The Washington herald., 1919-03-18
CALL ON BANKS
IF LOAN FAILS
Holland Presents Facts
Showing Financial Bur-
} dens Carried.

Almost all the reports which come
TO New York at this time and which
are made by those who have excellent
opportunities for learning what the
situation is in the West and Far West
tell Of an unprecedented accumulation
OF money. especially in the Middle
West. This Is true to some extent of
the Northwest and Of certain parts of
the South. In addition to funds which
have been received from the govern
ment by workers and others who have
been employed in the manufacture of
war munitions, money in large
amounts has been received by those
who have been selling staples, such as
food.
These reports come at a time when
some doubt has been fit about the
ability OF the Secretary of the Treas
ury, Mr.. Glass, to market with the
people a substantial part of the notes,
aggreSating at least FIVE billions, the
sale OF which is to begin on April p.
Banks to Bear Loan. .
It was speedily observed by many
who read the statement issued by Sec
retary Glass when announcing the
loan that he spoke with a good deal
of emphasis of the necessity that.
should the people of the United States
decline to buy any considerable
amount of these notes. the burden OF
absorbing them will be placed upon
the banks. Gentle as this statement
was in the hint which it contains,
nevertheless It does suggest that the
Secretary does realize that It may be
necessary to turn almost wholly "a
the banks in order to make the sue
cess OF this socalled victory loan
complete. But the banks are to be
called upon for heavy loaning to in
dustTy. while readjustment Is in prog
ress, and must curtail these loans. il
they bear the burden of the five bill
lion loan.
Yet there seems to be no reason why
heavy subscriptions to these notes
should not be made by the people
especially in those parts OF the coun-
try where money has been accumulat.
ing rapidly and in large amounts.
Wheat Acreage Large.
At this time with the certainty that
those who raise wheat will be able
to receive 2.26 a busheI for 1t at Chi
cago because the government guar
antee as much as that, there appears
10 be a strong impulse upon the part
OF the farmers, even those who are
farmers In a small way. to cultivate
all the land which ii is in their DOW
er to cultivate to wheat. One OF
tie reports which came to New York
this morning tells of the disposition
in some pats of the country to plough
up strawberry beds so that the lana
can be planted to wheat and in fact
10 utilize grass plots. and even kitchen
gardens for that purpose. Weather
permitting. the probabilities are that
we shall harvest in excess Of a bill
lion bushels of wheat, possibly a bill
lion and quarter. A harvest of that
kind will furnish great gains for the
farmers who will receive s226 a bushel
so that in view Of their earnings for
the 1918 crop and the evidence which
many Of the banks possess that these
earnings are very large and have not
been spent, the farmers may be well
disposed towards investing much or
these earnings in the new Victory
Loan notes. feeling assured that when
the harvest OF 1919 is garrrered they
will receive new supply of money,
all Of it representing new wealth
taken from the soil.
Statesmen Will BE Busy.
The voluntary and unpaid sales
men who did so much to make the
Fourth Liberty loan an overwhelm-
ing success are. it is understood.
ready to undertake a similar work
10 be continued for three weeks
from April 21. They are. however,
to be deprived OF one of the argu-
ments which appealed so effectively
to the people when the Fourth Lib
erty Loan was offered for sale. That
was the argument that the war was