The sun., 1919-02-16
STRONG BACKS LOAN
REQUEST BY GLASS
Says 1t Is Vital That Treasury
Head Fix Terms and
Rate.
SECRETARY AT LUNCHEON
Tells Publishers Victory Issue
Must Be Floated by Patri-
otto Sacrifice.

Secretary Carter Glasss contention that
Congress should allow the Treasury De-
partment to AZ the rate and terms OF the
next Liberty loan was indorsed yester-
day by Benjamin Strong. governor Of
the Federal Reserve Bank. at n lunch
con given in the Bankers Club in honor
OF Mr.. McAdoo's successor. Most OF
the other guests were editors or pub
fishers OF newspapers and magazines.
Aware that Claude Kitchin's Com
mittee on Ways and Means of the House
Of Representatives is thinking Of deny
Ing the request OF Secretary Glass, Mr..
Strong said that tho Secretary had
proved his courage in making II.
Only Way, Says strong.
"A tlmid man. Mr.. Strong said.
would have recommended the rate and
terms to Congress and then IL they were
not accepted and the loan was not sue
cessful he could say. It's not my fault
But Mr.. Glass courageously asks for
plonary authority. thus taking full re-
sponsibility. In my opinion he il right.
III he secured from this Congress to-
day legislation fixing the rate and terms
OF the loan there would be q couple OF
months for finding fault In the second
place. no prudent business man would
consider II wise to FIX the terms when
conditions are constantly changing. We
should walt until every circumstance
can enter into the calculation. Mr.
Glass has the courage and willingne SO
to take the responsibility. and person.
ally do not see how the project can be
put through on any other basis"
He added that he hoped the men who
held the same opinion and who had ac-
cess to the public will urge II in q loud
tone OF voice."
Regarding financial imitation Mr..
Strong said. after noting that the public
had bought SIS. 200. 900, 900 worth of
Government securities during tho war:
How can you get anything out of q
pitcher when you have already got
everything out of st? How could the
war be financed without having some
expansion We have had some OF Il.
We are still borrowing money TO pay
war bills. but We are approaching the
point where imitation can he written of
the books. Tho nation must demand re-
serve power for the world to finance
the present period OF reconstruction. We
believe that Mr.. Glass has the courage
| and the wisdom TO mako courageous and
wise decisions and that we will live to
see those decisions indicated"
Mustard Plaster Needed.
BILE to put spirit into the new loan cam
paisn except through the press, also that
I'VE may have to apply a mustard plas-
ter to the digestive tract in a financial
sense and warm It up"
Allan b Forbes, chairman OF tho
luncheon. said that Secretary Glass, in
his day and a half In the city. had cap
tured the confidence and won the hearts
Of the banking community OF New York
We have found out" tho chairman
added. that Mr.. Glass does not think
that any one who is in business south OF
Fulton street Is malefactor per Sc"
(Applause.)
Secretary Glass expressed gratiacat ton
over the manner in which the press Of
New York had received his appointment
to the Treasury post and tho splendid
service the newspapers of the country
had given during the war
Il think" he said. that the fine mo-
raie OF tho American army and navy and
people may be ascribed to the spirit
which found expression in the press of
this great metropolis" Regarding him
self, he felt that he was mot SO obser-
want and certainly not so experienced as
his predecessor and would have to rely
! to a considerable degree on the expert
ence and observation OF the press.
II don't believe" he continued, -that
| you gentlemen regard your great service
| in Liberty Loan campaigns as a sacri-
fec; I believe you regard It as a priv.
lege rendered cheerfully. inspired by tho
spirit of patriotism.
"Gentlemen who have advised me tina,
the Victory Liberty Loan must be re-
| garded from a coldb!ooded point OF view
and can be noated only on an investment
basis tell me about the sacrifices tina,
have been made in this country. To save
my life I cannot help contrasting this
talk with the impression I got In Octo.
Der and November In tho devastated
districts OF Belgium and France. con.