Evening journal., 1921-11-18
~~~4lBERTY BONDS CLIMB REPUBLICAN LADDER.

c6rENE Republican administration is redeeming It's
promise to bring Liberty bonds back to par" de- a
cares the Republican publicity Association. through It's
president the Hon Jonathan Bourne Jr Comparison Of
present OF with prices obtanable in
May 1920 shows OF much as IS per cent II
would be unfair TO 70 the Republican administration
a credit for an OF this increase undoubtedly the bet
M business methods and the sounder principles Of gov
enmeni adopted by the present regime have had large
influence in bringing bonds back 70 a value far nearer
ife original investment"
The association adds that there were several features OF
Democratc policy that depressed the market value Of
Liberty bonds The first and most effective OF these was
The action OF the Wilson administration in urging hanks
to insist that bonds left with them as security be taken
up by the and the amounts due promptly paid
Many OF bonds thus in banks as security were
not in position 10 pay the amount due and therefore
they sold the bonds at the price that could be Oh
tained With bonds thus crowded upon the market the
nevitable result depression.
Then too the Wilson administration was CONDUCTING
the affairs OF the government on an extravagant and
wastefu plan. II only by the drastic measures
hat the Republican Congress able to force the ad-
mnistration TO begin disbandng war organizations
Continued enormous expenditures naturally made govern
securities less desirable just as excessive expendi-
lures compared with income makes the credit OF any
government any business institution OF lower value
the markets
Moreover the association says, continuation OF large
government expenditures meant continued high taxes for
longer period or time, and in effort 10 escape the
anes many OF the larger investors were dlsposng or
securities the income from whch could be taxed and
We're investing in non-taxable municipal bonds With
nis large market for Liberty bonds closed there was
naturally less demand and lower price FOR the Liberties
Again me Democratic administration was committed to
policy socastc in character i favored an extension
y nc Time of government operation Of the railroads with
s Almost certain adoption OF government ownership un
e' 'ne Plumb Plan. which would have caused the iss,-
n' % some soOooooOoO Of government bonds and
N'e further depression OF bonds previously issued
AZ mese influences tended 10 discourage ei,her the
"o'hs OF Liberty bonds already owned or the nurcbsse
OF ADDITIONAL bonds investment But Inc st,.,on
was changed by the election Of Republican aamn,s,ra
ton 'u''n's''a-
As soon as u became certain that the usastsf,, an, 80
cialisuc administration would come 10 an end there -
revival Of. confidence in the future OF sovsrnmn,
credit and government securities
The Republican administration has not only made lsr
cuts In government expenses but has definitely gone or
record being opposed to involving the government II
large undertakings Of paternallstic nature.
The country has been promised business in gov
rFnncnt and less government in business.
Athoush the process OF reducing must be slow
has commenced and Will be continued rapidly as re
lrenchmeni In expenses make possible
Investors In securities realize The Importance OF TN