.)!!!!:)tp;i; Columbia IHnttiet^itp THE LIBRARIES THE STORY OF THE LIBERTY LOANS ^y$treiy nf B^jjrr ff ARTICLE II. Her Majesty the Queen of the United Kingdom of Great Britain and Ireland, His Majesty the Hniperor of Austria, King of Hungary and Bohemia, His Majesty the King of the French, His Majesty the King of Prussia, and His Majesty the Emperor of all the Russias, declare, that the Articles mentioned in the preceding Article, are considered as having the same force and validity as if they were textually inserted in the present Act, and that they are thus placed under the guarantee of their said Majesties. .\RTIGLE VII. Belgium, within the limits specified in Articles I., II., and IV'. shall form an independent and perpetually neutral State. It shall be bound to observe such neutralitv towards all other States. g^w^-zST ^^^-^-^r- Ayy^\-\...^^ SYLVAN VAN DE WEYER A SCRAP OF PAPER I AM but a SCRAP OF PAPER. Once a royal personage was I, the familiar of Emperors and Kings. I was created of crinkly parchment, sacred oath and solemn obligation. For scores of years, proud in my trappings of silken ribbon and royal signet, I stood before all Chris- tendom as the Guarantor of Perpetual Peace. But now I am only A SCRAP OF PAPER, violated, soiled and torn. This because there was one who swore falsely, using me and my meaning as an armed truce, behind which to cloak his fell purposes and to bide his time until, drunk with power and maddened by the canker in his heart for world domination, he should arise and tear off his smirking mask, revealing the face of the cruel monster, and on me, a royal thing of Sacred Promises, lay unholy hands. He sent forth his countless^hordes of Huns to murder and rapine. Upon the prostrate form of Belgium he placed his bloody heel while all civilization stood aghast. Mockingly he held me up in derision before the world as but A SCRAP OF PAPER to be ruthlessly torn in a thousand pieces and thrown to the winds. But look! from out their cave in the hills rush the Avenging Winds. They caught up my pitiable fragments and bore them across the Seven Seas. The one swept across enslaved Alsace-Lorraine into the land of the French, where stirred the martial strains of the Marseillaise, and thence to Africa's shores and into the heart of the Desert where rested the caravan. Another winged its way across the broad expanse of Russia, on to Celestial Land and to Nippon's Isle where Fuji lifts its snow-crowned head. Another across the Alps into sunny Italy and on into classical Greece, where Marathon looks down on the sea. Another charted its course to Britain's Isle, where on the banks of the Runnymede the Magna Carta was wrested from the hands of another despot. Then, following the course of the Sun, across the Atlantic to snow-girt Canada and the singing waters of the Saskatche- wan, and around the world to stalwart Australia, and to the mystic lands of India and to Ancient Egypt, where broods the silent Sphinx. Another, following the mariners of old, touched the fertile West Indies and sped on to America, where the Liberty of Mankind was cradled and has its truest meaning. Thus to all Peoples in every Clime the Avenging Spirits of the Winds carried the frag- ments of my being and sowed them in the pregnant soil of Liberty. And behold! as from the Dragon's Teeth of Eld, armed men to the thousandfold sprang up and to the clank of saber and roar of cannon moved in martial array. And from this my seed in America came another mighty army that in answer to my violation held aloft as their battle flags millions upon millions of Scraps of Paper, on which they had writ a Bond of Liberty. And so the Tyrant was crushed. Such was the answer, such the har\est to the world's madman who unwittingly sowed the seed. I am A SCRAP OF PAPER, violated, soiled and torn. But through the travail of my desecration born was I again to stand steadfast for all Time as a warning to the despot that Human Rights shall not be denied even though their bulwark seem to be but A SCRAP OF PAPER. Copyright, 1919, By James William Bryan THE STORY OF THE LIBERTY LOANS ^eing a Record of the Volunteer Liberty Loan cArmy, Its Personnel, SMobili^ation and ' More Bonds. Poster by J. Scott Williams 134 They Kept the Sea Lanes Open. Poster by L. A. Shafer 134 Well? Cartoon by Stinson 136 11 ILLUSTRATIONS {Continued) Page Hun or Home? Poster by Henry Raleigh 137 Kultur. Cartoon by Ralph O. Yardley 138 Boy Scouts. Poster by F. X. Leyendecker 139 Where the Money Went 140 Liberty Notes Sent to Germany 141 Hold Up Your End! Poster by W. B. King 142 The Greatest Mother in the World. Poster by A. E. Foringer 143 A Consignment of Gun Carriages 144 Liberty Bonds and Tanks 145 My Soldier. Poster by B. H. Green 146 A Stirring Appeal 147 Up, Civilians. English Poster 148 England Expects. English Poster 148 For Your Children. EjigUsh Poster 148 I Want You for the Navy. Poster by Howard Chandler Christy .... 149 Captured German Helmets 150 Victory Arch 151 Order Coal Now. Poster by F. X. Leyendecker 152 Food is Ammunition. Poster by J. E. Sheridan 155 Pike's Peak or Bust 156 The First Victory Loan Bond 157 On the Job for Victory Poster by Jonas Lie 158 A Sea Wolf at Bay 159 Together We Win. Poster by James Montgomery Flagg 160 And They Thought We Couldn't Fight. Poster by Clyde For sy the . . . 161 The Fourth's First 100% 162 Help Our District Win This Flag. Canadian Honor Flag Poster . . . .163 Save Your Child. Poster by Herbert Pans 163 One of the Thousand. Poster of Y. M. C. A 163 The End of a Perfect Day 164 Looks as Though He Did 165 Hip-Hip! Poster 166 Four Years in the Fight. Poster of Y. W. C. A 169 Elsie Ferguson 170 Marguerite Clark 171 Oh, Boy! That's the Girl! Poster by G. M. Richards 172 Back Our Girls Over There. Poster by Clarence F. Underwood . . . .177 Mme. Nazimova 178 Lillian Gish 179 Our Daddy is Fighting. Poster by Dewey 180 United States Treasury. Window Card by Ketterlimis Lithographic Co. . 180 Lend Your Money. Poster by American Lithographic Company .... 180 Ring it Again. Poster by Ketterlinus Lithographic Company 181 George Beban 182 Mack Sennett Comedy 183 Free Milk for France. Poster by E. Luis Moran 184 Lest We Forget. Cartoon by Harry Murphy 187 12 TABLE OF CONTENTS Page A Scrap of Paper — A Dedication 7 Appreciation of Artists 14 National Story 27 America's Response Triumphant 27 Liberty Bonds vs. Taxation 32 Second Liberty Loan 46 Third Liberty Loan 61 Fourth Liberty Loan 65 The Victory Liberty Loan 80 What the Women Did 103 War Savings Movement 107 The Four-Minute Men 135 War Costs to Belligerents 154 Boy Scouts of America 167 Wealth of the United States 173 The Liberty Bond Itself 174 Publicity Campaigns 175 Data of the Loans 185 AN APPRECIATION A RT as a constructive force in the execution of the great tasks of the yY Government abundantly demonstrated its power in the Liberty Loan campaigns. Artists obUgated the American public to stop, look and buy bonds. The paintings used in support of the loans were appeals to patriotism in line and color, which never failed to evoke an overwhelming response. The greater part of the art work for the loan was done without monetary recom- pense to the artists. As a whole they were notable for their avoidance of the profiteer and the mercenary. This history would be incomplete without adequate recognition of the mighty concrete values which the artists of the war wrung from the fabrics of their dreams and devoted to the rescue of humanity from further bloodshed and sacrifice. Among the artists who contributed posters to the Liberty Loan cam- paigns include: C. R. Macauley, Dan Sayre Groesbeck, Dewey, Stern, H. H. Porteous, Eugenie De Land, Henry Raleigh, Griswold Tyng, D. H. Green, Sidney H. Riesenberg, Lawrence S. Harris, Ethelinde Ridgway, Howard Chandler Christy, F. X. Leyendecker, Herbert Paus, Ellsworth Young, Walter Everett, Joseph Pennell, F. Strothmann, J. Allen St. John, John Norton, J. Scott Williams, Walter Whitehead, Gerrit A. Beneker, Haskell Coftin, Alfred Everett Orr, Casper Emerson, Jr., Clyde Forsythe and L. A. Shafer. Cartoonists also were of greatest assistance in the various campaigns. Among the great cartoonists that contributed to success of the Loans were: Williams, Indianapolis News; Briggs, New York Tribune; McCutcheon, Chicago Tribune; Cassel, New York Evening World; Darling, New York Tribune; IMiss Fay King, San Francisco Examiner; Chapin, Si. Louis Republic; Powers, New York American; Kirby, New York Morning World; Donahey, Cleveland Plain Dealer; Murphy, Chicago Examiner; Harding, Brooklyn Daily Eagle; McManus, New York American; Plaschke, Louis- ville Times; Ireland, Columbus Dispatch; Evans, Baltimore American; Goldberg, New York Evening Mail; Page, Nashville Tennessean and American; Ripley, New York Globe; Bushnell, Central Press Association; Hill, New York Tribune; Berryman, Washington Star; Ralph O. Yardley, Free Lance, San Francisco; Westerman, Ohio State Journal, Columbus; Coffman, New York Journal; Perry, Sioux City Journal; H. C. Greening, Free Lance, East Orange, N. J.; Morgan, Philadelphia Inquirer; Eugene Zimmerman, Horselieads, N. Y.; Fitzpatrick, St. Louis Post Dispatch; Chamberlain, Philadelphia Evening Telegraph; E. W. Kemble, Free Lance, Towners, N. Y.; Opper, New York American; Webster, New York Globe; Cesare, New York Evening Post; Ted Nelson, U. S. Naval Reserve, Minneapolis; Hubbard, Indianapolis News; Satterfield, Newspaper Enterprise Association; Sykes, Philadelphia Evening Ledger; Smith, New York Sunday World; Stinson, Dayton News; Hruska, Cedar Rapids Gazette; Spencer, Omaha World-Herald; Marcus, New York Times; Hungerford, Pitts- burgh Sun, and Brewerton, Atlanta Journal. DuBois Smith O'Brien Cejka Haucke Pappandrikopolous Andrassi Mllotto Levy Turovich Kowaiski Chriczanevicz Knutson Gonzales ^ ^ n-^ ^C'/; ^7 SURE! We'll Finish the Job 6er«-i:t f*..! VICTORY LIBERTY LOAN THE STORY OF THE LIBERTY LOANS THIS is the story of the Liberty Loan and War Savings Campaigns, and something of the persons and the methods that made them such potent factors in the great world struggle of 1914-1918 for the perpetuation of the rights of democracy. It is fitting that such a history, especially as it relates to the volunteer workers, should be handed down to posterity. Our generation, cast as it was into the vortex of the bloody European War, never can appreciate the extent to which this vast army of patriotic Americans, by their sacrifice of time, energy and treasure, made the financial campaigns successful and thus helped in a great measure to shape the destiny of Christian civilization. In the years that are to come, however, humanity, analyzing the influences that saved the world from a renewed reign of mediaeval barbarism, will recognize their efforts at their true value and accord them a deserved place among the real heroes of the war. cAmerica's Response Triumphant History contains no more romantic page than that which must be assigned to Liberty Loan workers. Their story is replete with deeds of sacrifice, bravery and triumph. The floating of Liberty Bonds was no mere commercial transaction to be performed by anyone capable of selling a commodity. It was an adventure into a great unknown field, the very nature of which demanded and called forth to service the most highly developed skill in virtually every branch of our national life. From the volunteers who came into the work there was organized the most capable civilian army of all time, and when it took up arms in behalf of the great cause it was but natural that every obstacle should be swept aside and that the organization should go forward to complete and glorious victory. How far-reaching were the results achieved by this army is best evidenced by the fact that virtually two-thirds of the war funds used during actual hos- tilities by the United States were obtained through the sale of Liberty Bonds. Angles of the struggle to which these funds were applied include loans to the Allies, the equipping and maintaining of the army and navy, the building of ships for the emergency fleet. Numerous other outlays were also met. 1 1 may be said conservatively that without the sale of Liberty Bonds the financing of the war in the United States would have been almost impossible. Taxa- tion might have raised the necessary money, but the levying of such tre- 27 THE STORY of the LIBERTY LOANS mendous sums as were required would not have been in keeping with the principles of democracy upon which our government is founded, and the destructive effect of such a course on the morale of the American people can- not be underestimated. Stripped bare of their wonderful patriotic element and considered solely from a financial viewpoint, the results of the Liberty Loan campaigns stand without parallel in history. In the five loans $23,972,111,400 was subscribed and $21,477,335,850 of this amount was accepted by the Treasury Depart- ment. This compares with approximately $20,000,000,000 raised by Great Britain, $20,000,000,000 by France, $8,000,000,000 by Italy, and $1,250,- 000,000 by Canada through loans during the four years of war. Some idea of the magnitude of the amount of money that was raised through the sale of Liberty Bonds may be gained from the fact that if the total were