Middlebury register. (Middlebury, Vt.) 1886-1937, 1919-04-11
JAN PAYS BILLS
FOR SAVING LIVES
Director Franklin Shows That II
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 men
and material meant her humiliation
If she continued to fight and conse-
quently surrendered long before hel
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,OO0,OOO,OO0 raised by the
Fourth Liberty Loan and made it es-
sential for a successful Finishing
Fifth" victory loan to restore the
country TO a normal peace basis.
when / 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 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 financia
aid in their war material production
cannot return to a peacetime basis
on government aid, but must look tc
the banks.
What can the banks do in sucf
cases if they are already over-burd'
ened with government securities? The
thing to do is to take the loan out o.
the banks and put it into the hands
of the people.
THAT is what will relieve unem
ployment and will result in bette
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 gu
that the war production of the United
States had hardly reached Gilman
when the armistice was signed.
Besides making huge loans tt
Italy and Russia, the United States
he said, had developed gas program
never before dreamed of and in on'
plant was manufacturing three times
as much gas as all the other allie
combined.
Thousands of rifles manufactured II
America and shipped to France hat
never fired, but this abundance OF wa
material of which there has been NJ
use since the signing of the armistic'
was together VIII NV SNC"N| NV
fighting men by the hundreds o
thousands the thing which broke tn
back of Germany's offense and force'
a surrender of the Central Power
and in that way prevented the loss o
lives of American soldiers to. the mum
of certainly 100000 men and possibl,
more
The bills that must be paid by tn
government with the Victory Libert
Loan are bills of thanksgiving as wei
as peace, because of the certaint,
that the early ending of the war save
these gallant American soldiers.
1t was not to the American army il
the field that the Germans surren
dered so soon, but to the immens
supply of fighting men and war ma
chinery that was just beginning t
pour across the Atlantic.
De- The peak load OF war expenditur
came in November, December an
January. From $2,O6O,975,S54 in bill
maid in December the total in Feb
ruary dropped to $1,1S4,412,43S. Blu
the nation has already piled up
floating debt of nearly 1000, 90
which must be assumed by lndlVldua
patriotic investors.