Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1919-04-16
loan PAYS ellis
FOR saving Il Is
Director Franklin Shows That Il
Was Americas Great Force Of
Men and Munitions That
Forced German Surrender.

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 mnn
and material meant her ann.h.la,ioD
if she continued to fight and colsy-
quently surrendered long before he.
collapse was expected.
Mi Franklin pointed out that the
enormous disbursements involved in
maintaining this gigantic war pro-
gram had already consumed more
than $6,0OO,OOO,OOO raised by the
Fourth Liberty Loan and made it es-
sential for successful diminishing
Fifth" victory loan to restore the
country to a normal peace basis.
when I 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.
"It is a dangerous suggestion that
the banks take the burden of this
loan. 1t would hamper industry in
every direction. Factories which
turned to the government for financial
aid in their war material production
cannot return to a peacetime basis
on government aid, but must look to
the banks.
What can the banks do in such
cases if they are already overburd-
ened with government securities? The
thing to do is to take the loan out of
the banks and put it into the hands
Of the people.
THAT is what will relieve unem-
ployment and will result in better
wages. 1t will serve to bind more
strongly the community spirit which
is the salvation of America"
In referring to the need of the Vic
tory Loan, Mr.. Franklin pointed out
that the war production of the United
States had hardly reached a climax
when the armistice was signed
Besides making huge loans to
Italy and Russia, the United States,
he said, had developed gas program
never before dreamed of and in one
plant was manufacturing three times
as much gas as all the other allies
&C bined
Thousands Of rifles manufactured in
America and shipped to France had
never fired, but this abundance Of war
material of which there has been no
use since the signing Of the armistice
was together with the steady flow of
fighting men by the hundreds Of
thousands the thing which broke the
back of Germany's offense and forced
d ItuutI VI L.l6 SeuITdl fOWeTS
and in that way prevented the loss Of
lives Of American soldiers to the num-
Of certainly 100000 men and possibly
more.
The bills that must be paid by the
government with I'VE Victory Liberty
Loan are bills OF Thanksgiving as we'll
as peace, becau"" of the certainty
that the early en''AG Of the war saved
these gallant American soldiers.
It was not to the American army in
the field that the Germans surren-
dered 50 soon. bet to the immense
supply Of fighting men and war ma
chinery that was just beginning to
pour across the Atlantic.
The peah load of war expenditure
came in November, December and
January. From $1,000, 975,S54 in bills
paid in December the total tn Feb
ruary dropped to s1,184,412,43s. But
the nation has already piled UP a
floating debt Of nearly 5000, 900 900
which must be assumed by individual
patriotic investors.