con- verted into silver dollars and laid flat in rows it would girdle the earth almost twenty times. Still more remarkable than the amount of money raised is the number of individual subscriptions that have been obtained. The $21,477,335,850 represents 66,289,900 individual subscriptions. There are resales in this total, of course, but it is safe to estimate on the face of these figures that approximately between one-fourth and one-third of the entire population of the United States now possesses or has bought one or more Liberty Bonds or Victory Notes. Better still, the bulk of Liberty Bond subscriptions came from the patriotic every-day citizen who purchased bonds of the smaller denomi- nations. These facts concerning the wide distribution of bonds speak volumes for the work of the Liberty Loan army, for to it fell the educational campaign that made conversant with government bonds the average man and woman, who, prior to the entrance of the United States into the European war, neither owned nor understood them. How restricted was the distribution of government securities before the first issue of Liberty Bonds, in June, 1917, is told by the fact that on July 1, 1916, all outstanding bonds of the government amounted to only $1,378,124,593 and virtually all of them were held by financial institutions or men of wealth. The task of bringing about the education of people un- familiar with government securities to such a point that in less than two years they showed a willingness to invest in more than $24,000,000,000 of them was one well worthy of the talent which it called into the three integral parts of the Liberty Loan army — the sales, publicity and speaking branches. The personnel of this army, embracing the three foregoing groups of workers, totaled about a million persons at the start of the Third Liberty Loan and in- creased at times to 2,000,000. W. G. McAdoo, former Secretary of the Treas- OVER THE TOP FOR YOU 4^ \ ryr Buy U.S.Govt Bonds THIRD LIBERTY LOAN \H'I()K\' I. KOI !• Many are the heroic figures carved in marble and cast in bronze, and designed to symbolize the Allies in the World War on proud display in city streets and exclusive museums. But to this simple plaster cast done under the inspiration of the Victory Loan, and made to adorn the roof of the I'nited Cigar Company's main store on Broadway, must be accorded a first place of genuine merit. .^0] THE STOKYofthe LIBERTY LOANS thirt/^^I ury, was the directing head of all Liberty Loan work in the first four loans, and his successor, Carter Glass, directed the fifth. Under the Secretary's direction and the supervision of R. C. Lefifingwell, Assistant Secretary of the Treasury, the War Loan Organization, composed of the sales, publicity and speaking branches, carried on the active work of the campaigns. Headquarters for this organization were established and the directing heads stationed in Washington. Its work was decentralized in great part, sub-committees being formed down through the twelve Federal Reserve Districts of the country, the states, and, where practicable, counties, townships and communities. The executives of the War Loan Organization practically throughout the war were Lewis B. Franklin, Director, and Clarkson Potter, Assistant Director; Frank R. Wilson, Director of Publicity; Labert St. Clair, Assistant Director; R. W. Emerson, Chief of the Division of Publications; Henry Minor, Editorial Chief; Hans Reig, head of the Foreign Language Division, and Chas. F. Horner, Director of Speakers' Bureau. R. W. Woolley and Oscar A. Price were Direc- tors of Publicity for the first and second loans, respectively. They retired to become, respectively, a member of the Interstate Commerce Commission and the Assistant Director General of Railroads. George R. Cooksey, assist- ant to the Secretary, lent invaluable aid to the publicity bureau in all cam- paigns. John H. Mason, of Philadelphia, succeeded Mr. Franklin in August, 1919. Dr. Thomas E. Green directed the Speakers' Bureau during the Victory Liberty Loan. In the Federal Reserve Districts the War Loan Organization worked in close harmony with the Governors of the various Federal Reserve Banks. With the exception of a few minor changes, the district organizations engaged in the various campaigns were as follows: Boston — Chas. A. Morss, Governor; C. E. Perkins, Secretary Executive Committee; John K. Allen, Executive Manager Publicity Connnittce; James Dean, Chairman Distribution Committee, and Philip Dalton, Director of Speakers' Bureau. New York — Benjamin Strong, Governor; Guy Emerson, Director of Publicity; John Price Jones, Ass't Director of Publicity; Arthur M. Anderson, Director of Distribution, and J. Horton Ijams, Director of Speakers' Bureau. Philadelphia — E. P. Passmore, Governor; Lewis H. Parsons, Director of Loan; R. E. Norton, Director of Publicity; G. E. Goble, Ass't Director of Publicity, and B. H. Ludlow, Director of Speakers' Bureau. Cleveland — E. R. Fancher, Governor; D. C. Wills, Chairman Central Liberty Loan Committee; L. B. Williams, Vice-Chairman; M. H. Laundon, Director of Publicity, and J. B. Works, Director of Speakers' Bureau. THE STORY of the LIBERTY LOANS Richmond — George J. Seay, Governor; R. E. Nolting and Frank H. West, Directors of Publicity, and Carter B. Keene, Director of Speakers' Bureau. Atlanta — Joseph A. McCord, Governor; W. C. Wardlaw, Chairman Execu- tive Committee; St. Elmo Massengale, Director of Publicity, and Carroll H. Smith, Director of Speakers' Bureau. Chicago— James B. McDougal, Governor; Chas. \V. Schweppe, Chairman Liberty Loan Committee; Frederick Merritt, Executi^•e Secretar>'; Wilbur D. Nesbit and Ben F. McCutcheon, Directors of Publicity, and Henry P. Chandler, Director of Speakers' Bureau. St. Louis — Rolla Wells, Governor; William R. Compton, Chairman Liberty Loan Committee; Tom K. Smith, Secretary; H. S. Gardner, Director of Publicity, and A. O. Wilson, Director of Speakers' Bureau. Minneapolis — Theodore Wold, Governor; Arthur R. Rogers, Chairman General Executive Committee; B. S. Bull, Director of Publicity; M. B. Harri- son, Chief of News Division; Curtis L. Mosher, Chairman of Distribution, and Joseph Chapman, Director of Speakers' Bureau. Kansas City — J. Z. Miller, Governor; J. L. Cross, Executive Manager Liberty Loan Committee; W. R. Rowe, Executive Secretary; J. M. Worley, Director of Publicity, and E. E. Violette, Director Speakers' Bureau. Dallas — R. L. Van Zandt, Governor; J. W. Hoopes, Chairman of Publicity, and Judge C. L. Simpson, Director of Speakers' Bureau. San Francisco — James K. Lynch, Governor; G. K. Weeks, General Cam- paign Manager; George A. Van Smith and C. A. Farnsworth, Directors of Publicity, and Allen L. Chickering, Director of Speakers' Bureau. There also was organized a Woman's Liberty Loan Committee, of which Mrs. W. G. McAdoo was chairman. Its work is dealt with fully in a separate chapter of this volume. Liberty Bonds vs. Taxation IMMEDIATELY upon the declaration of war by the United States on April 6, 1917, the problem of financing the country's share in the struggle leaped to the fore in Congress. The outstanding phase of the question was whether a greater part of the cost of the war should be met by taxation or bonds, or if the cost should be evenly divided between the two. Secretary McAdoo, after extended conference with leading financial experts, maintained that a greater part of the money should come from the sale of bonds. He held that it would be unwise, if not impossible, to inflict such a heavy tax burden on the present generation. The "half and half plan, " — that is, di\iding the war's cost equally between taxation and bonds, — had many proponents. Eventually, however, it was decided as an initial step to authorize the issuance of $5,000,- I .i;m:k.\i, joiin j. ricksiiixc Al llie openinj; of the I'oiirtli l.o.ni, ( '.iikimI IV-i=.hiiii; cihlc-d Sucrct.uA MtAdoo: "Plie success of the l-ourth I.il)erty Loan means imich to the men who are engaged in the greatest battle of the war — your sturdy sons fighting this war of freedom firmly expect the continued support of all Americans at home. " Al the rinse of the loan he lahled: "All ranks are delighted at your success. Please accept our sincere thanks .md ((iii:.;r.it ul.itions. " The deneral is here shown at the head of his victorious forces in the \'ic- tory Parade at Washington. [331 (/JAJ\4y, ' Hf \ A MBS 7,'lMr PARIS o " TRANSLATION' FROM THF. IRKNCII lf\'ll Get 'cm! Second Loan for the National Defense Subscribe 1 .33 1 HALT the HUN! TRANSLATION' FROM THE FRENCH Subscribe to the Loan fur J let or y [38] WILLIAM (.IHBS MiAUOO When Liberty Bonds were first considered, mil h pessimism was heard from every side. McAdoo, then Secretary of the Treasury, however, refused to be shal^ or 5 per cent. After careful consideration it was decided by Congress to increase the rate to 4 per cent, but to impose certain tax restrictions on the bonds. On September 27 the Secretary announced that he would offer "$3,000,000,000 or more" in Liberty Bonds for subscription. The Second Liberty Loan campaign started with much greater speed and precision than did the First. By this time the machinery of the Liberty Loan organization throughout the country was working smoothly, and the public generally had a greatly improved grasp of the government's financial problems and its plan for a solution of them. Special efforts to distribute bonds more widely in small communities and rural districts, where they had not sold so freely as they did in the cities in the First Loan campaign, brought flattering results. A country-wide speaking tour which Secretary Mcx'\doo made lent material aid in getting the message of the loan to the people. From the beginning of the campaign workers injected into it spectacular effect, which had not been in evidence to a marked degree in the first drive. The public responded quickly to these special attractions, reports from many cities telling of the strength of the police forces being greatly taxed to keep moving the crowds that gathered around Liberty Loan headquarters and sales booths. Cleveland workers erected a huge striking machine in the public square and permitted every purchaser of a $50 bond to strike a triggerwith a maul in such a manner as to ring a bell concealed in a papier-mache head of the Kaiser at the top of the machine. Society women in Boston opened a Liberty cottage on the Common for the sale of bonds and put it in order with scrubbing brushes and brooms. Liberty Bonds were substituted for money prizes at the Grand-Prix automobile races in Chicago. A Liberty Bond advertisement was placed on every tram-way pole in Denver. San Francisco public schools were decorated with Liberty Loan posters and a part of each day was set aside for "Liberty Loan education. " A salesman in Marion County, Missouri, invaded the country districts and sold bonds to the first 345 farmers he met. At a meeting in Balti- more addressed by Senator Lewis of Illinois, $20,000,000 was subscribed, setting a new record for a single gathering. ?..^ FIGHT yf^ 1 OR MBONLS THIRD LIBERTY LOAN (K> * . V r^ m \% % V X / j^ f '■ i ■ I ■' -r i •< .J,..:, [48] Cf. -J < £ ^- si = ™ *j . — ^ V- l«.2 t: - •'c'H = ho ^ .- c i) o rt |49| THE STORY of the LIBERTY LOANS Special sales days had a very stimulating effect on the campaign. Satur- day, October 20, was made aviation day and men from all army training camps in the United States "bombed" cities with Liberty Loan literature. Millions of dollars worth of bonds were sold on October 24, designated by President Wilson as Liberty Day. The Boy Scouts, 300,000 strong, brought in a flood of subscriptions in a special one-week campaign. While Secretary McAdoo was on the Pacific coast speaking, word came to him that German sympathizers were attempting to intimidate bankers who were active in connection with the campaign. He immediately issued a statement inviting bankers to send the names of the guilty persons to him, with the understanding that he would prosecute them. Mere publication of this statement sufficed to frighten the pro-Germans so badly that they gave no further trouble in this direction. In some sections of the country, it was deemed necessary to resort to vigorous methods in order to stamp out unpatriotic and treasonable activities which were hurtful to the loan. German sympathizers in a few places declined absolutely to subscribe to bonds and local committees took it upon themselves to impress the slackers forcibly with the necessity for every resident of the United States to support his country in time of war. Local committees some- times resorted to such stringent methods as placing German sympathizers who refused to buy bonds on exhibition in wire corrals in public places until the recalcitrants were prepared to show their loyalty to the country by investing in bonds. Such methods were resorted to only rarely, as they always were frowned upon by the Treasury Department, but many local committee- men were of the opinion that they were helpful in extreme cases. On the whole, however, the campaign was well supported, and as early as the beginning of the third week of the campaign it was evident that the mini- mum quota sought, $3,000,000,000, would be greatly oversubscribed. As