New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-09-28
II anamaker
Would Call i'm
Liberty Loans
says Taking Over All Issues
at Par as Part Payment
on New Long-Term Bonds
Would Speed Prosperity
predicts Trade Revival
Saws There Will Be Plenty
Of Work if Business Men
Will Show Faith in u. S.

s;herty bonds in the hands of the
.,h,;e. TO be accepted at par as part
s.vmeut for new long-term bonds. to
ran for thirty, sixty and ninety years
"a bearing interest of six per cent
A;s combined with the elimination of
i, war taxes now hampering business
xas suggested by John Wanamaker yes
,.raav rs 8 practical plan for stimu-
,.s,nr Industry generally and relieving
shs unemployment situation.
Mr. Wanamaker discussed the plan.
xhich he originated after considerable
4 ssudv Of current American economics,
n the course Of an expression of his
sisws on unemployment
He gave details of his proposal, after
asserting t1At he believes that one of
the greatest business revivals the coun
trv has ever known awaits it in the
rear future.
II have more faith in America to-day
md more expectation for the future"
Se said, in this connection. ethan at
i sny time in my sixty years as "a mer-
4 GIANT
Bond Situation Distressing
Outlining his plan for government
8 financial aid for the public, Mr.. Wanna
4 maker said:
aThe Liberty bond situation to-day is
nae Of the most discouraging phases of
\ our economics facing the public, and
especially IS it distressing to persons
+ Of limited means They gave freely of
tAsir savings for Liberty bonds during
shs war. many giving all they had, on
tie superstition that with the govern
gent behind the bonds they could not
: lase on them Yet to-day Liberty bonds
are selling Is per cent below par.
NATURALLY, resulting loss of faith
has had a very appreciate effect on
4 hrsiness. and coinc;dentally on employ
i nent. Many persons are facing the
b future in fear and trepidation.
sit seems to me that the sanest plan
8 taat the government could follow at
4 present TO revive the confidence of the
& people and show them that their gov
4 srnment is behind them would be to
4 ass in at par all Liberty bonds, ex-
1 ,spt those in the hands Of spectators,
4 sues c iong-term government bonds
Il run thirty. sixty and ninety years
t Interest at per cent.
Would Stimulate Buying
Ths plan is similar to that OF Jaw
ZOOS a0r4ng the reconstruction days
Glowing the Civil War, who issued
'hirsy-year bonds az per cent These
soon became In such great demand that
!ur time they sold at SI36, or nearly
doabe their par value
1T seems to me that this would
lave a tremendously beneficial effect
q business, as it would renew public
nfdence. stimulate buying and be an
zentlve to begin improvements i'm
Ndiately instead Of maintaining
Nsslbly disastrous policy Of watchful
rltng, a great Increase in employ
zent, Of course, would follow.
Such 9 plan also would permit the
msernment to take down many of the
var taxes which are depressing bust
sess ana the public, and these should
hren owed Immediately 1t is actually
sc-im nal '2ffense to sell many neces-
s.ies to the public without a war tax,
md this has deterrent effect on
aying
Sven though time and expediency
we're largely responsi BILE, the fact re-
mains that it was government manage
& nsnt whic h had the most to do with
putting up prices during the war. Now
tie government should do everything
N its power to restore business condi-
lions to normal and to aid the I'M
employed TO a means OF livelihood"
Need Faith in America
& Mr. Wanamaker then went into an
olher phase of business conditions
snc unenip loyme nt-the timidity shown
Il % mafy business men in making i'm
provements on their property at this
line.
Each man who can should do what
&c can to improve business and give
l. work to men and women instead of
aying what his neighbor should do"
4 De declared. "If ten men should get
.ogether now and each agree to spend
hW,0O0 in improving his property, that
\ you'd mean 100000 and many more
( l'Ds for men now idle. Also a man
4 an make good contracts If he agrees
go ahead with improvements now
'f the sake of relieving unamploy-
s rent
Some one has to lead in such
increment | might agree to put three
more stories on this building if others
you'd join me in this movement, and
you'd help good times along.
is largely question OF faith
Ialth IN America
Do you see that gray building across
snta Street? A T. Stewart, New
iorxs foremost merchant of his day,
sats 1t fifty years ago, and it has never
yen surpassed in facilities for store
.ssping- Even our new building, twice
sarge, built as late as 1906, is not an
apfovement, although constructed on
ae same general lines.
well, Stewart made that store the
sssatest In America. He started it In
y gloomy reconstruction days after
" civil War and he never let his
A'm go down for q moment
There will be plenty of work for all
We all show our faith, not by relax
eur efforts. holding hack in fear,
-sang on blue glasses, and keeping
- money in our pockets, but by max
w needed improvements, starting to
s.au and rebuild, buy and sell-put-
aas 10 work our energies, our brains,
~ money; everything we have-for
Ss good Of the country.
now can any one be a pessimist
-, ,saus this country? Why, even France
Is giand and Germany-all harder
~ The war than we-are putting US
,s. saame IN taking off their coats and
ss,1ng to work.
Ut Wanamaker gave the highest ap-
a ,ssa OF Business Revival Week"
4 gng that it was his belief that it
NIL III oe expanded into q business re-
i'f years and years to come
ee cartwright Gets 2O-Year
TrlS0n Sensav,eo Cor EOruery