Alma record. (Alma, Mich.) 1878-1928, 1919-03-20
KEEP The LOAN
FIRES BURNING,
WORKERS!
Finish the lob" Should Be the
Slogan OF Victory Liberty Loan
Leaders of Seventh District.
SOLDIERS STICK TO POSTS
Chairmen and Their Aids Must Not
Quit Until All the Governments
War Obligations Have
Been Discharged


Returns az the five state headauar-
tiers In Chicago show that the county
chHirmen asd other important work
ers in the Seventh Federal Reserve
disArict are signing up for the nth
hig loan They are actuated by the
same sense OF duty. IL is reported. az
nils the breasts OF the soldiers now
held in rance The soldiers over
there long FOR home; bur they realize
that their work is not done Garrisons
must be- held along the Rhine until
peace has been formally signed and
the terms OF the peace treaty have
been carried out
In the same way IL is generally rec
oEnEed by chaimen and other work
ers throughout the Seventh Federal
Reserve district. the men Who are re-
-ponSihle foy the financial part of the
war, cannot quiz until the financial OBJ
lgauons are discharged The big bills
Tor any undertaking come in immedi-
stely after the completion of that
work. II would be an irresponsible
business man, il is conceded on
al hands. who would refuse responsi-
bility for that part of his contractors
oills that came in after the driving
u the last nail
The Fourth Liberty Loan paid off
he then outstanding treasury certh-
Gates OF Indebtedness and furnished
enough new money to carry the gov
srnment until December Since
hat date the treasury department has
been borrowing from the banks az the
-ate OF $3O0OO0.OOO n week. and by
he time the Victory Loan is offered
will owe nearly six billion dollars. The
Fifth loan money will pay or these
bank loans and carry the government
until the money raised under the 1913
revenue act begins 10 come in
The sudde. termination Of the war
brought an increase In the day 10 day
military expenditures The total for
December pissed. for the first time.
he two billion mark The January
.otal was slightly less bur exceeded
any other month except January Feb
ruary promises Goo show consider
able decrease The high daily OUT
lays since the end OF lighting have
been due TO the .Quidatlou of tbe war
machine. and were uuayoidable There
IS sim "a great mass of contract ohl-
cations to boz cleared away--contracts
entered iuro hy business men for the
rush production ~ munitions that
would have been absolutely essential
MAD the war gone ON for few weeks
or months longer
Chairmen and workers who happen
20 hear OF anyone who is declining to
participate in the next loan have ready
20 their hands SET OF the best pos
dble arguments against tMs sort of
conduct
In the first place the man who re-
fuses 10 work I'm the next loan or 10
buy bonds 81 the next issue can be
,harged with being gutter or n cow
ard. Neither is an especially Ameri-
can attribute. As a nation Americans
have the reputation OF seeing II thing
through. And the fields OF France
proclaim that they are not towards.
But the infrequent loan worker who
. saying that he cannot find time
20 participate IN The Victory drive. or
does not feel any obligation 10 do so
may be charged with cowardice. II Is
generally recognized where such an
attitude Is encountered that the man
fears the fiftll loan will not be sue
cess The man who is preparing to
quit now, 10 is pointed out, is doing so
because he does not want 10 be iden-
tfed with failure. The answer TO
his IS that none Of the 5000 marines
who stopped the victorious German
march on Paris az Chateau Thlerry
asked 20 be excused from going into
he fight because he expected il 10
10 failure Yet all the foreign milf
tary men thought that the Americans
could not stop the Germans at this
point.
Another argument answers a good
zeal OF half-hearted comment which
maintains that 10 makes no difference
whether the banks have 20 take the
wage Garner who thinks that II makes
no difference 10 him is decidedly mis-
taken. II the public does not take the
bonds the banks as everyone knows
must do so. Now on December 81
The national banks OF the country had
resources OF s2O.O42 $4,000. This was
the first time In the nations history
hat the total ever got above the
twenty-blllion mark.
This enormous banking power shows,
FOR one thing that the nation can
take another six billion loan with
ease II the organization gets out and
works. But II also shows something
else The twenty billion. OF course is
greatly more than the total that is &C
'ually available for credit operations.
II the banks should have 10 take the
greater part 81 the next loan, and TO
add this burden 10 the more than two
billion nov tied up In Liberty loans,
and ne additional treasury certificates