an illustration of the scope of sales, on one day there were reported to the Treasury Department sales to the President of Panama and his cabinet, citizens of Hawaii, Cuba, Porto Rico, the Philippine Islands, and, finally, to inmates of every prison in the United States. On the closing night of the loan, October 27, Secretary McAdoo said that a great oversubscription had been obtained and a few da>s later the official total of §4,617,532,300 was announced. Of this amount $3,807,891,900 was accepted. The total number of subscribers was in excess of 9,400,000. Total subscriptions by districts and states were a? follows: Districts— Boston $476,950,050; New York $1,550,453,450; Philadelphia $380,350,250; Cleveland $486,106,800; Richmond $201,212,500; Atlanta $90,- THE STORY of the LIBERTY LOANS 695,750; Chicago $585,853,350; St. Louis $184,280,750; Minneapolis $140,932,- 650; Kansas City $150,125,750; Dallas $77,899,850; San Francisco s$292,671,- 150, totaling $4,617,532,300. States— Alabama $15,641,500; Arizona $12,092,450; Arkansas $13,572,950 California $183,371,200; Colorado $23,017,850; Connecticut $80,514,600 Delaware $8,314,200; District of Columbia $23,561,400; Florida $8,978,150 Georgia $22,046,100; Idaho $10,833,300; Illinois $271,731,750; Indiana $81,- 403,050; Iowa $82,922,400; Kansas $30,104,500; Kentucky $33,873,100; Louisiana $25,693,450; Maine $25,840,500; Maryland $54,343,300; Massa- chusetts $317,799,250; Michigan $115,530,550; Minnesota $79,504,200; Mississippi $12,072,800; Missouri $122,226,600; Montana $19,996,400; Ne- braska $33,317,200; Nevada $2,870,050; New Hampshire $18,327,800; New Jersey $140,336,850; New Mexico $3,945,700; New York $1,413,045,800 North Carolina $27,531,200; North Dakota $10,230,550; Ohio $268,304,950 Oklahoma $28,998,800; Oregon $25,027,400; Pennsylvania $497,372,550 Rhode Island $38,983,100; South Carolina $17,921,750; South Dakota $12,- 864,600; Tennessee $31,591,950; Texas $66,045,250; Utah $15,322,450; Ver- mont $11,256,850; Virginia $51,373,250; Washington $41,024,850; West Vir- ginia $35,804,450; Wisconsin $86,941,150; Wyoming $5,692,200; Alaska $1,070,- 600; Haw&ii $5,724,000, totaling $4,617,532,300. REMEMBER I The Rag Of Liberty Support It! TRANSLATION FROM THE FRENCH Third Loan for the National Defense Subscribe For Fnuice Jfho Wars! For the little one who each day advances a step toward womanhood [54] 3- EMPRUNT DE LA DEFENSE NATIONALE Nv(n4^0\MK/i. -A^C L, JOStrM CHARI.ri_ £ 3 ° ?■ ^ P = c ^ g O in o l^lS be 50] 1 57 J u SOUSCRIVEZ A L EMPRUNT NATIONAL LES SOUSCRIPTIONS SONT RECUES A PARIS ET EM PROVINCE BANQUE NATIONALEde CREDIT TRANSLATION KROM THIC FRENCH For the Flcl(r For J ictory Subscribe to the National Loan Subscription received in Paris and throughout the country THROUGH THE NATIONAL CrEDII BaNK [59] huymave Liberty Bonds THIRD LIBERTY LOAN THE Third Liberty Loan campaign was notable for the manner in which it reached down into the heart of the small communities. One new feature which was responsible for this situation was the offering of honor flags to communities which equalled or exceeded their quotas. J. H. Burton, a widely known New York business man, conceived the idea and it proved to be one of the most potent influences of the cam- paign. Competition among communities in every part of the United States to be either the first in the country, or in certain sections of the country, to earn the right to fly an honor flag aroused the keenest competition. Forty- nine cities reported on the opening day of the loan that they had achieved their quotas during the first minute of the loan. Many cities sent represen- tatives to their Federal Reserve Bank centers and to Washington to file their claims for flags. An extra star was awarded to a city every time it doubled its quota, and it was not unusual for communities to win several extra stars. Carthage, Ohio, the banner city of the country, won forty-seven stars. During this campaign war exhibit trains were used for the first time. Exhibits of war materiel, including cannon and other implements necessary to trench warfare, were borrowed, largely from the French government, and routed on six special trains through the St. Louis, Dallas and Atlanta districts. Speakers of national reputation and soldiers who had seen active service in France accompanied the trains. The exhibits proved an enormous success, carrying the war into the homes and the hearts of the people as it never had been brought to them before. Sales of bonds amounting to millions of dollars w-ere directly traceable to the use of these trains. More than a hundred United States soldiers, who had seen service with Pershing, and fifty of the famous French "Blue Devils" were brought to this country and sent on speaking tours. President Wilson, Vice-President Marshall and virtually every member of the Cabinet participated in the speaking campaign. Secretary McAdoo made another swing around the country. Many special days were set aside in behalf of the loan. The opening day, April 6, which was the anniversary of the first year of the war, was declared a holiday in almost every state. On the night of April 12 Liberty Loan rallies were held in more than a hundred thousand school-houses throughout the country. On April 21, 114,000 preachers delivered Liberty Loan sermons. April 27 was observed throughout the United States as National Liberty Loan Day. This campaign also was notable for its rapid forward strides in poster art, thanks in part to the Division of Pictorial Advertising of the Committee on Public Information, of which Charles Dana Gibson was chairman. This division, cooperating with the Treasury Department, induced man>' widely known artists in the Third and subsequent loans to contribute poster designs 61 THE STOKY of the LIBERTY LOANS to the campaign. Artists also contributed independently, with the result that at times as many as 250 sketches were submitted to the Department through the Bureau of Publicity. Fifty cartoonists also contributed drawings to this campaign which were used in a "Wordless Book" and distributed to the extent of 5,000,000. The cartoonists of the country, in the Third and other campaigns, also drew hun- dreds of special cartoons, some of which are reproduced in this book, which helped put the loan over. In the closing days of the campaign Frederic J. Haskin, a Washington news- paper man, conceived, and the Bureau of Publicity for the War Loan Organ- ization executed, the "match the President" feature which stands out as one of the greatest single selling achievements of the war. On a certain night President Wilson announced that although he had bought Liberty Bonds to his financial limit, he would buy another $50 bond on the installment plan and he invited all patriotic Americans to "match" his purchase. The result was a flood of subscriptions which it is conservatively estimated totaled $100,- 000,000. The $3,000,000,000 total sought was obtained many days before the end of the loan and final subscriptions amounted to $4,176,516,850, representing sales to 18,308,325 subscribers. Subscriptions by districts and states follow: Districts— Boston $354,537,250; New York $1,115,243,650; Philadelphia $361,963,500; Cleveland $405,051,150; Richmond $186,259,050; Atlanta $137,649,450; Chicago $608,878,600; St. Louis $199,835,900; Minneapolis $180,892,100; Kansas City $204,092,800; Dallas $161,220,650; San Francisco $287,975,000; Treasury subscriptions $17,917,750. Total $4,176,516,850. Treasury subscriptions represent money sent directly to the Treasury De- partment for the purchase of bonds. States— Alabama $23,153,850; Arizona $11,176,450; Arkansas $22,709,950 California $174,823,150; Colorado $31,049,800; Connecticut $70,319,550 Delaware $25,396,400; District of Columbia $25,992,250; Florida $18,031,100 Georgia $39,133,050; Idaho $10,657,050; Illinois $279,253,700; Indiana $84.- 729,200; Iowa $117,211,450; Kansas $47,390,700; Kentucky $43,672,600; Louisiana $34,533,150; Maine $18,348,100; Maryland $48,729,800; Massa- chusetts $228,329,750; Michigan $107,671,400; Minneapolis $98,778,000; Mississippi $17,804,950; Missouri $110,811,350; Montana $17,632,750; Ne- braska $50,684,850; Nevada $4,725,250; New Hampshire $14,252,000; New Jersey $139,914,300; New Mexico $5,998,500; New York $985,559,600; North Carolina $24,582,250; North Dakota $12,100,400; Ohio $225,133,350; Okla- homa $39,440,500; Oregon $28,291,700; Pennsylvania $446,753,550; Rhode Island $28,717,700; South Carolina $19,426,250; South Dakota $31,443,600; Tennessee $33,762,000; Texas $97,322,500; Utah $13,048,650; Vermont $9,330,750; Virginia $44,048,750; Washington $42,908,350; West Virginia $31,913,250; Wisconsin $86,484,250; Wyoming $7,330,550; Alaska $1,737,250; Hawaii $4,819,850; Guatemala, C. A., $500; Treasury subscriptions $17,917,750; Unallocated $529,150. ^'Jfye break &ith we shall not sleep BUY VICTORY BONDS -:si2.'. Ktj^'i ^■^ ^ J ';-■*• K ^ TO MAI^RTHE WORLD A DECEN^Ili^^O LIVE IN DO YOUR PART- BUY U.S;GOVERNMENT BONDS THIRD LIB LOAN © Undc. THE OPEXINC. OF THK FOIRTH Vice-President Marshall is here buying a Liberty Bond offered by Miss Geraldine Farrar, Opera Singer and Liberty Loan Volunteer. This was the first bond sold in the Fourth Campaign, which was destined to close as the greatest single financial achievement in all history, not alone because of magnitude of sales, but because of difficulties overcome. ir,4| FOURTH LIBERTY LOAN THE Fourth Liberty Loan campaign, which ran from September 28 to October 19, 1918, inclusive, always will stand out as the greatest single financial drive conducted during the entire war. This statement is true not only because the largest amount of money and the largest number of subscribers to any single loan were obtained, but also because these remarkable results were achieved in spite of what appeared to be insurmountable obstacles. Two great forces — a widespread epidemic of Spanish influenza and a determined peace drive by the German government — combined to make the problem of floating the loan extremely difficult. As a result of the epidemic practically all public meetings were canceled in many sections of the country and no section entirely escaped the effects of the dread disease. The Hun peace drive had even a more far-reaching and sinister effect. Pro-Germans and other foes of the government who had been frightened into a dormant state by the assertion of aggressive Americanism on every hand, again raised their snake- like heads above the surface and resumed emitting their poisonous propaganda. In the face of these great discouragements, however, the Libert^' Loan volunteer army again proved itself unbeatable. Someone has said in relation to the epidemic feature of the drive that the workers "buried their dead in the morning and sold bonds in the afternoon. " And everj'where that the Kaiser's peace overtures appeared to receive even a lukewarrn reception, workers fell upon the community and did their utmost to nullify its insidious and harmful effects. How well the workers succeeded is best shown by the cold figures on the results of the loan. Total bond allotments reached $6,992,927,100 and the total number of subscribers was 22,777,680. It was evident several months before the campaign opened, even when the coming of the influenza epidemic and the German peace drive were not expected, that the floating of the loan would not be an easy task. Our army really was just getting into action. American dollars were being shot across the western front by hundreds of millions in the form of bullets aimed at the Hun hordes. Hundreds of thousands of soldiers were being rushed to France in troop ships and the biggest army America had ever had was in camp in this country. Hence, expenses were mounting as they never had before and the golden stream of money required to maintain all of this country's activities was nothing short of stupendous. The proceeds of the Third Liberty Loan were expended before the Fourth Loan had gotten under way. In the face of these conditions timorous individuals began to decry efforts to float further loans by popular subscription, urging that thej' should be taken by banks and wealthy men. One of the frequent assertions was that the people of moderate means had all the bonds they could reasonably carry and therefore they should buy no more. Still others, unwilling to go on record as absolutely opposing popular flotation of bond issues, urged that the bonds be (55 THE STORY of the LIBERTY LOANS made tax free or that the interest rates be raised to an indefensible level. Simul- taneously, sharks of the worst type began intensive campaigns for the purchase and resale of Liberty Bonds, with the result that the market prices of the securi- ties dropped to unwarranted levels. Hence, many so-called "experts" ex- pressed fear that the low market standing of the bonds would be sufificient to defeat another popular loan. Fortunately, however. Treasury officials had learned by their intimate touch with the people during the three preceding loans that American patriotism was measured neither by the market value of securities, the interest rate on them, nor the price of any sacrifice. Therefore, as early as June, 1918, a statement was issued declaring that under no circumstances would the interest rate be in excess of 4^ per cent, and the Treasury stood firmly by this declaration almost three months later when it announced the terms of the loan. On the opening day of the loan it was noticed that a great change had taken place in the attitude of the entire country toward popular financial campaigns. The flamboyant holiday spirit which had been so noticeable in some of the previous loans, if, indeed, frequently it had not been the dominant note, had almost entirely disappeared. Supplanting it was an attitude of grim will to succeed without ostentation. In other words, the country had set its teeth and put its shoulder to the wheel as it never had before. Scarcely had the loan opened when a message from San Francisco told of the subscribing of Alaska's entire quota by a Pacific Coast packing concern which had large Alaskan interests. Word of this subscription flashed to Alaska brought the determined response that the people of the territory were unwilling to have their quota subscribed by any one interest, and that while the subscription was appreciated they most certainly would obtain their quota by private subscriptions. Many Alaskan communities went even far- ther than this in the subsequent days of the campaign, doubling and tripling their quotas. Four days after the loan opened the state of Iowa was officially reported to have subscribed its quota. The state of Oregon later asserted that it had obtained its quota before Iowa. The Treasury Department never was able to decide which state was entitled to initial honors, so it sent congratulatory telegrams to both states. Before the campaign was five days old influenza had begun to assert itself in the Boston district. Initial reports of it came from Worcester, Mass., where an elaborate voting system that had been worked out for putting over the loan had to be abandoned at the last minute on account of the widespread epidemic. Undaunted, however, the citizens went doggedly ahead and raised their quota of $15,000,000. From that day henceforth, the story in the New England districts was one of abandoning public meetings, making house-to- house canvasses and resorting to unique forms of bond selling because of the spread of the epidemic. Nevertheless the sturdy New Englanders fought a bitter fight to the end and emerged from the campaign gloriously victorious. News of the difficulties under which the New England and other districts stricken by the "flu" were laboring only aroused more fortunate districts to '■'< / r' i i ^■Hf 1 1 II i '^ '^'A 1 ^ ^1 ^B ■*••••• 1 THE TIME HAS GOME TO CONQUER OR SUBMIT." - FOR US THERE IS BUT ONE CHOICE. WE HAVE MADE IT- PRESIDENT WILSON. BUY A BOND OF THE 2"- LIBERTY LOAN AND HELP WIN THE WAR A LIBERTY BOND IS A UNITED STATES GOVERNMENT BOND [68] 3vc c 1 09] translation from the chinese "Cruelty of the Huns" Buy Liberty Bonds to Insure If'orld Liberty \7\\ ^ ' ' '^ 1 ' YOU buy a IbertyBond T TO-DAY ml do thf rostf Shall we\be iVv<9re . tender wi D <- d bA u 6 S' b X Sc/5 >. '^ IS 4) !£ -t; -^ M -^ 23 « -.t; O S 53 2 = o >" ■^ a ite^ir'*" [861 -C'3 "2 § = § q 5 o— £ b v- ^ - rt S So^ — 'C 2.0^ - SssI [87J THAT LIBERTY SHALL NOT PERISH FROM THE EARTH BUY LIBERTY BONDS F^ O U FITH LI B E RT"^ LO>^INI THE STOKY of the LIBERTY LOANS EiGHTY.&^gj Some men tell me it will be impossible again to appeal to the patriotism of the American people. Frankly, gentlemen, I should despair of my country if these things were exactly true. I should doubt our ability to cope with the problems of peace if we so quickly should forget the obligations of war. I wonder if those who talk in this fashion speak considerately? They tell about the ' sacrifices ' the American people have made, and in their voices there is a metallic tone and in their mien unconscious austerity. * * * * "We are not going to approach the last Liberty Loan strictly in a commercial spirit. We are not going to float it strictly on a commercial basis. It is impossible to do it. A little thought will teach the wasest among the financiers of this country that it is impossible now to float purely for investment pur- poses a loan of five or six billions of dollars. We have got to appeal to the patriotism of the American people, and it will not be done in vain. There are yet two million American boys in France and Germany who must be main- tained in comfort and brought home in safety, and provided with employment on their return. While Congress is writing off the books $15,000,000,000 of authorizations, for which public funds would have been expended had not the war suddenly terminated, the Government is still expending $2,000,000,000 per month to meet the honorable commitments of the country. The honor of the Government is involved. Being your Government, it is your honor that is involved ; and I know that the appeal of the American Government to the Amer- ican^people will meet a response of which the Nation will be proud." Having sounded his battlecry in this speech, the Secretary stood by it until the day, several months later, when he saw the banners of democracy again carried forward to glorious victory in a great popular drive, at an interest rate of 4:^-4 per cent. He did not achieve this result, however, without difficulty. On one occasion when he was making a set speech he was interrupted by cries of "Five per cent interest" from the audience. Casting aside his manuscript, he took up the challenge of the interrupter and said in certain tones that five per cent would not be necessary, in his opinion, and that the patriotism of America would carry the loan at a smaller rate. The campaign opened in a quiet, determined manner. It was obvious from the outset that in most districts there no longer was great interest in the so-called "circus stunts." Patriotism was being expressed in the ex- penditure of dollars rather than in a chorus of cries and applause. The coun- try went at finishing the job in a thorough, workmanlike manner, and carried on the campaign in an even tenor to the end. Michigan and Iowa, two states that always had attained their quotas early in the campaign, were the first to go over the top. They reported on the third day of the campaign that they had obtained their quotas. It never was officially determined which state obtained its quota first. The most serious early handicaps encountered in the campaign were in the Minneapolis and Cleveland Districts. Bad weather and intensive farm work kept sales slow in the Minneapolis District, and certain farming and mining communities in the Cleveland District were slow to take their share of DO YOUR BIT! BEMEMBER \^m.M}M^-^^ Fonrf Liberty Loan rn APOLOGIES TO THE HORSE Poor Dohliin no doiiljt iiail lived a blameless life and did not deserve this indisfnity nor certainly the added insult of being callcrl the "Crown Prince." Vet such are the fortunes of War, and when his ener- getic driver sold a Victory Note, he would gravely bow his head in meek humility of another wallop for his namesake the "Crown Prince." 1 9-'] 'f^ LET'S HAVE ONE MOR£ ; mouNfo — - e' BONDS AiNT IT A Grand AND Glorious Feelinc f THE STORY of the IJBERTY LOANS bonds. Time and intensive work, however, straightened out both of these situations. On May 10, two days before the close of the campaign, the St. Louis Dis- trict for the third consecutive time achieved the honor of being the first dis- trict in the entire countiy to attain its quota. The following were the subscriptions by districts and states: Boston $425,- 159,950; New York $1,762,684,900; Philadelphia $422,756,100; Cleveland $496,750,650; Richmond $225,146,850; Atlanta $143,062,050; Chicago $772,- 046,550; St. Louis $210,431,950; Minneapolis $176,114,850; Kansas City $197,989,100; Dallas $87,504,250; San Francisco $319,120,800; United States Treasury $11,140,300. Total $5,249,908,300. By States— Alabama $21,742,150; Arizona $6,679,900; Arkansas $20,- 488,600; California $203,025,300; Colorado $30,051,250; Connecticut $95,- 466,250; Delaware $13,807,650; District of Columbia $28,362,250; Florida $18,884,150; Georgia $39,443,100; Idaho $11,669,900; Illinois $371,873,002; Indiana $105,102,950; Iowa $111,787,450; Kansas $51,657,200; Kentucky $49,075,350; Louisiana $34,333,350; Maine $19,027,700; Maryland $62,688,- 750; Massachusetts $252,767,450; Michigan $155,787,450; Minnesota $96,677,- 250; Mississippi $18,951,750; Missouri $73,578,050; Montana $12,527,100; Nebraska $44,019,150; Nevada $3,666,700; New Hampshire $16,937,050; New Jersey $178,645,050; New Mexico $1,130,850; New York $1,607,199,- 250;NorthCaroHna $27, 164,250;North Dakota $18,690,700;Ohio $281,988,250; Oklahoma $33,331,300; Oregon $28,409,350; Pennsylvania $564,173,200; Rhode Island $45,446,050; South Carolina, $22,994,300; South Dakota $24,589,400; Tennessee $44,343,800; Texas $75,254,400; Utah $13,720,400; Vermont $11,648,300; Virginia $60,016,250; Washington $47,975,350; West Virginia $39,866,150, Wisconsin $94,296,100, Wyoming $7,198,450, Alaska $1,428,850; Hawaii $5,005,650; U. S. Treasury $11,140,300. m riOWN AV LIBERTY V BOND % DOUGHBOYS OX THE KAISER'S THRONE Sergeant Driver, of Alabama, and companion, seem perfectly at ease on the throne of the Hohcnzollerns. That the American boys are thus jauntily taking these liberties with none to deny them, sums up in a consummate picture the full glory of the Army that did the deed, the Navy that took them across, and the Liberty Loan Volunteer Army that backed them to the glorious finish. [lOO] AMKRU AN AKI ACROSS THE RHINK Many miles lK-yo,„l llu- \,oaM..l I li.ulolKrK li.u- ll.csc .loughboys ar. «''-y[''^'>„"';;';^^"?f ^^^^^^^^ art of peculiar merit and punch. Significant are the titles o these poslers-lhe one ' \ -^"'^ X All ■• and the one below " And thev thought we couUln't fight. 1 he Army bought bonds a, .1 fought. [101] RIN€ IT BUY U.S.GOVT ' BONDS *-*^ -iin Third Liberty Loan Good Bye,Dad.rm Off To Fight For Old Glory. You Buy U.S.GOVT WMuimimM WHAT THE WOMEN DID A MERICA'S debt to its women in the war never can be fully determined /\ nor paid. With the same fearlessness that prompted the Russian "Bat- •*• ^ talion of Death " to go forward into battle when the great Sleeping Bear's men had failed her; that caused modern-day Joans of Arc of France to give their all for victory and the women of England and other allied countries to relinquish that dearer than life itself without the semblance of a tear, they sacrificed to their uttermost for human liberties. Especially patriotic were the American women in aiding with the various Liberty Loan campaigns. Not only did they buy generously of the bonds them- selves, but they lent invaluable aid in sales and educational campaigns both as individual workers and members of the National Woman's Liberty Loan Committee. Organization started in May, 1917, practically coincident with the formation of the other national Liberty Loan organization. By the close of the war the personnel included one million workers. Mrs. W. G. McAdoo, wife of the Secretary of the Treasury, was made chairman of the committee. Other members of the committee were: Mrs. Antoinette Funk, Chicago, Vice-Chairman; Mrs. George Bass, Chicago, Secretary; Mrs. Frank A. Vanderlip, Treasurer, Scarborough-on-Hudson, N. Y. ; Mrs. Kellogg Fairbank, Chicago; Mrs. Guilford Dudley, Nashville, Tenn.; Mrs. J. O. Miller, Pittsburgh; Mrs. F. L. Higginson, Boston; Mrs. George T. Guernsey, Washington; Miss Mary Synon, Wilmette, 111.; Mrs. Ella Flagg Young, Chicago, and Mrs. A. S. Baldwin, San Francisco. During the summer of 1917, Mrs. McAdoo, Mrs. Funk, and Miss Mary Synon, who eventually succeeded Mrs. Vanderlip as Treasurer and to whom the author is indebted for much information in this chapter, remained in Washington on organization work, while Mrs. George Bass, the Secretary, went out on field work, speaking twice a day for ten weeks on Chautauqua circuits. Mrs. Kellogg Fairbank undertook general supervision of work in the Middle West, while Mrs. Guilford Dudley supervised the South. Mrs. F. L. Higginson of Boston had the New England district, Mrs. J. O. Miller of Pittsburgh be- came the Pennsylvania state chairman, and Mrs. Frank A. Vanderlip started the New York work of the organization. Mrs. Ella Flagg Young directed educational propaganda work out of Washington and Mrs. George Thacher Guernsey supervised the bond-selling activities of the Daughters of the Amer- ican Revolution, of which she had been president. Later Mrs. Fairbank took charge of the Advisory Council, composed of the heads of those organizations of women with nation-wide membership, and Mrs. A. S. Baldwin, of San Francisco, had the general organization work of women in the Pacific Coast states. During the Fourth Liberty Loan Mrs. Young died. As an educator and a patriotic citizen, she fought tirelessly in defense of the right, and thousands of persons, ranging from little children, who had received the rudiments of 103 THE STORY of the LIBERTY LOANS their education under her direction, to leading officials of the United States and foreign governments, who held her in the highest esteem, mourned her departure. In the First Liberty Loan the work of the committee was limited to general publicity of war finance among women. In the Second Loan the committee began work on the adjustment of established organizations of women throughout the country to the established machinery for the raising of the loans. Where organization existed, the women of the United States were organized by states, while the Treasury war-loan organization was based on the twelve fiscal divisions of the United States. The National Woman's Liberty Loan Committee had the job of correlating the two schemes of organization. They solved it by the appointment of state and Federal Reserve chairmen, the former responsible for actual organization of women in their states, the latter serving as represen- tatives to the Liberty Loan committees of the respective Federal Reserve Districts. These Liberty Loan committees elected the women Federal Reserve chairmen members of their own executive committees. By this method the women's organization became an integral part of the district sales plan while retaining its national inspiration. With the organization plan once established, the enrollment of women followed with amazing rapidity. After the Third Loan there was a woman chairman for almost every county in the United States, and for practically every township and precinct. Every large city had a noble organization of women for the sale of government securities, and every village was repre- sented. In the Second Loan the woman's organization was officially credited with having raised $1,000,000,000. They raised practically the same amount in the Third Loan, with the added distinction of having sold the amount in bonds of small rather than of large denominations. The women of Delaware raised 128 per cent of the state's quota in that loan. The women of Alabama, Missouri, Wyoming, Kentucky, and West Virginia raised approximately half the state quotas. In West Virginia, especially, they were of great help in organizing both men and women. In the Fourth Loan the women of Pennsylvania raised one-third of the entire quota of the state, or over $226,000,- 000. In the city of Pittsburgh the women took no corporation subscriptions, so that their raising of over $66,000,000 in Alleghany County represented the scrapings of subscriptions; yet this was 41 per cent of the county's quota, 37 per cent of the total subscriptions, and a showing of 65 dollars per capita. So successful was the woman's work in New England that the Federal Reserve Bank of that district turned over the War Savings campaign to the women of the National Woman's Liberty Loan Committee organization. "Their spirit was only waiting the torch of a national need for its lighting," Mrs. McAdoo has said of women's work in the loans. "Then it became a beacon. Not only the actual work which they did, but the work which they inspired others to do must be the measurement of the service which the women of the United States accomplished in war finance." A L1BL:R1^■ I.OAN sol. DUCK A Western rcgiimnt \otril lo Miss Mary I'iikforcl tlu" title of "Coloni'l ". Had the X'ohiiiteer Liberty Loan Army had titles to confer, she would have won a high c-onnnission and every insignia of merit. Americans, despite obligations already assumed, could not resist the appeal of ".America's Sweetheart" and bought from her many millions of Liberty Bonds. [105] Help ^ KEEP YOUR WAR SAVINGS PLEDGE ISSUED BY U.S. TREASURY DEPT. jt(ijtt|fc| z"' .'-'^^^^^^^B TEAMWORK Bu iLu^ ^nw^ UNITED STATES SHIPPING BOARD M EMERGENCY FLEET CORPORATION WAR SAVINGS MOVEMENT THE War Savings movement was started in the United States in the fall of 1917, under the leadership and direction of Frank A. Vanderlip, former President of the National City Bank of New York, who then was serving the Treasury Department in connection with the work involved in financing the Government's war expenses. As originally planned and at first carried out, this campaign was not primarily for the sake of raising revenue for the Government, but was rather based on the Goods and Service doctrine, thus following the plan of the Eng- lish War Savings movement. The Goods and Service doctrine was briefly as follows: There was a limited amount of labor and a limited supply of raw material of all kinds in the country. The vigorous prosecution of the war created a very heavy drain on the labor supply of the country, by both the selective service law, which was calling millions of men from their industrial pursuits to join the active army, and also by reason of the fact that the necessity of manu- facturing the almost endless quantities of equipment and munitions required to equip such an army caused the establishment of many new and varied in- dustries. There was thus, at a very early stage of the war, created a shortage of labor which was very seriously interfering with the production of the equip- ment necessary to maintain our army and aid our allies. At the same time it was apparent that many of the non-essential industries, instead of curtailing their production, were rather increasing it owing to the fact that, on account of the war, wages had risen in some places to unheard of extent and much of the sur- plus wages was being spent in luxuries. Hence, the movement was meant primarily to combat this excessive demand forluxuries,thusreleasing labor for both the actual military service and for work in supplying munitions for the army. The idea of the campaign was to impress upon the American people that if their money, even in small amounts, was lent to the Government it would be possible to use that money in the hiring of labor and the purchase of raw material for purposes that would have a direct bearing upon the winning of the war, and that if, as a result of this loaning of small amounts to the Government, consumption of non-essentials was largely decreased, this would release labor and raw material from non- essential purposes to the production of material absolutely necessary to win the war. The appeal primarily was, "Do not spend your money for unnecessary luxuries, as this will take labor and material from the essential industries." The sale of the 25-cent Thrift Stamp and the $5 War Savings Stamp was carried out primarily as the most convenient means of diverting the idle quarters and dollars from the non-essentials and diverting them to essential war pur- poses. The actual securities were very siniiliar to those used by the Biitish. The smallest denomination was the 25-ccnt Thrift Stamp. These Stamps, as purchased, were placed on Thrift Cards and when sixteen Stamps were 107 SHALL WE BE MORE TENDER WITH OUR DOLLARS THAN WITH THE LIVES OF OUR SONS ?" / F .m I WE DEPEND I ON YOU BUY A UNITED STATES GOVERNMENT BOND OF THE LIBERTY LOAN OF 1917 TRANS]. ATIDN FROM THE FRKXCll Ccirdiiuil Mcrcicr Stands for the Protection of Bc/^iuni 110] o > -^ o c >, - -'■ o ^ c 5 [112] [113] 5HARE 'IN THE VICTORY SAVE FOR YOVR COVNTRY ' v 1^ SAVE FOR YOVRSELF BVY mifiSAVING STAMPS ^^F 3 s ^ d 1161 DEBOUT DANS LA TRANCHEE QUE L'AURORE ECLAIRE. LE SOLDAT REVE A LA VICTOIRE et A SON FOYER. POUR QU'IL PUISSE ASSURER LUNE ET RETROUVER L'AUTRE. SOUSCRIVEZ AU 3! EMPRUNT 'd DEFENSE NATIONALE IK.WSI.AIIOX FROM IIIK i KKXCII Krcct in the ti'iuch iis the diiicn hrcdks the soldier drednis dJ victory iiiid oj his preside. hi order thdt he nitiy tittiii)! the one diid rei{din the other Subscribe to the Third Loan for {hr National [ )('f('nse |11<)| THE STOKYo/the LIBERTY LOANS attached a card had the value of $4 if used in the purchase of a War Savings Stamp. The War Savings Stamp was what is technically known as a dis- counted security. It was a promise of the Government to pay to the holder $5 on the first of January, 1923. In as much as it was to pay 4 per cent interest, compounded quarterly, the amount of the interest was deducted from the pur- chase price, which was thus set at from $4.12 to $4.23. For the purpose of making the handling and sale of these Stamps as simple as possible, it was provided that the cost in January, 1918, would be $4.12, and that it would increase one cent each month throughout the year, and that at the close of the year that series of Stamps, payable in 1923, would no longer be sold. Mr. Vanderlip personally conducted a speaking and publicity campaign throughout the entire country on the Goods and Service doctrine, urging upon the American people to cut down in every way possible in consumption of non- essentials, and release labor for necessary war purposes, and urging upon them the purchase of the Thrift Stamps and Savings Stamps as an easy method of diverting their money from non-essential uses. Local committees were formed in all the states, and the states in turn were organized by counties and towns, so that throughout the entire country there were active, energetic committees engaged in the sale of these small securities. The effort was to make them accessible to everybody, and they were placed on sale in stores, theaters, hotels, and were very often sold on the streets. In the middle of 1918 the war expenses became so heavy and the demands on the Treasury were so great that it was felt necessary to devote increased efforts to raising money for the Government between the Liberty Loan cam- paigns, and beginning with June, 1918, an intensive campaign was started to effect large sales of Stamps for the direct purpose of helping to finance the Government. With this primary purpose of raising large amounts of money the Goods and Service doctrine was of necessity relegated to a secondary place and the War Savings Campaign was used as a money-raising means to fill in the gaps between the Liberty Loans which were then being launched every three or four months. By means of these intensive drives the sale of War Savings Stamps and Thrift Stamps netted to the Treasury Department over a billion dollars. New series of Stamps, maturing in 1924, were issued in 1919. A Savings Committee, consisting of Mr. Pierre Jay, Chairman of the Federal Reserve Bank of New York City; Mr. Arthur H. Ham, Vice-President of the Provident Loan Society and the leading authority in the country on remedial loans, and Mr. E. G. Routzahn, of the Russell Sage Foundation, was formed late in 1918 to supervise the Savings Campaign. Mr. Vander- lip, and Mr. H. E. Benedict, who had been his Executive Secretary, were called back to New York to resume their private banking connections, and Mr. Harold Braddock was appointed Savings Director. Later he was suc- ceeded by William Mather Lewis. The conduct of the campaign in the field was taken from the old state organizations and placed in the hands of the Governors for the twelve Federal Reserve Districts. Each Governor appointed a Sa\ings Director who was to carry on the campaign within his District under the supervision of the THE STOKYofthe LIBERTY LOANS Washington office. The Savings Division was made a part of the War Loan Organization, and a Government Savings Director in every District was under the direction of the War Loan Director of the District. It was desirable that all of the security-selling activities of the Government should be under one head, so that they might all work in harmony. In carrying out the 1919 campaign the Government aimed to secure the cooperation of large and representative bodies of its citizens who were already organized. The schools of the country were enthusiastically behind the Savings move- ment from the start, and there were few school-rooms which let the ending of the war make any difference in their systematic savings habits. The National Education Association, at its annual convention, put itself heartily on record as favoring the Thrift and Savings movement. The women's clubs of the country have been another body to give this movement their unqualified and enthusiastic support. Many of the women's organizations made arrangements for studying thrift, particularly thrift in relation to home matters, at the regular meetings of their clubs, as well as to aid in the sale of Savings and Thrift Stamps. Another group which gave solid backing to the Thrift and Savings Cam- paign was organized labor. With the personal indorsement of Samuel Gom- pers and other leaders of American labor, the Thrift Campaign was taken up vigorously by labor units throughout the country. At the June, 1919, convention of the American Federation of Labor at Atlantic City, a resolution was adopted calling upon the Government to make permanent the sale of small denomination Government securities as an economic betterment. The Savings Division also had the hearty support and cooperation of the Home Demonstration and County Agents of the Department of Agriculture throughout the country. They introduced the study of thrift and saving among their organizations and aided in providing for the sale of Government securities. This was particularly true in the case of boy's and girl's canning, corn, and pig clubs, and other similar clubs, where they not only taught the value of thrift, but made it doubly attractive by linking it with the idea of saving for a definite purpose, as securing education in an agricultural college, saving to buy a farm, or to buy thoroughbred live stock. In many other ways the Saving movement appealed to various organized groups, as lodges, churches, and business organizations throughout the country. Many of the largest industrial corporations and railroads cooperated to the extent of enclosing with their dividend checks a statement over the signa- ture of Secretary of the Treasury Glass urging the purchase of Savings Stamps as a prime investment security. W^^- a TRANSLATION' FROM THK FRENCH The French Republic Third Loan for the National Defense FRENCH POSTKR TRANSLATION : The Loan for Liberation 1124] REPVBLIOyE 3'EMPRVNTJ'au DEFENSE NATX#^.qALE l'Emprunt de la Libe:ration CAR CARD ADVERTISING IX all the Liberty Loan campaigns throui^h street car advertising more than 50,000,000 persons were reached every 24 hoiu-s in the 4000 cities, without cost to the govern- ment, largely through the patriotic co-opera- tion of Mr. Barron G. Collier, of New York. He gave freely of space, his time and that of his organization, and induced other advertising organizations to contribute space. Mr. Walter S. Brooke, head of Mr. Collier's .Art Department, and Mr. Lester J. Cuddihy, alsD aided materially. On the page opposite arc shown in great- ly reduced size but in original colors a num- lier of the car cards that were used. .