The sun., 1919-04-02
LOAN SUCCESS
CERTAIN, GLASS
/ TELLS CALDER
Secretary Denies Need of
Calling Congress to AS
sist in Drive.
o. s. DEBTS NOT LARGE
Yankee Dollar at Premium,
Bonds Will Soar Above
Par, He Says.
o. s. DEBTS NOT LARGE
Special Despatch TO The sux.

Special Despdtch TO THE sux
WASHINGTON. April 1.-Secretary Of
ehe Treasury Glass has taken sharp
Issue with Senator Calder IN. " over
inc recent speech Of the latter which
virtually demanded the immediate con-
vsntion of a special session Of Congress
TO enact financial legislation. Mr.. Glass
made his remarks in a letter made pub
lilo tonight. Senator Calder had ex-
pressed grave fear for the success of the
Victory Liberty Loan.
The conditions under which the loan
authorization passed the House and Sem
ate-only three negative votes in the
House being recorded and none in the
Senate-were reviewed by Mr.. Glass. who
then declared ito act In accordance with
your suggestion and ask the President
to call the Congress in special session
to enact Immediately additional legisla-
ton In aid OF the Victory Liberty Loan
would imply distrust which I do not
feel OF the action already taken by the
senate and approved by the President.
Tor there have been no adverse develop
ments since that action was taken"
Mr.. Glass said he ia in close touch
not only with surface indications" but
with the Endorsements affecting our
financial and industrial welfare and
which bear directly and indirectly upon
the Victory Liberty Loan" AS a result
OF this he wrote he takes "a very opti
mistic view of the prospect for the Vic
tory Liberty Loan and Of the future Of
this country
War Reaction Seen.
sit Is perhaps not unnatural that we
Americans like all the other peoples of
the world" the letter continued, should
have had to 60 through period Of de-
preston and discomfort. even OF bitter
ness. after the winning of the great war,
But this was only the natural reaction
from the intense physical and spiritual
effort which the war called forth from
the overstimulation Of all our energies
and activities"
Actual warfare ended close on the
heels of q bitter political hght, he ex-
planned, when IL was approaching win
ter, making the resumption of normal
peace activities difficult. New CONNER
oial and Industrial life is being seen. he
said. following the removal Of the re-
straints made necessary by war. Mr..
Glass admitted the problems arising
from failure Of Congress to enact some
rai,un.s. ns $500. nau ., U or, s
He.,ar aar,as -. Co.
a., 80 ~. - go. e,,s 20 1919, s,su
g. c. r,eo,. ~ =.
elared means will be found" to take
care of this situation until Congress IL
called again.
Mr.. Glass then detailed the present
financial situation Of the Government
and the country. Said he:
ns Wal won. our Paesen. ma
uohai oeot OF less .nan sLo'ooo.voo'oov
our uitlmate nauonal oent atter an
war oilis are palo, wnacn ousnt NOT IN
any even. 10 ehceeu u , sSy'ooo.oo':vT o
esanst Which we snail hoio some Sio'-
ooo'eoo.ooo OF onhgatons OF foreign
governmental. Is the barest traction OF
our national resources The relation OF
our debt to our population and resources
Il small indeed compared TO that OF any
Of the great countries OF Europe.
.srs. d,.oort,ruano. NJ cov.rnr,.n,
,r..rs.,.ncs ,.,,t ths ,ora,,n s.nhanas
80. .'a..t,,. ~, a. cs.sa,,or - he,
Am.., ~ 80 Va n
s,n. =, an,,sr n1nhanse wh,o, no, or,v
.-, g. g. Ct. =. a.,
.ua;.s 20 IN ne ~. T,,roUn.u o mv
-. - ~ - 49,. ~
not only approached par or actually has
currencies Of European neutrala
Our reserve, the greatest In amour,
In the world, the greatest in relation
10 circulation and deposit IN any of the
countries which were engaged in thu
war, was on March rs. 1919. SID pei
cent. of the combined Federal Reserve
note and deposit liabilities OF the Fed
eral Reserve banks. This compare.
most favorably with a combined reserv,
Of 1913 Der, cent. on November 8, 1918
lust before the armistice, particularly II
view of the fact that since that date tn,
Governments expenditures, for the mos
part growing out OF the war, have an
proximated $4,000, 000, 0O0 the create
part of which has necessarily been pro
vided by the sale of Treasury certifl
Gates Of indebtedness to the bankinJ
institutions of the country.
There Is to-day no insufficiency o
credit for the needs of any useful en-
terprise nor insufficiency of gold to sup
mort our credit structure. The pay
Inent of the Governments bills, tn
settlement of it's contracts and tn
liquidation OF its liabilities should q
forward with all possible speed. Their