Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-04-09
RICHMOND TIMES DISPATCH: TUESDAY, APRIL g. 1918


vest In government bonds has bought
them. and the result is that ii someone
offers his bonds on the stock market
there is no buying power left. and there
Is :, sag The price says. r. does not
sag because the bond is not good: ii
does not sag because the purpose or de-
termination of the American people to
see TINS war to a finish is reflected in
that decline. 1t does not indicate any
lack OF determination upon the part OF
America Ia carry the war forward; it
does not Indicate that the condolences
or the people in their government has
been weakened
1T merely indicates. my friends. that
| the people who sell their bonds
ihoughtlcSSly or otherwise, or unncces-
sarily in the market. have offered them
! at time when there did not happen
! 10 he enough money left to buy them.
and that is the reason they go down.
/ VIVA; is the effect of that? The effect
/ iS that when the bonds are quoted be-
low par everybody says Put up the
rate of interest again no increase
the rate Of interest is only a palliative.
You know, every time YOU sell n great
issue the market is combcd dry in the
same way so far as investment money
is concerned. and the bonds would de-
cline again. no matter what the rate OF
interest il. As consequence, my
friends il the credit of the government
Of the United states becomes depre-
ciaicd. and ii we have to constantly
stimulate the credit by increasing the
rates Of interest. it is Il confession TO
Germany. and ii causes tho Kaiser 10
know. what nc believes OF America
that its credit is weakening. and the
richest country in the world has not
enough confidence In itself and in it's
own government TO support it's bonds
at par.
II cannot do anything as Secretary of
the Treasury without the confidence
and support Of the people Of America:
I cannot do anything Secretary of
the Treasury with only tho support Of
The bankers of the United states great
as that support is and welcome as that
support is. and splendid as it has been.
II is not enough that they alone carry
this burden.
HANKS MUST KEEP FUNDS
FOR USE OF INDUSTRY
Another thing Of Importance is that
the banks perform their necessary
functions and keep their funds in liquid
form 10 supply credits to the indus
tries engaged in the manufacture of
munitions of war and in carrying on
the general business OF the country
and we must not take all the funds of
these banks: they must not take all
Of these bonds. They must take rea-
only true way 10 finance this war is
TO sell the bonds of the United States
10 the people OF the United States.
The more people who buy $50 bonds
and 500 bonds and $500 bonds, the
better il is for America and tho more
diScouragine it is to our enemies DO
YOU know that IL would be most i'm
pressve thing If We could say TO the
Kaiser that not 100000 American citi-
zons. as in the last loan. had subscribed.
but that this issue was taken by IL. 600
600 or 2O,00n.o00 Of American citizens
tf that was done, ii would he Il magnfi-
cent element of strength in the iinan-
cial position Of the country. and a far
reaching effect on the general economy
OF the situation.
Now want TO toll YOU Of ut least
ono way in which this money IS being
spent. We have done ono thing in this
war that no nation in history had ever
done before We did something in
recognition OF tho sacrifices that are
made by the men who put on the uni
form Of their country. and tho sacri-
fees made by their family. DO YOU
realize that when a soldier cnlists or
is drafted into tho service Of the United
States that the entire family OF that
soldier is called to the colors? Don't
YOU see that his earning power. IL tho
family is dependent upon 1t. is with
drawn from that family? Don't YOU see
that the wife and the children have to
suffer the unspeakable aEonies OF
anxiety as the soldier goes on this
dangerous mission from which he may
never return. upon This dangerous
mission which may mean that he will
die the death Of hero on the field OF
haitlc in a foreign country. without the
comfort Of q Wife or child or relative
buried. perhaps. in an unmark ed
grave. Many Of them arc making the
60, .,,,
shall! keep the torch Of liberty burning
IN the world and make America safe for
yourselves and your posterity. 80 Won
realize what ii means. my friends when
realize wah tit means, my friends, when
aSon'cs of the wife or mother Many
arc in this audience whose brave sons
have gone out 10 fight for our country
LIFE INSURANCE ron
EVERY MAN IN UNIFORM
America illumincd the world once
more with n noble and splendid act of
humanity she passed a bill by the
unanimous vote of both houses of the
Congress providing life insurance for
every soldier and every sailor and
every nurse who wears the uniform of
our country, And she provided in that
act for the support OF these dependent
families.
That is the most humane piece of
legislation, the most advanced piece Of
leSislation that ever has been enacted
by any government. | want 10 read
YOU letter | received the othcr day
from "A splendid mother In the State
OF Virginia. She addresses the Sec
rotary of the Treasury as follows:
Dear Sir.-Will YOU kindly cx-
cuse the liberty | take in writing YOU,
bat feel ! must write and thank YOU
Tor the interest YOU have taken in our
dear boys and their dependents in in
Producing the insurance bill. will
state that urged my only soma mere
iad-io enlist Ill the navy in 1914. J
ie!t that this war was coming, and
] wanted him to be trained. Only God
knows what ii cost me 10 let him 60.
as | had just buried my idolized hus-
band and was Just recovering from
typhoid fever myself. Hospta, bills
etc, had taken nearly all | had had.
but | knew God would take care OF
my little girls and myself | have
given my brave, handsome hoy TO Uncle