\ majorit\" of the original paintings from which these cards were UKule were produced in the Art r^epartment of Mr. Collier's Company. [126] . YOU /K buy a ^ibertxBond LLLdo th0 rostl ' Where's "Your; liberty Bond BUTTON Your Money Mu/t Win the War He /oirsi^/ to a FINISH 5bti /em/ to the FINISH VICTORY LIBERTY LOAN SURE well/ Finish the Job/ VICTORY LIBERTY LOAN [128] — " JJ 2 — -fcj 'y c HELP OUR TOWN Wll^ THIS FLAG 4'-^ UBIRTY LOAN HONOR ROLL of Subscribers Not otIv l.v t..wn- l.i.t also l,v industrial units wen; battles for Liberty l.oan honor emblems waged. T us iHs. ..nbU-n,; .lid llteir |x,t.nl part in both sntall and large cities. On the opposite page .s shown the honor Hag an.l above is a likeness of John Howes Burton the New \ ork merchant who concened the honor plan, holding an industrial pennant. [131] 3'EMPRUNT i:£^ DEFENSE fiMIONALE TRANSLATION FROM THE FRENCH Tliird Loan for the National Defense Subscribe III order to Hiisfen Fence by J^ictory 1133] V:*iSS% THEY KEPT THE SEA LANES OPEN INVEST IN THE VICTORY LIBERTY LOAN THE FOUR'MINUTE MEN AN AUDIENCE aggregating 400,000,000 persons heard patriotic speeches /A during the war by members of an organization of most potent influence ■^ ^for sterHng devotion to our country — the Four-Minute Men. Conceived by a group of young business men at a meeting in Chicago in March, 1917, just before we entered the war, this idea of having volunteer speakers address audiences for four minutes at a time soon grew until it embraced the largest speaking body ever marshalled together since the be- ginning of time. At its height, this organization had 15,000 or more speakers under its control who spoke almost nightly throughout the war on some phase of the great subject. No job was too small or large for them. When the help of speakers was needed in any direction to put certain phases of the Government's needs more clearly before the people, a summons was all that was required to swing the mighty organization into the heat of battle. Liberty Loan, Red Cross — a hundred and one worthy war-time causes were helped immeasurably by this indefatigable civilian platform army. Its voice was heard around the world. In churches, theaters, halls, army camps, on street corners — in fact, any place where the lifting of a voice might help the war, there the voice of a Four-Minute Man was raised. How well these speakers did their work you know best, for, it is safe to assert, there is not today a man or woman in the United States who did not hear at some time during the war the plea of at least one Four-Minute Man. When war seemed inevitable a small group of men, headed by Donald M. Ryerson, following a suggestion by Senator Medill McCormick, acted on the idea of forming a patriotic committee for the purpose of sending speakers into the motion-picture theaters of Chicago to lay before the people the urgent reasons for military service requirements as proposed, at the time, in the Chamberlain bill to provide for military training of men of nineteen or twenty. Young men were selected as speakers because the first calls to the national defense would naturally fall upon them, and it was thought that they were the proper ones to send out to speak in favor of such service. The President of the original organization was Mr. Ryerson. The title of Four-Minute Men was giving with dual reference to the "Minute Men" of the Revolutionary war and to the time limit necessarily imposed upon speakers who were to appear during brief intermissions in the established program. This organization was incorporated under a state charter as the Four-Minute Men of Illinois, on April 28, 1917. Other members were Stephen Gardner, Treasurer; George R. Jones, Secretary; Arthur S. Gable, Waldo P. Warren, and Keith J. Evans, Assistant Secretaries. These men and other volunteers made arrangements with the local theaters to speak for a period of four minutes in the intermission between films. They were introduced by slides giving the name of the individual who 135 KULTUR '3^1 [i40] lull % ,w ^/ ^la ^P ** loUC^ S ^ H'AR FUMD WEW ^'^^WundredMillionlXA^ -"^■^y^mC" 7^.GreatestMother in tRe World Red Cross Christmas Roll Call Dec.16'23 - Hx!-S o -o o ^Jh- s e c 2"? o S £!^ o'S--E o . 1441 ai2 s I 5-5 Ml - ■Vvjt'T ^-■^ .J •^.■. < ^ bfl >- — . '' H ^a'ii Q Z 2H^ be >, **v~.' < K'*^^ Q ■t^^lM Z «^ ^- ^^^3 rt i/i 3 be 199 m U: c c c ^K ^•pi L-^^S^ oi ?;>sti g 'JSBS UJ i. « bf C3 c .= 'n M 1- rt p = > E ="■"0 o 1 P '451 MY SOLDIER to sle ItoL Gocl bless my brothei- gone t Across the seas, in France, so Oti may his fight for Liber |e millions more tlian little 11 cruel fates or ruthless blast,— • -i bring liim safely home at last. ^^|1 BUY UNITED STATES GOVERNMENT BONDS JJill^LIBEpTY LOA^ / A S'l'IKKlNC, .\I'I'1:AI. What isa Libcrlv Bond? Why is il offm-, S cu' g 2•- £^ c -5 I 150! UNiTED 6TAT&& FUEL ADMINI&TaATIOH THE STORY of the LIBERTY LOANS "will speak for four minutes on a subject of national importance — indorsed by Dr. Frank Gunsaulus, Bishop Samuel Fallows, Miss Harriett \'ittum, Mrs. Joseph P. Bowen, Otto C. Butz, Charles A. Comiskey and J. Ogden Armour." The first four-minute speech was made by Mr. Ryerson himself at the Grand Theatre, Chicago, April 1 or 2, 1917. With governmental sanction, Washington headquarters were opened with Mr. Ryerson in charge. Largely due to the efforts of William A. Brady, entrance for speakers to motion-picture theaters generally was obtained. Early in June Mr. Ryerson, who had previously received a commission from the United States Navy and had secured two months' furlough in order to establish the organization, resigned from the Four-Minute Men in order to enter the training school in Annapolis. William McCormick Blair of Chicago became national director, June 16, 1917. By the end of June, 1917, the organization included 5,405 local branches, while the work was also organized in 42 lodges, making a total of 5,447 centers of activity. Early in August the scope of the work was extended to reach other audiences. A church department of the Four-Minute Men was organized in many of the local branches to present four-minute speeches in synagogues and Sunday Schools. National arrangements had already been made to have the speakers appear at the meetings of lodges, fraternal organizations and labor unions. Four-minute messages based upon the official bulletins were given also at all meetings of the granges in many states. The work was next extended to reach the lumber camps, some 500 organizations being formed in such communities. Even Indian reservations were included. Women's divisions were organ- ized to bring the messages of the Government to audiences at matinee per- formances in the motion-picture theaters, and to members of women's clubs and other similiar organizations. A junior Four-Minute IMen organization for boys and girls, also was created. In September, college Four-Minute Men were organized, under instructors acting as chairmen, to study the regular Four-Minute Men bulletins and practice speaking upon the subjects thereof, each student being required to deliver at least one four-minute speech to the student body during the semester, in order to qualify as a Four-NIinute Alan. By the end of 1918 there were 217 colleges represented. The work of the organization extended as far as the Philippine Islands, Canal Zone, Hawaii and the Island of Guam. The total number of reported speeches given was 755,190 to a total audience of 314,454,514. A reasonable allowance for the considerable number of communities from which incomplete or no reports are received justifies a final estimate of a million speeches heard by audiences aggregating 400,000,000 individuals during the eighteen months' life of the organization. WAR COSTS TO BELLIGERENTS EXCLUSIVE of losses in property and material, which never can be exactly computed, the great war cost the world in money or its equivalent approximately $200,000,000,000. This is only $50,000,000,000 less than the estimated wealth of the United States, or $14,000,000,000 more than the total property value of all North America. The correctness of the foregoing figures may be estimated from the fact that estimates of the cost of the war made by Secretary of War Baker and Congressman Cordell Hull of the Ways and Means Committee varied only $3,000,000,000, Secretary of War Baker's estimates being $197,000,000,000 and Congressman Hull's $200,000,000,000, with the post-war cost still mounting and logically likely to exceed the estimates made by either of them. Deaths from wounds in battle numbered 7,300,000, according to Secretary Baker, and total deaths in all the armies reached approximately 9,000,000. So far as the United States itself is concerned the total cost of the war to this country, from April 6, 1917, to June 30, 1919, was $30,177,000,000, based on total expenditures of $32,427,000,000, of which amount $2,250,000,- 000 were normal expenditures. Included in these totals are loans of over $9,000,000,000 to the Allies. In a summary of war costs made by Representative Hull, in the spring of 1919, it appeared that the war cost of the Allies from August 1, 1914, to March 18, 1919, compared with those of the United States from the date of its entrance into the war, show that the expenditure of the United States for the war was three-fourths the size of England's total war expenditure of $40,640,- 000,000; one-fourth larger that the debt of France, approximately $23,400,- 000,000; twice as large, almost, as the debt of Italy, $16,000,000,000, and fifteen times the war debt of Canada, $2,000,000,000. In comparison with the cost estimated at the close of the Civil War, $2,713,- 568,000, the war just ended cost the United States eleven times as much. In comparison with an estimate for the full Civil War period, fixed in 1879 at $6,190,000,000, the war just closed cost almost four times more. The interest items on the whole indemnity to the Allies will amount to $10,000,000,000 a year. To the French debt of $23,400,000,000 must be added $13,000,000,000 physical losses as estimated by the French High Commission and $8,000,000,000 for pensions, making a total cost to France in money or its equivalent of $44,- 400,000,000. The enormous multiplication of expenditures brought about by the war is graphically shown by the fact that the aggregate of expenditures annually for the countries engaged in the war jumped from $10,000,000,000 in 1914 to $70,000,000,000 in 1918, and of the latter figures the United States in 1918 expended $19,000,000,000— more than one-fourth. Before the war, the national debt of the leading belligerent states was something less than $26,000,000,000. At the close of the war it was approxi- mately $170,000,000,000. i^ <-1 Food is Ammunition- Dont waste it IJvntD States Fooo Admini^tr/^tion is" ^ 9— h -b "CO [156] — i o ' u >.^ 157] ,■^- S E"^ O y, ^ i« £ ° 1 s| -i E ,- I "= -^ n 1591 TOGETHER WE WIN UNITED SmU SHIPPING BOARD EZI3 EMERGENCY FLEET CORPORATION AND THEY THOUGHT WE COOLON'T FtGHT THK ForkTH'S FIRST 1111) PP:R CKNT The first business organization to reach 100' j, subscription of its employees in the Fourth Liberty Loan Campaign, was the William S. Hart Productions, Inc., of Los Angeles. Before the first hour of the cam- paign had passed, every employee had purchased at least one bond. Hart, sans his usual makeup, is selling a bond to a movie cow puncher. 