Weekly journal-miner., 1920-04-07
From Sundays daily,

I ork stock broker, who is visiting here, for the present depreciation il the market value of Liberty bonds This is not attributable to any fail ure of the government to support it! issues, MT. Hubbard says in an eX elusive interview for the Journal Miner" but is the result of mum Der of intricate causes.
 After referring to a recent editorial in this paper concerning the govern. ments war loans, Mir. Hubbard d., clares that he speaks with the convic. ton of his experience in finance anC as a 100 per cent American.
 His statement follows:
 Many people, especially the more intelligent class, openly express the opinion that Wall street is the direct reason for Liberty bonds selling al present prices. This, on its face if given a little serious thought, will be seen to be a farce.
 Herewith will be given a few dis, tinct reasons why the Liberty bono Is selling below par.
 ]. Federal treasury, from all re. ports, will show deficit for the year ending June 30, 1920, of between s. 5OOO,OOO,OCO to $3,OOO,OOO,OOO.
 ,. Various federal department es, inmates for this coming year will ex. ceed $9,OOO,OOO,OOO. They may cut this a little, but it is a foregone con, clusion that 1t will not be reduced materially.
 5. Estimated revenues from all sources show a grand total of $6,OO0,- 100000.
 Still, from all sides, you hear the cry for the reduction of taxes. It is almost certain there will be no reduc- ton in present income taxes nor on surtaxes on personal incomes.
 4 Our national debt today is $24, 000,0O0,0000, nearly all of which has been created in the past three years. (Of this $24,OOO,OOO,OOO, SlO,OOO,OOO,- 900 is owed to the United States by European nations.)
 5. It is a well-lnown fact that Flu rope today is facing bankruptcy. None of our debtors at present are able to pay us the interest on their loans let alone any of the principal.
 6. To illustrate: Take the three leading nations of Europe, to-wit' England, France, Italy-these, under their present financial condition which, from all indications, show they are staggering under a great strain-and same will continue for long period to come, making 1t al most impossible to expect these, the strongest of all European countries. to make repayment of their debt to the United States during this genera ton.
 7. Just compare the money ex7 change rates, today, and you quickly realize the financial strain under which all Europe is existing.
 English pound sterling: 1912, $4.86; 1920, $3.45; has been as low as $3.2O, or 26 per cent decrease from its real face value. French and Belgian franc has bad 60 per cent decrease ill its face value. Italian lire, d 70 per cent decrease in its face value. German mark, 1912, 24 cents; 1920, 1 cent; de- crease here, 2400 per cent.
 8. Herewith l give you the stag gerlng figures of the total note cir culation of the l3 beligerent pow CTS: $77,964,0O0,000; this is as of 1920; ! whereas, in 1915, total for the same nations, $4998,OOO,OOO; or, ill plain figures: Before the war, the total note circulation, per head, per popu- latiou, was $7.95; whereas, now, per head, per population, its S12Il6.
 9. Here, briefly, IS the increase per head of population, in the princi- | pal European countries, and also | showing same in Japan and the United States: