The spectator., 1919-04-11
AMER|CA's $ GREAT WEALTH VIRTUALLY
 UNTOUCHED IN WAR
FINANCIAL AUTHORITIES SAY MONEY IS MORE PLENTIFUL
 THAN EVER BEFORE.
EXPENSES ARE LESSENINC
People Are Firmly Convinced of the Value of Liberty Loan invsst-
 nents.

Financial authorities insist tAAt money Is moro plentiful than ever Dc fore. In last December official re ports showed the per capita circula- ton of money in the United States by far the highest 1t ever had been There has been little change in this respect since that date. Money Is still comparatively plentiful and the pros poets of general international read justment of shipping and of exchange rates. coupled with a redistribution of the worlds foodstuffs Is bringing about g new feeling of confidence in all business circles.
 American resources have hardly been touched by the demands made upon them by the war. Of all the na, tions in the conflict America has ac- tually felt the pinch of war the least. It's vast stocks of raw materials were drawn upon freely through four years of warfare without impairing ti.om. Its citizens were not called upon for anything like the amount of war loans. comparatively speaking that our Allies were forced to meet. Tho country is amply able to take up an other loan without feeling the strain.
 War expenses ar1 lessening and the various industries are slowly coming back to a peace basis after Q long period spent under war conditions. The balance of trade is greatly in the favor of this country and there Is general disposition to feel that the wort has been met and successfully passed.
 Our Excessive Exports.
 Tn 1918 American exports exceeded our imports by S3.O50.000. 900. Doubt less this will be reduced somewhat in the future. but for many long day Europe and a considerable part of thu balance of the world will mako Ameri- ca the buying place for . very coasid erable part of their necessities.
 With these and other positive ng ures showing the enormous wealth of America before him. is there any one who will insist that this country Is un- able to float another Liberty Loan ? If so he is argued down and silenced by the temper and tho disposition of tho American people who feel that they have put their shoulders to the wheel and that they will continue to shove with all their might until the work they have undertaken has been completed.
 For a good many months now this country has been given over to the business of war. Every energy and every industrial plant was directed to- ward war work, directly or indirectly. When the armistice was signed the wheels of the vast and intricate ma chine were moving % rapidly that they could not be stopped over night. There had to be . period of glowing down the war machine. There WAS a time when this great machine stopped and was reversed. We are still in the time Of its reversal. in the time whom men are being demobilized. war plants are giving way to peace plans The machine is backing up nov and tear ing itself to pieces. . Job that is As slow and as delicate as setting N up and starting t going.
 Prosperity cured.
 Nevertheless 1t is being done with more speed than at first was thought possible The savings banks arc full of money. buyers are beginning to re- turn to wholesSlihg eentsrs iA their old.tims numbsry and the stocks of manufactured articles. made at tho peak of var time conditions. is begin. ming to diminish.
 Then. too. the American people have boon thoroughly convinced of the value of Liberty Bonds a . sound h. vsstment
 In the first loan drfvss the feeling Of patriotism. of rauytnS to the ns, tional standard with the last man end the last dolar, sm0thersd most Of tho other excellent reasons for buying Liberty Bonds. In this Fifth Loan. the Victory Issue." tho people are considering the wonderful investment qualities of the notes (shortteru bonds) They arc looking to the fu- ture. to the assured interest, to tha safe guarded principal and arc buytAG with these points in view.
 The announcement that this Victory Loan will be the last of the Liberty Loan issues has brought about real. ixation that they should be bought while they may still bs bad. Knowing that the future vii see these bonds q all issues % to . premium. the In. vestor who Is looking for safety aa we'll as returns. is anxiously consider ing just how many of the notes of tho Fifth and last issue he will be able ts take