The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1919-04-18
Finish the lob" Should Be the
Slogan of Victory Liberty Loan
Leaders of Seventh District.
SOLDIERS STICK TO POSTS
Chairmen and Their Aids Must Not
Quit Until All the Governments
War Obligations Have
Been Discharged.

chaEmen and other important work
ers In the Seventh Federal Reserve
district are signing up for the fifth
Dig loan They are actuated by the
same sense of duty it is reported, as
ulS the breasts of the soldiers now
held In France. The soldiers over
there long for home but they realize
that their work is not done. Garrisons
must be held along the Rhine until
peace has been formally signed and
the terms OF the peace treaty have
been carried out
In the same way il is generally rec
ogni1ed by chairmen and other work
ers throughout the Seventh Federal
Reserve district the men who are re-
sponsible for the financial part OF the
war, cannot quit until the financial OBJ
legations are discharged. The big bills
for any undertaking come I'm immedi-
stely after the completion Of that
work. 1t would be an irresponsible
business man, it Is conceded on
Pill hands, who would refuse RESPONSE
bility for that part of his contractors
bills that came in after the driving
OF the last nail
The Fourth Liberty Loan paid off
the then outstanding treasury certif-
Gates OF Indebtedness and furnished
enough new money TO carry the gov
ernment until mid-December. Since
that date the treasury department has
been borrowing from the banks at the
rate OF S300,000,0O0 week, and by
the time the Victory Loan is offered
will owe nearly six billion dsllars. The
Fifth loan money will pay or these
bank loans and carry the government
until the money raised under the 1913
revenue act begins to come in.
The sudden termination of the war
brought an Increase in the day TO day
military expenditures. The total for
December passed, for the first time
the two billion mark. The January
total was slightly less, but exceeded
any other month except January. Feb
ruary promises to show consider
able decrease. The high daily out
lays since the end of fighting have
been due TO the liquidation OF the war
machine, and were unavoidable. There
Is still great mass OF contract obi
cations 10 be cleared awsy-contractS
entered into by business men for the
rush production OF munitions that
would have been absolutely essential
had the war gone on for few weeks
or months longer.
Chairmen and workers who happen
10 hear OF anyone who is declining 10
participate In the next loan have ready
10 their hands q set of the best pos
sible arguments against this sort of
conduct
In the first place the man who re-
fuses to work in the next loan or to
buy bonds OF the next issue can be
charged with being gutter or cow
ard. Neither IL an especially Ameri-
can attribute. AS a nation Americans
have the reputation Of seeing a thing
through. And the fields OF France
proclaim that they are not towards.
But the infrequent loan worker who
is saying that he cannot find time
to participate in the Victory drive, or
does not feel any obligation TO do so
may be charged with cowardice. IL Is
generally recognized where such an
attitude is encountered that the man
fears the fifth loan will not be q sue
cess The man who is preparing to
quit now, IL is pointed out, is doing so
because he does not want 10 be den-
titled with failure. The answer TO
this Is that none of the 5000 marines
who stopped the victorious German
march on Paris at Chateau Thierry
asked TO be excused from going into
the fight because he expected il to
he failure. Yet all the foreign mill
tary men thought that the. Americans
could not stop the Germans NJ this
point.
Another argument answers n good
deal OF half-hearted comment. which
maintains that il makes no difference
whether the banks have to take the
loan. But the business man or the
cage Garner who thinks that II makes
mo difference to him Is decidedly mis-
taken II the public does not take the
bonds the banks, as everyone knows,
must do so. Now on December 81
The national banks Of the country had
resources OF $1,000. 224OOO This was
the first time IN the nations history
that the total ever got above the
twenty-billion mark.
This enormous banking power shows,
for one thing, that the nation can
take another six billion loan with
ease II the organization gets out and
works But IT also shows something
else. The twenty billion. of course. II
greatly more than the total that is ac-
tuslly available for credit operations.
IL the banks should have to take the
greater part Of the next loan, and to
add this burden to the more than two
billion now tied up In Liberty loans,
and the additional treasury certificates