South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-04-21
URGES HOLDING Of
LIBERTY BONDS
"EnIiSt Dollars for Period OF
War;" Says SeC'y MCAdOO
Explains Use of Bonds.
BY W. G.. McADOO.
(Secretary OF the Treasury


the privilege OF lending their money.
their savings to their government
for the purpose Of making the lives
and liberties Of every American
safe. and of securing the lives and
liberties Of the gallant nations which
tight with US.
These bonds bear four and one
fourth per cent interest. they are
exempt from all federal, state and
local taxation. except the federal
super-income taxes and inheritance
taxes. They are due 10 years after
their date. They are the safest in
vestment in the world and they bear
rate of interest adequately and
generously remunerative. The money
derived from these bonds will be
used to supply our soldiers and
sailors with the food. clothing. guns,
ammunition and other essentials
which they must have if they are 10
win this war; TO pay the wages of
labor Of those who are engaged in
manufacturing these essential sup
plies; TO pay for the raw materials
and the farm products and the
into the war program of a great
nation.
Not Purely Commercial.
We must not, we cannot consider
the purchase of government bonds
as purely commercial or business
transaction. War is not business
although the nations business now
is war. War is the death struggle
for the principles and ideals for
which a nation fights. Business must
be adjusted or discarded. if neces-
sary. to meet the supreme need Of
the nation in such a time. National
necessity is the supreme law of war
and the first duty of every citizen is
TO subordinate himself and every in
terest to that supreme necessity.
To lend ones money on safe Sc
curity is at best a small cOntribu-
ton compared with the sacrifice the
dying soldier makes, the sacrifice the
mother and father Of a dead hero
make. Patriotism must at all times
be the handspring Of action, not
only i'm the purchase of bonds, but
in every other thing the good cit
izen does i'm the support of his gov
eminent in time of war.
Privilege and Duty to Buy.
Let us not. therefore, consider
the purchase of government bonds
merely as commercial or bus
mess transaction, merely as an in
vestment, however safe it may be.
Let us consider it a privilege as well
as q duty to perform this part Of
the essential service required Of US
so long as the war lasts
1t is not enough 20 merely sub
scribe for a bond. The chief value
OF the subscription lies in the fact
that the purchaser keeps his bond ;
that he denies himself something in
order TO keep it; that he saves
something in order TO buy it. When
you lend your money to the govern
ment you must not sell your bond
Immediately on the market because
you do not help in that way. Every
unnecessary sale of a government
bond tends TO depress the market
price. and the more the market price
of government bonds is depressed,
the more hurtful it is 10 the govern
ments credit and TO the genuine
interest Of the people of the United
States.
Must Not Consider Interest.
If the price goes below par. there
is an immediate demand on the part
OF Il q thoughtless people for an in
crease in the rate Of interest. and
every time the rate OF interest is
increa sed, a new burden of taxation
is imposed on the mass Of the Amer
lean people. l know that we are as
people sensible enough and strong
enough and patriotic enough to con-
tinue TO supply the government with
all the money ii needs at a reason
able rate OF interest. Let US make
a fight now 20 stabilize the rate and
let Us prove TO the world that Amer
ica's patriotism is not determined by
the rate of interest per annum or by
any other mercenary consideration.
We must also learn that the first
duty is TO save. We are entering
the second and I hope the final stage
of the war the victorious stage for
America. II is the savings Of the
people that constitute the real
strength Of the nations power 10
/ produce and 10 supply the things
I indIspensibly required for the war.
Every ounce OF wool saved. every
pound OF food saved, every stroke
| OF labor saved. is power eXerted
upon the battlefront. We, there
/ fore. add measurably 10 the strength
Of the nation by practicing economy
and preventing waste.