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MAY 21, 1919
THE VICTORY LOAN AN
of this was not expended by the United rouses one's ire. Here was ease and AMAZING SUCCESS States in war but loaned to our allies, plenty, even if the enemy's flag waves
over them. Back in northern France LEW doubted that the four and one and on that portion our Government
were blackened waste, desolation, want, T half billion dollars' worth of Victory does not, of course, pay interest. It would
distress, and misery. Agricultural impleLoan Notes offered by the Government be too sanguine to assume, because the ments had been stolen to cultivate the would be taken up, but there was doubt loan just completed is understood to be vineyards of Coblenz. There the little whether the new loan, like its four predethe last to be raised by a “drive,” that
children are pinched and ill-clad, but in
Coblenz even the dogs are fat. cessors, would be taken up in large pro the expenditure of the Government in portion by small subscribers. While exact war has been entirely provided for, and Mr. Lamont furthermore testifies that figures are not yet available, it is esti
that it has nothing else to do but to pay Alsace, even in six months, has “melted mated as we write that at least fifteen interest on the loans. There are still a completely into France.” And he gives million separate persons purchased the good many outstanding obligations, and these picturesque specifications : new securities. This, to be sure, is a necessary expenditure must be incurred The old men with their long, square smaller number than subscribed in the in the future but growing out of the war. beards, who were youths of twenty-one
when the Treaty of Frankfort was preceding loan, but that loan was for six No doubt the period of high taxation
must continue for some time to come. billions and was raised under the imme
signed, are now coming back into their
own. They are already forgetting how diate stress of actual war. It is a triumph It would be impossible to praise too
to speak German. ... The German also that the new loan was very much highly the efficiency and energy of the imperial arms, etched in marble on the over-subscribed-probably a billion and publicity managers in all the great public fronts of all public buildings, have been
chiseled off, and the Fleur de Lis of a half dollars above the amount asked loans; they have done remarkable work,
France in fresh white marble is taking for. The Government had in advance de and very largely purely through patriotism
their place. ... These are but outward clared its intention not to accept over and without compensation. in one way
symbols, but they are significant. As to subscriptions ; it will scale down only the or another they have brought home to the inward industrial life the change is large amounts subscribed—those over every one in the country the opportunity
more significant. ... The case of im
portant mines near Colmar is typical. ... $10,000 each. Every district in the coun- and the patriotic obligation involved.
The Germans were supposed to be effitry exceeded its quota of subscription. In The people have become partners with
cient, but already under French manevery respect the placing of the loan was the Government in making it possible to agement the output of potash mines has
almost doubled and will continue to innot merely successful, but exceeded even carry out the stupendous undertaking sanguine expectations. upon which we entered when we joined
crease. It is evident that the great body of the the Allies in the effort to overthrow Pan. The bridges which the Germans deAmerican people felt both a duty and a Germanism and ruthlessness.
stroyed for no military purpose will take desire to stand behind the Government's
years to rebuild, Mr. Lamont said. Meanwar debts. It is evident also that there TWO AMERICAN WITNESSES
while southern Alsace-Lorraine will be was a large amount of accumulated
crippled and her industries held back. profits and income available for the pur
Thomas W. Lamont is one of the best “That is what Germany wanted,” was chase of National securities—a greater known and most competent of American
Mr. Lamont's comment. “That is what amount and more widely subdivided than financiers. He is a member of the per
Germany planned. That was the scheme most people thought. That such a loan manent Armistice Commission, and has
of permanent deviltry. That is what she should be negotiated without disturbing been visiting Luxemburg, Trèves, and ·
must pay for, and to the limit. Those are the market values of other securities and Coblenz. In an interview with Mr.
the acts the remembrance of which will in a sound and hopeful condition of the Grasty, of the New York “Times,” he
make the Chiefs of State stern and country's money and stock markets is has given a picture of the contrast be
obdurate when at Versailles German decidedly gratifying as an indication of . tween Germany and France that ought
delegates plead their incapacity to pay actual business prosperity. .
to be kept in the mind of all Americans.
