Evening star., 1942-05-06
Civic and Business
Leaders Of D. T.. Back
War Bond Sales Drive
Copitors Port in U. S.
Program Is Outlined
At Meeting

Representative business and civic
leaders Of Washington today we're
unanimously on record for full sup
port of the Governments War bond
sales campaign after being told that
voluntary buying, as means of
financing the war and curbing in
flation, is facing its final test.
THE fact is that the Government
has given it's citizens approximately
80 days in which to demonstrate
that they will voluntarily purchase
War bonds in adequate amounts"
said Chairman H. L. Rust, Jr, OF
the District War Savings Committee
"If they do not. the necessary
moneys will be raised by other
means-legislation."
He spoke at a Mayfower Hotel
luncheon yesterday where 140 men
assembled to hear a renewed plea
for systematic promotion of War
bond sales through employe pay
deduction and active work by civic,
fraternal and patriotic organiza-
tions.
Vote Backs Campaign.
Kirk Miller offered the motion to
put the assembly behind the cam
paign. 1t was seconded by Robert
v. Fleming and carried on a voice
vote without a dissent.
In addition, Charles Kohen. chair
man of the American Legion War
Bonds Committee, told the gather
ing that the Legion Executive Com
mittee, representing 10000 Washing
ton Legionnaires and auxiliary men,
bers, last night voted unanimously
to do its part" in promoting bond
buying for the duration of the war
The meeting was part of the drive
aimed at drawing 10 per cent of the
earnings Of the American people
into War bonds. Purchase quotas
have been allocated to each of the
SOTO counties in the country under
which the District Of Columbia is
scheduled for around $6,l00,0O0 in
May, $7,20OO00 in June and $l0,-
000. 900 in July.
The Treasury hopes to raise vol
untary buying to $1,000 ,OOO,00O a
month BY July through the quota
system.
Notes Criticism Of Spending.
There are some who object to
certain ways in which the Govern
ment is using our funds" Mr.. Rust
told the group. There are others
who believe that revenue should be
raised through other means. There
are many who hold that distinct
economies should be practiced.
But, gentlemen, our main OBJ
jective now and our present duty is
TO win this war. Lose the war and
all Is lost. Our present economy
goes out the window-virtualIy
nothing worth while will be left.
Win this war and the financial
price We may have to pay will be
worth while.
Many will 60 to their death to
preserve for us and for those who
come after us our Nation and our
privileged manner OF life. Yet, we
who remain at home are asked to
invest but an average Of 10 per
cent Of our income and for 1t to-
receive q generous return"
Mr.. Fleming pointed out to the
luncheon gathering that the more
bonds that are bought by citizens
tho better our financial structure
win be for the postwar period"
The alternative to mass bond pur-
chases as a means Of financing is
purchase by banks, he said. the
latter creating a deposit reservoir
which might be the basis for post
war imitation.
He said present Treasury esti-
mates call for raising about $40 s,000,-
600 600 In new money before July 1,
1943. This compares, he said, with
. total of $22, 900 900 900 in Govern
ment obligations now held by banks.
The question was raised at the
meeting that many persons may
fear to obligate themselves to
regular pay deductions for bonds
lest legislation be enacted that
would superimpose an added obli-
CATION. Mr.. Rust expressed the
opinion that any mandatory saving
plan probably would be "integrated"
With voluntary bond purchases, or
the voluntary system would be al
lowed tn ceaSa entfroJy