The Washington herald., 1919-04-21
WANTS FARMERS
TO SWING LOAN
Depends On Western Wheat
Growers, Declares
Holland.

Treasury. Mr.. Glass. has received
information from some OF the agri-
cultural sections of the country
which in part explains the conf
dence. even enthusiasm, which
characterized the address made by
him at the Metropolitan Opera
House to that large company of
willing workers who are to aid him
IN selling the forthcoming issue of
Victory notes. The Secretary's con-
rdence was revealed even more by
his manner than by his words.
None who heard him could doubt
that he feels assured that the en-
tire loan. s4.50o.oo0.ooo win be alb
sorbed by the American people and
1t was observed that he spoke with
a sort of delightful chuckle. en-
tirely dignified. of the fact that he
had made it q purely commercial
proposition.
From the Far West has come in
formation of which the Secretary
had knowledge which makes 1t clear
that the farmers are abundantly sup
piled with funds SO that they will be
able to take as large proporuonate
share Of the Victory Loan as they
did OF the Fourth Liberty loan. They
have not only money in the bank,
but also wealth in reserve. The State
Of North Dakota has abundant
wealth, although the State is almost
exclusively agricultural Excellent
authority has sent a report to New
York that North Dakota now has a
marketable grain surplus above seed
requirements which is worth at cur
rent prices s44OOo.oOO. Minnesota can
overmatch these figures, although the
precise amount Is not reported. but
the presumption is that Minnesota
now has a marketable grain surplus
considerably in excess Of $5O,O0O,OOO
where Prosperity Prevails.
Prosperity such as is demonstrate
ed by the market value of the grain
surplus of North Dakota, Minnesota
and other States. Justifies the Secre-
tary OF the Treasury in believing
that the farmers of the Far West
will be glad to utilize some portion
Of their wealth by investment in the
Victory Loan.
The address which Secretary Glass
made to some 1000 volunteer sales
men for the Victory Loan contained
very little in the way of detail That
is spoken of as a wise policy be-
cause the greater the details made
public before the loan is offered the
greater the danger of criticism
which. though not well founded.
might tend to deter individuals from
investing in this loan. He spoke.
however, of the enthusiastic sup
port which he is receiving from
bankers and especially those in New
York whom he has had recent op-
portunity of meeting. Apparently
the bankers agree with him that it
will be with the people and not with
the banks, to any great extent, that
the Victory Loan will be placed.
Another fact which he mentioned
has been spoken of with approval in
the financial district and that was
his announcement that this is to be
the last Of the public loans made on
account of the war. That has only
one meaning which is that the ex-
penditures of the government will b.
so rapidly diminished that there will
be no further need for borrowing
new money from the people. Un-
doubtedly the government must for
some years seek to place new loans
but these will be handled by the
banks and by private capital and
will not be in the technical sense a
public Offering.
The Question of Labor.
Those who are best informed are
now persuaded that instead of a
surplus of labor with the attendant
friction and decentralization. even
dangers which that might cause, we
are to discover before the end of
this year that the United States is
facing a shortage of labor.
That was a condition which pre-
vailed for some years after Ger
many crossed Belgium on the way
TO France. For four years we had
had almost no immigration. the
largest having come from England.
We lost a great many workmen
when the war began. Many thou
sand Germans and Austrians depart
ed and in a little while English,
French. Canadians. Italians and
Greeks went to the other side. The
total was very large. So now we
are losing many thousands of work.
ing men for there seems to be a
general disposition on the part of
those who are of foreign birth or
descent to mobilize their savings.
withdraw their deposits from the
savings banks and sail for their
former homes in Europe, In that
way a sum of money which in the
aggregate Is very large is being
taken out of the United States.
In the Far West the opportunities
for the employment OF returning SOL
diers Is large and already. many Of
them have begun work ON the farms.
There is likely to be a shortage OF
labor, especially in view of the fact
that our industries are to be speeded
lD To their full capacity because
Europe will be in the American mar
kets as South America already is, for
the purpose of buying our raw ma
terial. machinery and other eommodi-
ties. II we are to have an interna-
tional trade which, as the best au-
Jhorities estimate. will for some years
aggregate q, 900. 600. 900 a year in our
favor. our industrial plants. even
those which were enlarged to meet
the demands for war material will
oe occupied to their capacity, provided
only that We can secure skilled arti-
sans and those who are called COM
mon iaborers. II there is q shortage
of labor then II must be made up by
increased Industrial efficiency. Walter
Clark Teagle. president of the Stand
ard OIL Company of New Jersey, said.
in his remarks recently made to the
Joint conference between the direc-
tors OF that company and the repre-
sentatives OF the employees, that 1t
is now beginning to be understood
that the old law of demand and sup
ply Is not the law upon which real
new and constantly increasing wealth
is based. Instead it is production and
increased efficiency which make large
production possible.