* full reparation for the damage done." One important element in the success “ The steep heights above the Moselle,
And Dr. Vernon L. Kellogg, who of the loan was its exceeding attractivewhich enters the Rhine at Coblenz,” said
served first with the Belgian Relief Comness as an investment. The small investor Mr. Lamont, “are crowded with hops
mission and then in the service of the saw the advantage of that form of the and grapes. Nowhere is there a sign of
American Food Commission in investinotes which bears interest at 434 per cent war and the countryside is untouched and
gating food conditions in several Euroand is exempt from any taxation with smiling.” And he adds :
pean countries, has just returned and the exception of the super-income tax,
The interior of Germany shows suf
given his testimony. According to him, which does not largely affect the small
fering and hunger, but not the Rhine
as to almost all the other witnesses who
towns. The children there are robust investor; on the other hand, the big in- .
and stoutly clad.
have been in Germany, the people of vestor or company saw the advantage of It was Easter morning when I was Germany are still unvanquished in their the form of the bond which bears interest there, and the whole German popula own opinion. Although he recognizes at 334 per cent and involves no income
tion swarmed on the streets bound for
the need of sending food to Germany tax even on the super-income.
bell-crowned stovepipe hats, the Haus
to minimize the danger of Bolshevism, The total amount which the people of .. frauen in black with their lace collars, he says that the Ebert Government is the country have loaned to the Govern little children in their best dresses, “capitalizing Bolshevism ” and is “delibinent in the five great drives and in the
seemed happy and content, already for
erately painting a false background to the purchase of War Stamps may be roughly
getting that they were ruled by a vic-
events of the war.” Mr. Kellogg is stated to be a little over twenty-two bill
The contrast between this scene and
quoted as saying that “it is clear to every ion dollars. But about ten billion dollars those in northern France or Belgium foreigner in Germany that the armistice was a mistake; that only a surrender sibility of making repairs, and the slight enterprises was held in Springfield, Illicould give that correct background to chance of safety if a descent in mid-oceannois, and it is thought that a National events."
is necessary. On the other hand, the air wholesale enterprise will be the result. These are some facts that it is well to plane is much speedier than the seaplane; It would not be at all astonishing (in keep in mind when we are considering it might make the voyage in less than view of what has been done in Great the terms of the Treaty. .
a day; thus the danger from sudden Britain, and in view of the fact that in As “F. P. A.," in the New York weather change is less. The layman is, on Russia ten thousand co-operative societies “ Tribune,” has remarked : “ Those who the whole, inclined to say that success existed in 1914 and that the number has believe the Treaty is too severe forget, by an airplane would prove nothing new since largely increased) if one method of perhaps, that the war also was too severe.” and is inexcusably dangerous, while that relief from economic distress and the evil
of the seaplane would be a demonstration of excessive profits for middlemen may
of the right way to cope with air prob- ultimately be found in just this direction CROSS-OCEAN AIR-FLIGHTS
lems and a triumph of wise planning and of intelligent, mutual business helpfulness Whatever plane and whatever avi- thorough preparation. The seaplane is an of consumers by consumers and for conator may win the honor of first crossing American achievement both as to inven- sumers. the Atlantic, or even if the attempt fails, tion and development. the public at large has had a valuable
THE EPISCOPAL CHURCH course of aeronautical education through
CONGRESS the preparation for the proposed flights. CONSUMERS IN CO-OPERATION
The Episcopal Church Congress, What one type or another is best suited Every one knows of the successful which held its sessions in New York early for, what are the respective advantages and extensive associations in England this month, was notable for the topics and disadvantages of airplane, seaplane, under which wholesale and retail distri- selected for consideration and for the and dirigible, what practical value attends bution of goods is carried on by co frank and fearless way in which the subthe air-crossing of the Atlantic—these operative societies. Few know how much jects were handled by the clerical and lay and other questions have lately taken up a has been done in this direction in the writers. The need for an American Labor large part of current discussion. Perhaps United States. We are not particularly party was strongly argued by the Rev. the greatest actual benefit to the cause of surprised when we are told that the Brit- Percy Grant and Mrs. Vladimir G. Simaviation comes from just this incitement ish co-operative societies now do a busi. khovitch, head of the Greenwich House, of popular interest. That the airplane is ness of about a billion dollars a year and New York, who agreed that there was no useful for other things than war and save their members about one hundred hope for labor in either of the existing sport is shown by the year's report of the million dollars. But we are surprised political parties, and contended that the New York and Washington air mail when we read that there are now not far formation of a Labor party is the only service just issued. In the year it has from twenty-five hundred consumers' co- security against revolutionary Socialism. carried•7,720,840 letters between the two operative associations in the United The opposite view was forcefully presented cities. States.
