have induced holders of Liberty
bonds to exchange them for stocks or In
vestments Of doubtful value.
| The effect OF these operations il to
force the Treasury to buy the Liberty
bonds which these Inscriptions or I'M
patriotic people acquire and throw upon
the market.
How Resales Hurt the Treasury.
THE Treasury, therefore. must take a
| part Of the money 1t has borrowed from
| the American people after so much diff
cult and patriotic work on the part of
bankers and Liberty Loan organizations
| 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. oftentimes in wildcat
enterprises. to the injury of the--<amer-
lean people and to the detriment OF the
war. We must create healthy public
| opinion which will reprehend such prac-
tees.
81 have repeatedly said that 10 OBJ
lection could or should be raised to
the sale of Liberty bonds where impera-
tive necessity or adversely make such
sales unavoidable.
Secretary McAdoo stated that New
York must not be content with sub.
scr.pt!on OF merely its allotment oil
81. 500. 900 200. and that no district mus
be satisfied with .illing it's allotment be
| cause some sections OF the country have
suffered grievously from drought anG
other causes and may not be able &c
reach their full quota In the loan. SO tha
| those sections of the country which have
prospered most shall do most in order
that the country as a whole may not fai
| 10 meet the pressing demands OF the ma.
ton.
Continuing he said:
There is hard work before you befor.
success can be attained, but 1t Is glorious
work. Every dollar you provide bring
US nearer to victory and to righteous
and enduring peace. Success means If,
to thousands OF our brave men. who, Il
} we fail, must pay the price OF that fall
ure with their blood and find their fna
| resting places far from their native sol
In lands across the seas.
II was asked not long ago what argu
ment could be made Tor the Fourth Lib
erty Loan. I replied Immediately. Perch
ing and our heroes in France No othe
argument is necessary. The American
people know and feel the need Of thoe,
J men and are prepared to go the limit Il
: supply that need.
Contrasts Present and Last War.
, What marvellous strides this grea
democracy has made since the civil war
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