The labor world. [volume] (Duluth, Minn.) 1896-current, 1920-07-31
HOUSTON LAuDS
!. STAND OF: LABOR
Endorses Policy Of Buying Gov
eminent Bonds to Hold
Until Maturity.

WASHINGTON, July so. - Keen
appreciation Of the educational, econ
omic and financial policy recently
adopted by organized labor, as a fac
TOR IN the protection of holders of
Liberty bonds and government Sec
urltles and the advancement of in
uYldual and national welfare and
prosperity was expressed by Secre-
tafy of the Treasury David +. Hous-
ton, in letter to Samuel Gompers,
nfade public today.
Secretary Houston's letter was in
acknowledges of the action taken
opy the Montreal convention of the
4HAmerican Federation of Labor which
""urged the purchase of Liberty bonds
at present prices and their retention
until maturity by all union mem bers
and reiterated Endorsement of the
government.
Would Protect Holders.
The letter declared that if the
principles adopted by the American
Federation Of Labor were followed
by the nation, all holders of govern
ment bonds would be protected, for
the basic intrinsic of these securities
backed by the good faith and re-
sources of the nation were unchanged
and would remain SO. The reitera-
ton Of the principles of thrift, saving
and safe investment, Secretary Hous-
ton said could not but tend to the
welfare both Of the individual and
the nation.
Secretary Houston's letter was as
follows:
The treasury department has
learned with keen interest of the edu-
cational, economic and financial pol
icy outlined by the American FEEDER
alton of Labor, in convention at Mon
treal, looking to the advancement of
the financial welfare and future
prosperity of the individual and the
nation through purchase and reten-
ton until maturity Of government sec
urities.
: The patriotic part played by or
ganized labor in the financing of the
United States during the war, already
has been fittingly acknowledged. Per-
NIT me to say that, in my opinion, the
policy of the American Federation of
Labor, enunciated in Resolution No.
SO at Montreal, faithfully and success
fully carried out. as l am sure it will
be, will perform no less service in
time of peace.
The prosperity, the stability and
the well being of the nation and of
every state and community in it, is
inseparably linked with the pros
no oi.,1 ir,l@
and the moral strength of it's citi-
zens. Waste and extravaganza will
produce not only economic ills but in
evitable Individual deterioration and
unhappiness. The reiteration there
fore of the prinviples Of thrift, saw
ing and safe investment, outlined so
forcibly in the federation resolution,
cannot but tend to the welfare both
IF it's members and the country as a
whole.
!, Labor Heavy Buyer.
I "Nowhere are Liberty bonds more
widely distributed than among the
ranks of organized labor. Both the
treasury department and the Ameri-
can Fed Iteration of Labor are DESTROYS
of protecting the holders of those
government obligations. They can
protect those who hold their bonds
and buy more, but they cannot pro-
tect those who sell at present prices.
But if the principles adopted by your
organization are followed out by the
nation, all holders Of bonds will be
protected, for the basic. intrinsic
value of the securities backed by the
good faith and total resources of the
nation, is unchanged and will remain
unchanged.
Il sincerely hope that the request
pf the federation for the provision of
facilities for partial payment pur-
chase of Liberty bonds and Victory
notes may be accorded the hearty and
immediate response from employers,