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Show SENATOR LEWIS JOINS PROTEST AGAINST LOAN CHICAGO, Sept. 1R. Senator J. Ham-illpn Ham-illpn lewls today made, public a letter protesting againsl the proposed bil nondollar non-dollar war loan, which he has sent to Secretary of the Treasury McAdoo and the federal reserve board. Senator Lewis said his purpose in making the letter public was so that the public might counsel coun-sel with the bankers "looking to the proper prop-er guardianship of the monev of the people. peo-ple. ' The loan, he said, would Invite repe-tion repe-tion of the panics of 1873 and 1893. In the courae of his letter the senator says: The amount demanded by these financiers fi-nanciers of Europe is $1,000,000,000. The statement from two official bankers of tho government is that the amount of usable money in America Amer-ica for America in excess of reserve and money already obligaled ia $:?.000.000,000. It will be seen that if the billion sought goes to the foreign bankers, one-half of all the available cash for America is taken from the American Ameri-can people. This at a time when the American people and the American government have no other source in the world to resort to in the event of any emergency breaking upon the United States. Probable Effect. This amount of money leaving us means: ,' One" hundred millions taken from ten of our commercial centers. One million taken from J 000 of our agricultural and manufacturing centers. cen-ters. All this at a time when the rev-, enue of America shows a deficit occasioned oc-casioned by the European war, thereby cutting off imports and necessitating ne-cessitating the borrowing by America from Itself or the increasing of the taxes of the citizens if there be deficiency de-ficiency of money in America to meet .an American government, loan. The effect of this foreign loan would be to take ?1, 000, 000,000 from our people of I heir own money and lend it to nations who are spending $15,000,000 a day. In sixty days all of that money will be spent by the foreign nations, and we will have in itsr place securities of two or three countries issued upon a credit already al-ready taxed beyond its resources and we will have no way left by law to collect the collateral. This condition would bring on a crisis in this country as in 1873 and 1 S93, when panics were brought on America by sending our money out oi the country to bolster the falling fortunes of Europe. Remember, we never recovered that money. We got securities In concerns that went Into receivers' hands and into bankruptcy as collateral payment pay-ment of those lost millions. Our business men and farmers need the available money now in America to initiate and sustain home enterprises, enter-prises, give employment to labor and increase commerce. Now, if It be said that our people do not need the money at home and that it should be loaned abroad, then T that InnH It In 3-intfe America. There we would have a chance to bufld up trade and we would get a collateral and security resting on empires of valuable land. This is te same form of collateral we were abJe to give Europe, upon which we obtained loans in the days of our need. By this system I suggest sug-gest it will be seen that no charge of discrimination against any European country now at war could be ma.de. America would lose nothing, while our commercial Interests and national de-. de-. fense would not be jeopardized. |