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Show H HURRY LOAN SUBSCRIPTIONS. H The official notice that subscriptions to the Liberty m Loan are running behind the daily averages necessary m for a full subscription must be taken as a hurry call, not H as an S O S signal. Hurry is necessary because the "time allowed for subscription is shorter than usual, and still shorter when the comparison is with the time necessary to arouse the country. When a loan is in billions, more time is necessary than when it is in millions. Time is particularly par-ticularly necessary when the subscribers are to be counted by millions throughout the country rather than by thousands thous-ands in the cities. Tht re can be no invitations over the telephone, and acceptances on the instant, as is not unusual un-usual for even large private loans taken by hundreds and re-sold. The Liberty Loan subscribers are hoped to number ten millions, according to Secretary McAdoo. The cities will do their share this time as before, and as always. Such effort as is necessary must be put forth among country coun-try buyers. When the national banks made their report on June 20 it was shown that the growth of the deposits was marked in the country, and the growth of the loans was marked in the cities. The situation as a whole left nothing to be desired, except that the banking capacity of the country was not being fully used at a time when there was a call for it. The situation now calls for expension in both city and country. The farmers have opportunity to sell their products at an unusually high price, and to turn their crops into bonds at an exceptionally low price. The double operation ought to appeal to them both as men of business and as patriots. m On the other hand, the procedure of the city banks, however natural, is capable of betterment. It has been necessary for Currency Controller Williams to caution them against raising their rate of interest on deposits to discourage withdrawal of deposits which might be put into the Liberty Loan unless the banks paid interest equal to the Government rate. It is plain that would put the banks into competition with the Government for money, instead of acting as aids to those who would do what it is not suitable for the banks to do. The banks have a resource not available to their customers for helping the loan. Customers cannot rediscount, and the banks can. Also they should, on a larger scale. It is not commendable that bank reserves should lie unused, and should even increase, in-crease, when bank clearings are increasing at the rate for September of 55 per cent over 1915 and 5 per cent more over 1916. The growth of the clearings is 19 per cent outside of New York, compared with a decrease of 3 per cent in New York. Yet thasuperprosperous country is backward in comparison with the city in taking the loan. If the country is to clear itself of reproach, it should hasten to respond to the hurry call. According to the President patriotism and profits should not be mentioned together But prosperity and patriotism may well be coupled' Bankers and farmers, city and country alike, all who pile up their reserve and profits when there is such good business busi-ness to be done by making money and killing Kaiserism at the same time, all such should have something said to them by the bond salesmen. |