Evening star., 1919-04-06
Great Loans Made to Allies for War PURPOSES

tho three Jointly, with the aid Of Bel
gium. Serbia and Rumania. 1t never
would have been done without the men
States, then. saved Europe. This is the
one great fact Of modern history. The
debt. therefore, OF Europe to the United
States is so immense that 1t never can
be paid. except by an unreserved and
grateful acknowledgment Of the truth.
And sharing In the victory Of the
spirit over the beast must be counted
every man. woman and child in America.
1t was their money that fed and armed
the soldiers and sailors Of the allies. 1t
was their money that their government
loaned to Europe. And what this money
achieved has never been more lucidly
sell c. Lefflngwell. one of the assistant
secretaries Of the Treasury.
AT the beginning of the war;" he
said referring to events that occurred
soon after April. 1917, there was very
little that America could do except
to make foreign loans. / verify be-
lieve that during the first six months
of the war the loans we made to Rus
sia and the knowledge of our willing
ness to make further loans kept Rus
sia in the war and held that eastern
front for six good months.
1T cost us sls7.oO0.oO0 in loans" Mr.;
Leffingwell continued. What would
1t have cost IL we had not held that
eastern front for those six months?
80. too. 1t was the loan that we
made to Italy during the summer and
fall of 1917, in that critical period
when the great German offensive
broke loose on Italy, that gave the
"a po nd q n
government effective means to replace
the supplies, the munitions and food
which had been lost as result Of the
German offensive.
I'm the spring of 1918 1t was the
silver that Congress authorized the
Treasury to melt down and sell to
India that held India against the Ger
mans, II not In physical battle line,
then in an equally real and tangible
way.
when the Germans, In the summer
of 1913. We're pushing the English,
the French and the Americans-wha
there were of them--on that line in
France. 1t was the credits that the
American government was able to
give the French government that sus-
tained the French In those bitter days.
in those days when French money
was being withdrawn from French
banks, because the Huns were over
running French cities and homes and
Paris itself was under gunfre.
IL haven't any doubt" Mr.. Letting
we'll said. that American loans to
the allies made 1t possible to end the
war in 1918"
Loans Of money obtained from the
people Of the United States In the
form OF taxes and by the sale Of lib
erty bonds and saving stamps And
those who paid no taxes and those
who could neither purchase bonds
nor stamps contributed. In their fash
ion. toward meeting the cost of the
war that Europe was fighting to pre-
vent its own annihilation.
There was wheat enough and there
was pork enough at home for the
American people and for their armies.
They willingly doubled the price and
paid 1t, however, so that production
would be stimulated and there would
he wheat and pork for the British.
the French. the Italians and the Bel
gians. So 1t was with other things;
and so 1t was that the money lent to
foreign nations was the money OF all
the American people. the schoolboys
and schoolgirls and the poor widows,
as well as the clerks, mechanics. la
borers and capitalists.
The act authorizing the loans was