1621 HELP OUR DISTRICT WIN THIS FLAG VICTORY LOAN 1918 AWARDED BY HIS EXCELLENCY THEGOVER^ORGENERALof CANADA TODISTRiaS EXCEEDING THEIR QUOTA Save your Child FROM AUTOCR.A.CY AMD P O V.X^R T Y War S^tvings Stamps |l&j ^N.TEO STATE*. T>»e**U«Y BSf>*«'?M«fIM <^ ONE OF THE THOUSAND YA\.C.A.GIRLS IN FRANCE United War Work Campaign Nov.ll'Hol8'^ ©Underwood & Underwood THE END OF A PERFECT DAY Who sold the most bonds? None can say. Mr. Charles M. Schwab at his famous dinner sold many thousands to the minute. Frederick J. Haskin, in his ma tch-the- President idea sold millions, while Douglas Fairbanks sold in one day five millions, and these are but a few instances. .Anyway Doug has had a good dav and shows it. [164] LOOKS AS riior(,ii he did "I won't come back," said N'incent Aster upon entering the service, "until I get a l' boat." When this captured U boat arrived to take part in the \ictory l^oan, Lieutenant Astor was aboard. Whether he "got" his L' boat or not it is impossible to say. However, if he made as good a sailor as he did soUlier in the Liberty Loan .Xriny, it would look that way. 165] Mn-hipi ANOTHER SHIP ANOTHER VICTORY UNITED STATES SHIPPING BOAFlD M EMERGENCY FLEET CORPORATION BOY SCOUTS OF AMERICA UNDER the leadership of President CoUn H. Livingston, Chief Scout Executive James E. West, and the executive board of the organization, the Boy Scouts of America served vahantly throughout all of the Liberty Loan and War Savings campaigns. In the first campaign, their participation was inaugurated by President Wilson and Secretary McAdoo in letters inviting the organization to assist in the sale of Liberty Bonds. The results were so gratifying that in the suc- ceeding campaigns, similiar invitations were received by the Scouts from the President and from the Secretary of the Treasury. These official appeals unfailingly met with magnificent, purposeful and enthusiastic response. In each campaign, awards of medals of honor, and suitable bars, similar to service bars used in the United States Army, were awarded by the Treasury Department to Boy Scouts for Liberty Loan service. In each of the first three Liberty Loan campaigns, in order to be eligible for an award, a Scout had to report ten or more subscriptions. In the First Liberty Loan the Boy Scouts reported 139,660 subscriptions aggregating $23,239,000. In the Second Liberty Loan the Scouts reported 533,843 subscriptions totaling $102,085,850. In the Third Liberty Loan the Scouts reported 670,291 subscriptions aggregating $81,604,650, or a total of $206,929,500 in bond sales for the first three Liberty Loans. Incomplete returns for the Fourth Liberty Loan show that the Scouts had secured 513,112 subscriptions totaling $69,965,950 with approximately one- quarter of the fields still to be heard from. Inclusion of this amount in the aggregate for the first three drives made the final available figures for the first four Liberty Loan campaigns 1,856,906 subscriptions totaling $276,895,- 450. , . . Exact figures for the Victory Liberty Loan are not available at the tune of publication of this book, but a glance at the foregoing figures will indicate the conservation of an estimate that the total record for the Boy Scouts for the five Liberty Loans will be well in excess of 2,000,000 subscriptions aggregating a figure well over the $300,000,000 mark. In the Fourth Liberty Loan campaign and in the Victory Liberty Loan campaign the Scouts worked under two plans. Plan Number One was known as the "Gleaners After the Reapers" plan, meaning that the Scouts were free to solicit subscriptions during the last seven days of the campaign. Ten or more subscriptions had to be secured to qualif>' for an award. Plan Number Two, used in some communities, covered the entire campaign period. Under plan Number Two it was necessary for a Scout to report twenty-five subscriptions in order to receive recognition. The choice of plan depended upon the wishes of the local Liberty Loan committee, each troop of Scouts acting under instruc- tions to follow the wishes of the Liberty Loan Committee, in order to avoid confliction or embarrassment. THE STORY of the LIBERTY LOANS In the War Savings Stamp campaigns the Scouts cooperated as efficientlyas in the Liberty Loan campaigns. Special red post-cards were prepared by the Treasury Department for distribution by the Scouts. These cards were order blanks for War Savings Stamps. By the spring of 1919 the Scouts reported 2,179,235 red post-card orders for War Savings Stamps on file averaging $19.65 per order, and totaling $42,725,467.75. Under the direction of Chief Scout Executive West, an exact record was kept in the headciuarters of the Boy Scouts in the Fifth Avenue Building, New York, v.here an office staff of three hundred people governing 376,000 Scouts is operated with the precision of clockwork. Sales of bonds and War Savings Stamps constitute the specific record of Boy Scout achievem.ents in connection with the epoch-making War Loans, but in addition to the actual solicitation of subscriptions, the Scouts gave the War Loan Organization an enormous service by cooperating with the Liberty Loan committees throughout the United States in the following activities: Dis- tributing literature, posting; taking part in Victory Loan parades, in Scout bands and Scout floats; serving as messengers, ushers at public patriotic meetings, etc.; making Victory Loan speeches at theaters, schools and other public places; giving Scout demonstrations, playing bugles, etc., at Victory Loan booths to attract the attention of the public; making house-to-house canvasses with V^ictory Loan placards; helping banks as messengers or clerks in connection with the Loan; spreading Liberty Loan propaganda; circulating Liberty Loan slogans; establishing Liberty Loan booths and tents in prominent places; scouring rural districts for possible bond buyers; serving in any capacity in which the Scout uniform and what it stands for would be impressive to the occasion; making themselves generally useful. Extreme care was taken by the Boy Scout Organization to make each Boy Scout sale a real sale resulting from the Boy Scout's personal efforts. For example, there was a provision in the Boy Scout Manual issued by the Treasury Department, providing that a Scout selling bonds to a corporation could not qualify for an emblem under Plan One, unless he appeared personally before the Board of Directors of the corporation, and this board certified that the Scout's arguments were responsible for the purchase. Without counting the Victory Liberty Loan or the more recent sales of War Savings Stamps, the combined results for Liberty Loan and War Savings campaigns for which exact figures are available show a total of 4,036,141 sales aggregating $319,620,917.75 to the credit of Organized Boyhood as exemplified by the Boy Scouts of America in helping to win the Great War. FOURYEARS IN THE FIGHT ■=^ The Women of France We Owe Them Houses of Cheer UNITED WAR WORK CAMPAIGN ^ .-t; 170] JJl] U N ITED WAR WORK C'AMPAI WEALTH OF THE UNITED STATES THE United States is the richest nation in the world. A resume of our national resources is calculated to make us proud of our national achieve- ments and confident of the future, particularly as it relates to the Govern- ment's ability to pay its obligations to bond holders. Including its outlying possessions and surfaces of inland waterways and lakes, the areas of the United States cover 3,743,306 square miles. The known area of the world is estimated to be 57,255,000 square miles. Therefore, in area, the United States represents only 6.4 per cent of the area of the world. Nearly 30 per cent of the wealth of the entire world is in the United States. This country produces more than 50 per cent of the corn supply of the world. It produces 25 per cent of the wheat crop of the world. It produces 66.1 per cent of the world's cotton crop. It possesses 51.9 per cent of the world's coal, 39.9 per cent of the world's petroleum, 55 per cent of the world's copper, and 20 per cent of the world's iron. We possess 37.1 per cent of the world's railways, and produce 30 per cent of the world's manufactures. Immediately following the war, the wealth of the country was estimated at $250,000,000,000. In comparison, the wealth of the United Kingdom was estimated at $93,000,000,000; France $67,000,000,000; Germany $80,400,000,- 000; Italy $29,480,000,000; Japan $25,460,000,000; Russia $60,300,000,000; Austria-Hungary $55,000,000,000. Approximately 30 per cent of the world's manufactures, it is estimated, are produced in the United States. In 1914, when the last census of manufac- tures was taken in this country, the value of the manufactured products that year was given as $24,246,000,000. During the years of the war, the United States was called upon to feed and clothe a large part of the world and it responded with the production of food stufTs that was enormous. The office of the Comptroller of the Currency places the total resources of the banks of the United States at $40,726,438,514.47, in its most recently available report. The Comptroller's report shows that the estimated banking power of the United States, since June, 1914, has increased from $24,340,000,000 to $39,082,- 800,000, a gain of $14,742,800,000, or more than 60 per cent, in the four-year period. The preceding four-year period from June, 1910, to June, 1914, shows a gain of only 15.63 per cent, or from $21,049,000,000 to $24,340,000,000. The stupendous share of the United States in the world's wealth consti- tutes a satisfying reason why the United States is the most favored country in the world in which to live, and why Uncle Sam, when considered in his rela- tion to the other countries of the world, is so frequently referred to as "The Rich Uncle. " He will have paid his war debts while many other belligerents still are struggling with their interest charges. THE LIBERTY BOND ITSELF THE engraving and printing of the Liberty and Victory Loan bonds by the Government Bureau of Engraving and Printing was the most stupen- dous task of its kind ever accompHshed in the history of the world. More than 100.000,000 bonds, or an average of one for every man, woman and child in the United States, were turned out by the Bureau from shortly before the opening of the First Libert}' Loan in 1917 to the close of the Victory Liberty Loan in the spring of 1919. For the first issue 6,060,500 bonds were printed; for the second, 17,363,000; for the third, in excess of 25,000,000; for the fourth, 38,427,000, and the printing on the Victory Liberty Loan brought the total to more than 100,000,000. Of course, many persons bought more than one bond, so this number must not be confused v/ith the total number of subscribers. Each of the bonds was from 9 to 9 H inches long, according to the issue, and if they were formed into a great Liberty chain they would reach half way around the world. Much of the credit for the success of the prompt issuance of the Liberty Bonds is due to James L. Wilmeth, Director of the Bureau. During the First and Second Liberty Loan campaigns, due to the Bureau's unfamiliarity with the tremendous assignments they had, there was delay in delivery. Many persons did not receive their bonds for weeks or months after they bought them. Shortly prior to the opening of the Third Liberty Loan, however, Mr. Wilmeth took charge of the Bureau and immediately installed new methods which made possible delivery of bonds coincident with sales. From the time the paper from which bonds were made was manufactured in New England until the finished bonds were turned in to the Treasury, a care- ful check was kept on every sheet of it. After the bonds were printed, each individual bond was examined for any possible tiny flaw which might have escaped notice on previous occasions. When this was done, the bonds were packed in stacks of 1,000, numbered consecutively and delivery made to the Treasury vaults. The name of the former Register, Houston B. Teehee, appears on every Liberty Bond and Victory note, and thereby hangs a tale. There never was a more interesting man in the government service than Mr. Teehee. He is an Indian, his father having been seven-eighths Cherokee and his mother one- half Cherokee. Until 1910 he was a ward of the Government, despite the fact that he had held municipal and state office. He was made a citizen with full rights that year, however, by the Secretary of the Interior. Mr. Teehee, whose correct name, by the way, is "Di-hi-hi," was successively a farm hand, clerk, merchant, alderman and mayor of Tahlequah, Okla., state legislator, county attorney. United States Probate Attorney, and Register. He inherited his name of "Teehee" from his father, who had been so christened by his Union Army comrades in the Civil War, who found difficulty in pronounc- ing "Di-hi-hi." PUBLICITY CAMPAIGNS PUBLICITY in all of its phases reached its zenith in the Government's various financial campaigns. And, of greater interest to the taxpayer, it reached this great height at a minimum of cost. Talent such as never before had been assembled in any advertising campaign was drawn together from the far corners of the earth to make these results possible, and the work of this talent echoed and reechoed from pole to pole until today virtually no part of the civilized world is not cognizant of the wonders it wrought. It has been said that publicity made the public eye see, its ear hear and its mind know the war. There is much truth in the statement. And when, through publicity, the fine, unselfish, patriotic spirit of America had been aroused, the seed of determination to win the war planted and started growing, the sales force stepped in and with master hands, guided by the greatest business minds of the country, reaped an unparalleled harvest of golden coin. The success of the publicity was due in great part to the splendid spirit of co-operation which permeated the entire publicity organization. The di- rector of each of the twelve districts worked enthusiastically and harmoniously with the national