Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-04-02
GLASS CONFIDENT
OF VICTORY LOAN
Believes All Liberty Bonds Will
Sell Above Par Before
Maturity.
is SUFFICIENCY OF CREDIT
Declares Commerce and Industry
Already Begin to Show Signs
of Renewed Life.
is SUFFICIENCY OF CREDIT
rBy Associated Press

WASHINGTON, April l.-Coniidencc
In the financial condition OF tho coun-
try and its ability TO float the forth
coming Victory Liberty loan was ex-
pressed today by Secretary Glass. in re.
plying 10 the suggestion OF Senator
Calder, OF New York. that n special
session Of Congress should be called to
stop the depreciation in the market
price of Liberty. bonds
Far from agreeing that The decline
in outstanding bonds might jcopardize
the Victory issue this month, thereby
tying up credits by forcing the banks
clared that he was assured the Treas
ury's efforts to solve the financial
problems Of the country would have
the support of "a united and victorious
people Depreciation in bonds. he
said, has been the result Of artificial
causes and he knew Of no. one who did
not believe that all Liberty bonds
would sell above par before maturity.
There Is today no insutficiency OF
tcrprise nor insufiicency OF gold 10
support our credit structures" Secre-
tary Glass declared.
Echoes OF Political Fight.
Echoes of the political fight which
were contained in the sccretary's reply,
which was in the form of a. letter to
from me New sns.oh York IS Senator He quoted
the Victory loan bond bill, in which the
senator declared that he saw no rea-
Of the future. Mr. Class M iest Said fel,ere there
had been no adverse Developments
since the bill was passed which would
Mr.. Calder advocated.
Already commerce and industry be-
gin g,n,.,9 to show show signs Of the renewed life
restraints and interfcrences which
war made necessary" the secretary
sa deb war Of L esy G ,han 9g S
after. all war bills are paid, which
@ IN agains, ahx event wnch excsed wee Sse
hold some $4,000. 900, 900 of obligai
lions OF foreign governments. is the
sources. The relation OF our debt to
our population and resources is small.
indeed, compared to that OF any of the
great countries OF Europe.
Rehcrre Greatest In World.
lfOur reserve. the greatest In amou nj
IN. the World. the greatest lin relation
70 c.rculation and deposit in. any Of the
was sh on March SFe IS si 5,S iS 5ee
cent of the combined Federal reserve
note and deposit liabilities of the Fed
cral reserve banks.
The liquidation which has taken
place in Liberty bonds since the armi-
slice is traceable to other causes than
bonds. Foremost OF these causes is
the fact that many patriotic Ameri-
cans. individuals and companies. sub
scribe for bonds. in 4 spirit Of patrio-
t!c feryor induced by the war. in en-
cess Of their ability to hold. The
'ovcrsold' condition Of the market for
Liberty bonds thus created was ac-
centuated by the. reaction following
the armistce, which made many feel
they were released from the duty Of
holding their bonds in aid of the gov
ize losses before the end Of the year.
and thus reduce taxes; by the changed
financial position OF many bondholders
growing out of the termination Of hos
tilities and. worst of all. by the wicked
DEVICES OF bond sharps and swindlers
Il believe that all these adverse in
fluences have spent their force, 1 am
sanguihe TO believe that the market
Tor Liberty. bonds has seen It's worst,
and that the market position OF the
bonds will improve as true under
standing of the immense strength Of
the financial position of the United
states becomes disseminated and as
the Victory loan campaign proceeds"