The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1922-01-27
LIBERTY BOND VALUES INCREASE
$1,500,000,000 UNDER REPUB-
LICAN RULE.
Business Administration Of Finances
Has Enhanced Values, Restored
Confidence.

Confidence.
WASHINGTON, Jan. 25,-Of the
many evidences of returning business
confidence and financial stability
under the Republican administration,
none is more conclusive than the
steady advance in prices of Liberty
bonds. According to current quota
tions all Liberty bonds are selling
today for an average of $40 more on
500 than they we're at the close of
the Wilson regime. The lowest
quotation on Liberty bonds in the
open market is no less than 95, while
a year ago they were averaging
around IS, and some were selling as
low as 49, There are over $15,000,-
100000 Liberty bonds outstanding
which means an increase to the hold
ers of over S1,500,000,000 since the
Republicans came into power.
Harding's Early Pledge.
One of the unhappy recollections
of the Democratic administration is
the manner in which Liberty bonds
persisted in slumping in price after
the public invested in them. Presi-
dent Harding, in his speech of accept
ance of the nomination for President,
referred to this condition saying: Il
believe this government should
make it's Liberty and Victory bonds
worth all that its patriotic citizens
paid in purchasing them" This
utterance of Mr. Harding at the in
cipiency of his candidacy brought a
great deal of derision from the
Democratic press, which claimed the
decrease in price of Liberty bonds,
il which over 100000 patriotic
Americans had invested, was due to
legitimate and normal business
reasons and that Mr. Harding and his
party could never restore them to
par.
1t was also alleged that if Mr.
Harding's promise meant anything,
it was pledge that he and his
party would, if triumphant, attempt
the fantastic feat of creating values
by law.
The American public, and especial
ly the business interests of the
country, however, had full confidence
in the pledge of Mr. Harding, and full
confidence in the ability of the Re-
publican party to make good the
pledge Immediately after the cleo
ton Of 1920, when it was realized
that the Republican party would
have control of all branches of the
government, the price of Liberty
bonds began to go up. From that
day until this their price in the
open market has steadily increased.
Result Of Sound Financing.
The reason for this is apparent to
all. 1t is because the Republican
administration has turned it's back
upon fantastic ideas and inordinate
waste in the conduct of the govern
ment, has quit meddling in private
business, and directed the various
governmental activities into the chan
nels of financial sanity 1t has not
been the cumulative effect of all
the acts of Congress and all the
policies of the administrative end of
the government that has caused the
business world to realize that govern
ment bonds are worth their face
value, because, under the present
administration, there is going to be
cessation of extravaganza and the in
PRODUCTION Of business methods.
Two very tangible reasons why
government bonds are approaching
in value are furnished by two recent
reports Of the United States Treasury. !
One report shows that for the five
month period beginning July first
this year the federal expenses were
$780, 100000 less than for the cores
ponding period under the Democratic
administration in 1920. This is reduc- !
ing the federal expenses at the rate
of $10O,000,000 a month or S1,200000-
900 a year, as compared with the
operating expenses during the clos
ing year Of the Wilson regime.
Simultaneous with this report the
Treasury shows that the gross debt of
the United States government has
been decreased by over S4S5 100000
in the last 80 days. /
There are but two facts, yet they
clearly indicate why the business in .
terests of the country have perfect .
confidence in the administration and,
having such confidence, are seeking
the government securities, knowing
that the administration will permit
nothing to be done in the future that
will jeopardize investment in such
securities.