headquarters and with one another. Whenever a good idea was developed, whether in Washington or elsewhere, it was flashed across the country for the benefit of all. Some of the spectacles which accompanied the great Liberty Loan cam- paigns in the larger cities were both gorgeous and inspiring. Notable among these display's was the "Avenue of the Allies" in New York City during the Fourth Liberty Loan, and the "Victory Ways" in New York, Chicago, Boston and Philadelphia during the V'ictory Loan campaign. In all of the great spectacular demonstrations in behalf of the loans, captured German war materiel played an important part. Shipload after shipload of German guns were imported as rapidly as the valorous American soldier captured them and during the last two loan campaigns special trains, all heavily loaded with captured war materiel and samples of American materiel of warfare were operated, so that the war s]:)irit was carried to the most remote sections of the country. Each of these W'ar Exhibit Trains con- sisted of about four flat cars loaded down with war exhibits and a Pullman car filled with Liberty Loan orators. Soldiers in uniform, representing all of the principal Allies, accompanied the trains, and the total mileage covered by these trains in the Fourth Loan approached 100,000. It is estimated that more than 8,000,000 people attended the rallies and in- spected the war exhibits. Most of these were rural residents, who had been hard to reach with the enthusiasm of the war. Each train made four stops a day in villages, and in many cases the size of the crowds attending these rallies approximated ten times the population of the village. Automobiles drove forty and fifty miles to attend these exhibitions. Other national i)ublicitA' features, many of which originated with Frank R. Wilson, the director of publicity, included these: Sending of a "flying 175 THE STORY of the LIBERTY LOANS circus" of about sixty aeroplanes to over eighty cities to exhibitions of dar- ing flying. The awarding of 85,000 German helmets to Liberty Bond sales- men and saleswomen for good selling records. Casting, from captured Ger- man cannon, of several hundred thousand medals which were awarded to Lib- erty Loan workers. Bringing of a contingent of the French "Blue Devils," the French Foreign Legion, a Belgian detachment with dog teams, Italian Al- pini and Bersaglieri and other military representatives of allied countries to the United States for exhibition purposes. Awarding of captured German cannon to cities making the best records in Victory Liberty Loan campaign. Bringing of captured German submarines to this country. Obtaining of foreign and domestic tanks to tour the country. Giving of band concerts by Sousa's Great Lakes Naval Training Station and foreign bands. Allowing 300 cities winning special honors in loan campaigns to name and sponsor 300 hulls built by the United States Emergency Fleet Corporation. Delivering on set dates Liberty Loan sermons by 140,000 preachers. The motion-picture activities of the Government during the campaigns will always remain one of the original and unique advertising campaigns of histor}^ Early in the war, even before the Committee on Public Lifor- mation had been organized, a committee of the motion-picture men was ap- pointed to conduct relations with the Treasury Department. It consisted of Adolph Zukor, Chairman; Marcus Loew, Walter W. Irwin, J. E. Brula- tour and George K. Spoor. General policies of Treasury Department cooperation were outlined by this general committee. The great bulk of the work representing the motion- picture industry fell upon John C. Flinn, Advertising Manager of the Famous Players-Lasky Corporation. Mr. Flinn's keen knowledge of the en- tire motion-picture world, together with his genius for accomplishment, made him a most valued collaborator in the great work of the Treasury Department propagandists. One of the extremely unique ideas developed was that of getting the motion- picture stars to produce short films devoted to stimulating the sale of bonds. This idea was executed by the big motion-picture committee of producers. It required nearly 5,000 prints of these 35 subjects to meet the demand of the exhibitors. The stars who participated in this program included William S. Hart, Mae Murray, Harold Lockwood, Emily Stevens, Mary Pickford, Douglas Fairbanks, Charlie Chaplin, Edith Storey, Mme. Nazimova, Lillian Gish, Dustin Farnum, William Farnum, Charles Ray, Enid Bennett, Dorothy Dalton, Sessue Hayakawa, Wallace Reid, 'Tatty" Arbuckle, Alice Brady, Elsie Ferguson, Enrico Caruso, Billie Burke, William Faversham, Mae Marsh, Pauline Frederick, Mabel Normand, Madge Ken- nedy, Dorothy Phillips, Norma Talmadge, Lillian Walker, Clara Kimliall Young, William Duncan, Earle Williams, Alice Joyce, Harry T. Morey, Corrine Griffith, Gladys Leslie, John Barrymore, George Beban, Mr. and Mrs. Sidney Drew, Mary MacLaren, Monroe Salisbury, Harry Carey, Bessie Love, Jack Sherrill, Ethel Barrymore, Fred Stone, George M. Cohan, Marguerite Clark, Y.W.CA. Back our _^ girls over therev United War Work Campaign ▼ o e < < [178] 179] 1%^ - Our Daddy is fi^htin^ at the Front for You - Back him up- Buy a United States Govt Bond of the 2=^lIBERTY LOAN 0/1917 Lend Your Money to Your Government BUY A UNITED STAf^PlVERNMENT BOND SECOND LIBERTY LOANoFl^ U.S.Treasury will pay you interest every six monttir Bqy A United States Government Bond of the SECOND Liberty Loan Help Your Country and Yourself 182] 1 83 1 THE STOKYofthe LIBERTY LOANS Pearl White, Frank Keenan, Fannie Ward, Ruth Roland, Harold Lloyd, Bebe Daniels, and Baby Marie Osborne. Exceeding perhaps even the star series in originality was the project to dramatize the best deeds of the American soldiers at the front. From General Pershing was procured a compilation of the hundred best deeds of American heroism at the front; a great quantity of actual war materiel, enemy and Ally, was assembled at Camp Dix, N. J., and under the direction of Mr. Fred Hawley there were staged some of the battle scenes that were later shown to the American people. In each one of these stories some individual repeated in front of the camera one of the great deeds of American heroism. In the Victory Liberty Loan campaign alone, the Treasury Department used more than 2,000,000 feet of film. These prints, manufactured at actual cost, were furnished free of charge to the theatres and were exhibited as part of their regular programs. It fell to R. W. Emerson, Chief of the Division of Publication, to purchase all lithographic and printed matter distributed nationally, and his purchases of lithography ne\'er have been exceeded in volume by any man. Mr. Rieg handled the foreign-language press most capably and also per- sonally addressed many meetings of the foreign born. Mr. Minor supplied editorial matter to the country press. F. N. Carr had charge of the national distribution of posters and other advertising material. The author was assistant director throughout all loans save the first, paying particular attention to the daily newspaper publicity. DATA ON LOANS FIRST Loan— Offered $2,000,000,000; subscribed §3,035,226,850; accepted $2,000,000,000. Number of subscribers 4,000,000. Denominations, bonds with coupons attached $50, $100, $500 and $1,000; registered bonds, $100, $500, $1 ,000, $5,000, $10,000, $50,000 and $100,000. Date of maturity, June 15, 1947; redeemable on or after June 15, 1932, on three months' publislied notice, in whole or in part, at par and accrued interest, on any interest day. Interest, three and one-half i)er cent, payable June 15 and December 15; non-taxable. Loan opened officially May 14, closed June 15, 1917. Second Loan— Offered $3,000,000,000; subscril^ed $4,617,532,300; accepted $3,807,891,900. Number of subscribers 9,400,000. Denominations, coupon and registered bonds $50, $100, s$500, $1,000, $5,000 and $10,000. Registered, $50,000 and $100,000. Date of maturity, November 15, 1942; redeemable on or after November 15, 1927, in whole or in part, at par and accrued interest, on any interest day, upon six months' notice by the Secretary of the Treasury in any way he may prescribe. Interest, four per cent; payable November 15 and May 15. Exempt up to a princiiial of $5,000 and above that amount exempt both as to principal and interest from all taxation, local, state and national, THE STORY of the LIBERTY LOANS except estate or inheritance taxes, surtaxes, excess profits and war profits tcixes. (See note.) Loan opened officially October 1, closed October 28, 1917. Third Loan— Offered $3,000,000,000; subscribed and accepted $4,176,516,- 850. Number of subscribers, 18,308,325. Denominations, coupon and regis- tered bonds, $50, $100, $500, $1,000, $5,000, $10,000; registered, $50,000 and $100,000. Date of maturity, September 15, 1928; redeemable date of maturity. Interest, four and one-quarter per cent, payable March 15 and September 15. Exempt same as Second Liberty Loan Bonds. Loan opened officially April 6, closed May 4, 1918. (See note.) Fourth Loan— Offered $6,000,000,000; subscribed and accepted $6,992,- 927,100. Number of subscribers 22,777,680. Denominations, coupon and registered bonds, $50, $100, $500, $1,000, $5,000, $10,000 and registered bonds $50,000 and $100,000. Date of maturity, October 15, 1938. Redeemable at par and accrued interest at pleasure of government on and after October 15, 1933. Interest, four and one-quarter per cent, payable April 15 and October 15. Bonds to an aggregate of $5,000 principal are exempt from all taxes, state and national, except inheritance taxes. (See note.) Loan officially opened September 28 and closed October 19, 1918. Fifth Loan— Offered $4,500,000,000; subscribed $5,249,908,300; accepted $4,500,000,000. Number of subscribers 11,803,895. Denominations, bearer notes $50, $100, $500, $1,000, $5,000, and $10,000, and registered $50, $100, $500, $1,000, $5,000, $10,000, $50,000, and $100,000. Date of maturity, May 20, 1923; redeemable on June 15 or December 15, 1922, on four months' notice, in whole or in part, at par and accrued interest. Interest, three and three-quarters per cent and four and three-quarters per cent, according to issue. The three and three-quarters per cent notes are exempt from all taxation, except estate and inheritance taxes; four and three-quarter per cent notes are exempt from all taxes except estate and inheritance taxes, surtaxes, excess profit and war profits taxes. Notes of either series may be converted into notes of the other series up to four months and one week prior to redemp- tion of notes. Loan officially opened April 21, 1919, and closed May 10, 1919. Note.— The foregoing totals are taken from the official reports of the Loans and Currency Division of the Treasury Department. In some instances they vary slightly from figures reported by states and districts to the war Loan Organization at the close of each loan. In addition to the foregoing exemptions, until the expiration of two years after the date of the termina- tion of the war between the United States and the Imperial German Government, as fixed by proclamation of the President. . . , , ... (1) The interest on an amount of bonds of the Fourth Liberty Loan the principal of which does not exceed $30,000, owned by any individual, partnership, association, or corporation, shall be e.xempt from graduated additional income taxes, commonly known as surtaxes, and excess profits and war profits taxes, now or hereafter imposed by the United States, upon the in:ome or profits of individuals, partnerships, associations, or corporations. (2) The interest recei\ed after January 1, 1918, on an amount of bonds of the First Liberty Loan con- verted, dated either November 15, 1917, or May 9, 1918; the Second Liberty Loan, converted, and uncon- verted,' and the Third Liberty Loan, the principal of which does not exceed $45,000 in the aggregate, owned by any individual, partnership, association, or corporation, shall be exempt from such taxes; provided, however, that no owner of such bonds shall be entitled to such exemption in respect to the interest on an aggregate principal amount of such bonds exceeding one and one-half times the principal amount of bonds of the Fourth Liberty Loan originally subscribed for by such owner and still owned by him at the date of his tax return. Any of these bonds which have been owned by any person continuously for at least six months prior to the date of his death, and which upon such date constitute part of his estate, shall, under rules and regula- tions prescribed by the Secretary of the Treasury, be receivable by the United States at par and accrued interest in payment of any estate or inheritance taxes imposed by the United States, under or by virtue of any present or future law, upon such estate or the inheritance thereof. LEST WE FORGET COLUMBIA UNIVERSITY LIBRARIES This book is due on the date indicated below, or at the expiration of a definite period after the date of borrowing, as provided by the library rules or by special arrangement with the Librarian in charge. DATE BORROWED DATE DUE DATE BORROWED DATE DUE m f^ <> C wtci H iffu c 5* vT^ C28(946|MIOO UN.VE«S.TVt|BRA«j« ^^D'9l tS/f ^^ J\j/\-Ver -•JS tiitZM^S— \lno>mi)So«^ ^- V io.rre d Ne^ 'TTe