Mansfield mirror. (Mansfield, Wright County, Mo.) 1908-1957, 1919-04-17
FLOATING LOAN ON
BUSINESS BASIS"
REACHEsEvERYOAE
UNLESS ENTIRE couNTSY is
SOLVENT THERE CAN Sc
NO BUSINESS.
BANKS CAN NOT CARRY 1T
Consequence Is That Everybody Must
Purchase Nictory Notes TO
the Limit.

Most Americans have heard side
walk and roadway discussions Of the
Victory Liberty Loan in which Il
man will say something like this
Well. vi course. when the time
omes and the campaign starts it is a
government campaign and You are go
ing to have my support just as You had
Il in the other campaigns. But in this
preliminary period | want to say that
| believe tn loan should be put over
on "A business basis"
The proper answer to give this sug'
gestion should be in substance about
as follows:
''All right, sir. our answer TO that Is
that we agree with you, first because
we believe thSt il is good business for
the nation to Ne patriotic. Unless the
country is solvent there can be no
business. And the first business point
10 be considered now is that we owe
the money. | think you have admitted
hat the American people as a whole
owe the money, and ! think you Will
agree that unless a great nation pays
its bills it Canno continue to be Il
great nation.
The next point is that we should
pay our bills promptly. No merchant
hesitates to urge upon the Govern
ment the prompt payment OF its bills.
The public supports this appeal, Fur.
,hermore, it is the tradition amongst
men that commercial bills should be
paid in thirty or ninety days. Since
the Government owes the money,
therefore,, it should pay it promptly
Now how a it pay it?
There are only two ways-by
taxes and by bonds. Goodness knows
he taxes are high enough already.
The only alternative. therefor, is to
get money through bond issues.
Now when we come to the sa q Of
bonds there are only two ways to dis.
pose OF them-first. by placing them
With the banks. and, second, by selling
them 10 the people al we have done in
he past four loans.
Let us suppose We place them with
the banks. What happens? Well, a
bank is a %storehouse and distributor
Of credit. Credit is the lifeblood OF
business and industry. Without credit
you cannot expand your business, and
# business does not expand in a whole.
some, natural way labor cannot be
fully employed. There Is no panacea
Or magic solution for the present ten,
deucy edwards labor unrest. The
only sound way to cure 1t is through
the normal and healthy expansion Of
industry, incident upon the return to
normal conditions OF American bust
ness prosperity. This cannot take
place without readily available credit,
and if the banks are choked up with
Government bonds the rates Of in
t.rest upon loans will be so high that
business men will hesitate to un 'er
take new ventures and to make new
commitments.
The treasury IL taking advice, and
will put out the best bonds. from all
points Of view. that possibly car be
supported. Once 1t is offered, how
ever, the only intelligent way to meet
this situation, from a strictly cold
practical business standpoint. is to get
under this job and see to 1t that the
bonds are placed with the people who
can hold them as a splendid invest
ment and who in the great majority OF
uses will hold them until maturity
and not only receive dollar for dollar
for them but probably an increase"