New-York tribune., 1918-02-21
Economy
4 FEW days ago Secretary McAdoo
~ sent out n financial telegram. In
this telegram it. was snecificollv


~ sent out financial telegram. In
this telegram it was specifically
stated that ii was sent to every bank and
trust company III tho United States.
We are advised by the American Bank
crs' Association that there arc something
like 29,750 banks and trust companies do
ing business in this country. This meant,
then, 29,750 messages. The telegram con-
tained 159 words. The total number OF
words transmitted, then, was in the neigh
borhood of 13,655,25O.
But the message calls for q reply.
If all the banks answered it, using ten
words each, this would mean an additional
297, 500 words.
AS a matter of curiosity we append the
telegram:
"Betwcen now and the time for making
the next Liberty Loan ! shall offer for sub
scription Treasury certificates of ndebt-
edness in amounts of five hundred million
dollars or more every two weeks. 7 desire
to postpone the next Liberty Loan issue
until conditions will insure a wide distri-
button of the bonds throughout the coun-
try.
III oIUci successfully 10 carry tnrOuRN
this programme and to provide for the cX-
penditures for the military operations Of
the United States and the Allies ! must
have the whole-hearted cooperation Of the
bankers of the United States, and to that
end | request the board of directors or
trustees of each bank and trust company to
each week of its loanable funds
for the use of the government of the
United States about | per cent Of the gross
resources OF their institution, not to cX-
ceed IN the aggregate 10 per cent, and to
invest that amount in Treasury certificates
of Indebtedness. The exact amount, inter
est rate, date and maturity (not exceeding
ninety days) OF each issue of Certificates
Will be announced from time to time by
through the Federal Reserve banks
There is a steady growth in the move
ment for economy Banks sh, uld be able
by participating in The campaign for econ
omy, which means economy of credit as
we'll as of expenditure, to teach their Gus
toners to save and accumulate the means
to buy the governments certificates and
bonds; by this method distribution OF
Treasury certificates OF indebtedness should
become possible which will relieve the sub
scribng banks OF at least q part of their
purchases and furnish the means OF max
ing payments for the next issue of Liberty
bonds without undue strain.
"Thc needs Of the government for the
wan are great and imperative. The re-
sources OF the country are ample to meet
these needs if every bank will do its share
know that once it is realized that by
complete cooperation all around and by
every one doing his part this vital and
patriotic service can be performed every
bank will do its share We are approach
ing a critical test on the battle fronts in
Europe. Americas sons are now actually
shedding their blood in the trenches If
the banks, which are the first line Of de-
fences, fail to support the government
fully in its necessary operations, we shall
impeMl Americas army and Americas
safety. know that I have only to state
the case 10 command the support OF every
patriotic bank and banker. This is a
supreme duty Of patriotism. May I count
upon you to do your part and to telegraph
me Immediately at my expense that you
Will? l am sending this telegram to every
bank and trust company in the United
States
We especially note Secretary McAdoo's
statement that there is steady growth
m the movement for economy.