The Pulaskian. (Pulaski Heights [Little Rock], Ark.) 1915-1929, 1919-02-28

to redeemed before maturity, etc. but
the great bulk of the people, who are
expected to buy the notes, will be in
a hopeless maze. 1t took the hardest
work and the biggest advertising ever
known to teach the people what
Liberty Bonds were, and even then,
the object of the efforts was only
half accomplished.
Most people know nothing about
notes, except that they are business
nuisance, and practically everyone has
been taught never to endorse one.
Bank notes, Federal Reserve notes,
are ignored as such, few realizing that
they are simply promises to pay, al
though the certainty of payment can
be established. Experiences with
railroad and industrial short term
notes have not been pleasant. Con-
gress could probably not have hit
upon more unfortunate form of
Victory Loan issue, than this mixed
ton. Senator Lodge told the Senate
it was livery difficult to devise
plan to maintain the prices of all
the Liberty issues, for they were sold
at more than their market value"
Well, Mr.. Lodge, we were all very
proud of the great fact that more
than 100000 of our people over
subscribed to the Government offer
ings of A and Ia per cent bonds,
and it was something to be very
proud of. But when other nations
have no difficulty whatever in keep
ing their war bonds at price level
which does not create ripple of I'M
easiness among the holders on the
contrary maintains full confidence in
them, and knowing that none of these
countries can compare with the
United States in wealth and resources
it is bit humiliating to find no
statesmen able, or willing, to submit
proposition which would bring the
prices of those bonds back to par. If
Congress would do what any body of
business men would do, take hold of
the proposition boldly, utilize what
up one of Treasury or Government
notes.
Then preparations for meeting
fnaturities will stir the financial COM
munity up every few months, and that
is something always to be avoided if
possible. Tom, Dick and Harry win
feel toward these Government notes
that they are none of their business
Jet the banks care of them as they
do of other notes.
Put it in any form you please, no
patriotic enthusiasm can be worked
up by any process toward short
term Government note, now that the
war is over
Washington ears, which have been
deaf, have in a few instances been
opened to the cry that everybody else
has heard about the decline in the
price of Liberty Bonds. A number
of Senators publicly deplore the fact
that Liberty Bonds are selling so far
below par. But nothing like an agree
ment to correct what was deplored,
was even suggested. Certain vague
feelers were put out to redeem bonds
of small denominations lat par, but
that, of course, is out of the ques-
ever of merit there is in the English
and Canadian plans, and not talk the
nation to death, but bring out and
pass measure consolidating all the
bonds into one, which should be so
attractive that it would continue to
sell at or above par, something worth
while would have been accomplished,
the new loan assured, and the bust
ness of the entire country given the
best of all stimulants.
For some unknown reason, our Con-
gressmen fail to appreciate that our
war debt is owing to ourselves, and
the interest on it and the ultimate re-
demption money all go back into the
pockets of the people. It may be
difficult to devise a satisfactory plan,
but it is the overcoming of difficulties
which make men and communities and
nations big.
CA DI g. (u.I-