in a most able paper written by Mr. B. Naturally, Americans have watched This fact, and others equally interest- Preston Clark, of Boston, who asserted with most attention the progress of our ing, we find stated in a well-informed and that such a step would emphasize class · own gigantic seaplanes. Two of them have encouraging editorial in the New York distinctions and inevitably invite a countermade two “legs” of their route (Rock- “ Evening Post." The number of such organization of capital.. away Beach - Halifax - Newfoundland - societies in this country has been multi- On the obligation of the Church to Azores - Portugal), and, as we write, may plied by three within the last two years, support a League of Nations a sharp difstart for the Azores any minute or may and it is not improbable, one surmises, ference of opinion revealed itself. The await their comrade, the NC-4, which that this growth may be due to the press- Rev. Dr. Roland Cotton Smith, rector of illustrated the comparative security of ure of high prices, which has driven the historic St. John's Church, Washingthe seaplane over the airplane by driving, people to combine against them. The ton, D. C., took the unpopular view and partly under her own power, over a long associations which have come into promi- stoutly denied any such obligation. expanse of sea surface into the port of nence lately are largely among the indus- Next to these topics the subject which Chatham, Massachusetts, after mishaps in trial centers, and they have been encour- attracted most attention was the Effect of the air had interrupted her flight. Thesea- aged by organized labor. The article to War on Religion, which was introduced planes, owned and manned by our Navy, whịch we have referred states, for instance, by a brilliant paper written by the Rev. are not competing for the money prize that the Illinois miners have sixty-five Dr. William Austin Smith, editor of and are not taking foolishly reckless risks; such societies, doing a yearly business of the “Churchman,” who said that the for their route is watched by American about four million dollars, and entirely war had forced organized religion to war vessels; they are quite capable of managed by workingmen. In Seattle the define its enthusiasms and revealed the sustaining themselves for a long time in expansion of co-operation has been re- fact that many of its enthusiasms are not the water; and they have each four markable. It started in a strike of butch- edifying. Liberty engines. Each carried 25,000 ers, which led consumers to establish a On purely Church matters the mind of pounds weight in the flight from Rock- shop of their own, which later took over the Congress was manifestly in favor of a away to Halifax, and it is planned to the city market, and now, it is reported, radical change in the seminary training increase this to 28,000 on the actual, ocean does a monthly business in meat of seventy of candidates for the ministry, putting the flight.
thousand dollars and has its own slaughter- emphasis not so much on theology as on At the other extreme as to type are house. Many other co-operative shops the application of religion to life. Under the two British airplanes which have managed by consumers for themselves the head of Essentials of Prayer-Book been waiting several weeks in Newfound- are to be found in Seattle. In California Revision, the need for modernizing the land for favorable weather. Their pro. the movement has made great progress, Prayer-Book was strongly urged and posed dash across the whole Atlantic is and a “ Union of Producers and Con- greater flexibility in its use advocated. daring in the extreme, not because of the sumers” has been formed which combines Bishop Johnson closed the sessions with a distance, but because of the always consid many of the local enterprises. Last year forceful and amazingly frank paper on erable danger of engine trouble, the impos- a National convention of co-operative “The Place of the Episcopate in a Democ