Cleveland County herald., 1919-04-17
'.'i'TlAG LOAN ON
 E|''lIIIaAEss BASIS" ..ss1A;,HEsEvER
s., s ENTIRE COUNTRY IS SOLVENT THERE GAN BE
 NO BUSiNEoS.
a,ss ..sKs CAN NOT CARRY IT
/, Harci'ase Victory Notes to the Limit.

Mont Americans have heard side 2~:is and roadway discussions of the a'ss'a:ry Liberty Loan in which one 7...,s es.u cay something like this:
 s.sls of course. when the time
 s'sAsa and the campaign starts 1t is a ~sasasat campaign and you are go- VI z s4' Saue my support just as you had Y .s, She ether campaigns. But in this TG s's.s1;asiry period want to say that ! :.s;lsye the loan should be put over r. sae,ness basis"
 .e9 procer anBwer to give this sug-
 -.'Son should be in substance about x ss.ssws:
 .iI ~sgh. sir, our answer to that is Ii ss V. aEee with you. first because @>s.@.ye that it is good business for -, ss..on to be patriotic. Unless the
 :.s1sry is solvent there can be no s,'assssss- And the first business point f1 bs eonsidared now is that we owe aa ma6@. think you have admitted eA.st keTsAmerican people as whole s~G tbe money. and I think you will .e,i.m that unless great nation pays lfs olis 1t cannot continue to Dc a aSpat nation
 Ike next point is that we shcnid ..:s. our bills promptly. No merchant .ae,-stes to r1rge upon the Govern 7fsss.. the prompt payment of it's bills. 'Tsa public supports this appeal. Fur l:armore. it Is the tradition amongst .'s,a that commercial bills should be .sad in thirty or ninety days. Since ,Ae Government owes the money, HhYet, 20. 1t should pay it promptly. ss.cw how can it pay it?
 There are only two ways-by tsxes and by bonds. Goodness knows inc taxes are high enough already The only alternative. therefo :, is to .,st money through bond issues.
 Now when we come to the sa or h0uds thcrc are only two ways to dis pose of them-first, by placing them with the banks, and, second, by selling them to the people as we have done in she past four loans.
 Yet us suppose we place them with .hc banks. What happens? Well, a Nxarf is a storehouse and distributor If credit. Credit is the lifeblood of business and industry. Without credit you cannot expand your business, and f business does not expand in a whole some. natural way labor cannot be fully employed. There is no panacea CT magic solution for the present ten dency otwards labor unrest. The only sound way to euro 1t is through the normal and healthy expansion of :rdustry. incident upon the return to 1ermal conditions of American busi- s>as prosperity. This cannot take ctsce without readily available credit md If thu banks are choked up with Government bonds the rates of in- serest upon loans will be so high that husfness men will hesitate to un Ter e2ke rew ventures and to make new commitments.
 "TS7e treasury is taking advice, and viii put out the best bonds, from all oO4uts of view, that possibly can be sspvbrtcd, Once it is offered, how aveT. tho only intelligent way to meet this situation, from a strictly cold, practical business standpoint, is to get s.,,aor this job and zee tn it that the ta'..Sts are placed with the people who ;sn '.olsi thorn ga a splendid invest i..as.. g,s who in the great majority of t.essse Nta Sod them until maturity }'.u c.t cniy receive dollar for dollar i.5 ;"em but probably an increase"