The evening Caledonian. [volume] (St. Johnsbury, Vt.) 1918-1920, 1919-05-16
LOAN PAYS Bills
FOR SAVING lives
Director Franklin Shows That 1t
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
declared that the sacrifice of dol
lars in great expenditures and tho
production of war materials had been
the salvation of thousands of Ameri-
can lives.
He declared that Germany realized
that the vast accumulation of Yen
and material meant her humiliation
if she continued to fght and conse-
quently surrendered long before her
collapse was expected.
Mr.. Franklin pointed out that the
enormous disbursements involved in
maintaining this gigantic war pro-
gram had already consumed more
than $6,OOOO00.0O0 raised by the
Fourth Liberty Loan and made it es-
Bential 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
nIt lie q dopooro,c crooaetion th a :
the banks take the burden Of this
loan. 1t would hamper industry in
every direction. Factories which
. turned to the government for financial
aid in theil war material production
cannot return to a peacetime basis
on government aid, but must look to
she banks.
What cab the banks do in such
cases if hey are already over burd-
ened with government securities? The
thing tn do is to take the loan out of
enc banks and put it into the hands
VI the people
THAT is what will relieve unem-
ployment and will result in better
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 out
that the war production OF the United
States had hardly reached climax
when the armisticet was signed.
Besides making huge loans to
Italy and Russia, the United States,
he said: had developed gas program
never before dreamed of and in ono
plant was manufacturing three times
as much gas as all the other alias
combined
Thousands of rifles manufactured in
America and shipped to France had
never fred. but this abundance of war
material of which there has been no
use since the signing of the armistice
was together with the steady flow Of
fighting men by the hundreds OF
thousands the thing which broke the
back of Germany's offense and forced
a surrender of the Central Powers
and in that way prevented the loss of
lives of American soldiers to the num-
of certainly 100000 meD and possibly
more.
The bills that must BE paid by the
government with the Victory Liberty
Loan are bills of Thanksgiving as well
as peace, because of the certainly
that the early ending of the war saved
these gallant American soldiers
1t was not to the Angr can army n
the field that the Germans surrel
dered so soon. but to the immense
supply of fighting men and war ma-
chinery that was just beginning to
pour across the Atlantic.
The peak load of war expenditure
came in November, December ard
January. From $2,060,975,S54 in bills
paid in December the total in Feb
ruary dropped to s1,1S4.412,43S. But
the nation has already piled up
floating debt of nearly $4,000, 900, 600
which must be assumed by individual
patriotic investors.