The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1919-04-24
LOAN PAYS BILLS
FOR SAVING lives
Director Franklin Shows That 1t
Was Americas Great Force of.
Men and Munitions That
Forced German Surrender.

Es 81
Lewis b. Franklin, director of the
Treasury Department, War Loan or.
ganization, in an address before 400
Liberty Loan chairmen in Boston,
declared that the sacrifice of dol
lars in great expenditures and the
production of war materials had been
the salvation of thousands of Ameri-
can lives,
He declared that Germany realized
that the vast accumulation of men
and material meant her humiliation
if she continued to fight and conse-
quently surrendered long before her
collapse WAS expected.
Mr.. Franklin pointed out that the
enormous disbursements involved in
maintaining this gigantic war pro-
gram had already consumed more
than S6,000,000,000 raised by the
Fourth Liberty Loan and made it es-
sential for a successful Finishing
Fifth" victory loan to restore the
country to normal peace basis.
When l think of what New Eng
land did in the fourth loan," said Mr.
Franklin, Il have no thoughts of fail
ure for the fifth loan in this federal
reserve district.
1t is dangerous suggestion thai
ha hon faIy h,rrd Of ic
loan. 1t would hamper industry II
every direction. Factories which
turned to the government for fnancia
aid in their war material production
cannot return to a peacetime basi:
on government aid, but must look t.
the banks.
What can the banks do in sucl
| cases if they are already over burd
ened with government securities? TIL
/ thing to do is to take the loan out o
| the banks and put it into the hand
| of the people.
THAT is what will relieve unem
! ployment and will result in bette
wages. 1t will serve to bind NOR
strongly the community spirit whic,
is the salvation of America
In referring to the need of the Vic
tory Loan, Mr.. Franklin pointed on
that the war production of the Unite
States had hardly reached china
when the armistice was signed.
Besides making huge loans t
Italy and Russia, the United, States
he said. had developed a gas program
never before dreamed of and in on
plant was manufacturing three time
as much gas as all the other allie
| combined.
Thousands of rifles manufactured
America and shipped to France ha
never fred. but this abundance of wa
material of which there has been n
use since the signing of the armistiC
was together with the steady flow {
fighting men 3 by the hundreds {
thousands the thing which broke til
back of Germany's offense and force
surrender of the Central Power
and in that way prevented the loss I
lives of American soldiers to the nun
Oh GRTldiDiy -uU,UOu Dcl d1Lu puSSlp
more.
The bills that must be paid by ii
government with the Victory Liberi
Loan are bills of thanksgiving as we
as peace, because of the certain
that the early ending of the war save
these gallant American soldiers.
1t was not to the American army
the field that the Germans surrel
dered so soon, but to the immen
supply of fighting men and war m
chinery that was just beginning
!, pour across the Atlantic.
. The peak load of war expenditu
! came in November, December al
!, January. From s2,060,975,S54 in bill
paid in December the total in Fe
: ruary dropped to s1,1S4,412,43S. B
the nation has already piled up
n floating. debt of nearly S5,o00,00o,o
e which must be assumed by individu
i patriotic investors.