offered on April 21, 1919, the books closing on May 10th. The amount offered was $4,500,000,000. These were called Victory Liberty notes, and bear interest at four and threefourths per cent per annum, and mature in from three to four years. It was officially stated that this would be the last Liberty loan, and the Secretary of the Treasury said: "Although as the remaining war bills are presented further borrowing must be done, I anticipate that the requirements of the government in excess of the amount of taxes and other income can, in view of the increasing scale of expenditure, be readily financed by an issue of Treasury certificates from time to time as heretofore, which may be ultimately refunded by the use of notes or bonds, without the aid of another great popular campaign such as has characterized the Liberty loans." The campaigns for this loan lagged at the start, but in the last few days of the campaign there was a great rush of investors and the loan went over the top. Approximately fifteen million people bought Victory notes in the campaign. The total amount of the over-subscription aggregated more than $6,000,000,000.

Another popular method of borrowing was by the War Savings Certificates and Thrift Stamps. These are intended for the convenience of the small investor. These are discount certificates, that is to say, when paid at the end of the five years they have to run, the payment will include the return of the investment plus an amount which will be about four per cent per annum. The War Savings Certificates are made an obligation of the United States affixing to them War Saving Certificate stamps. There are two series of such stamps. One series with a maturity value of $5.00, matures January 1, 1923. The second series, maturing January 1, 1924, is in two denominations, one of $5, and the other of $100. The issue price of the 1923 series, was $4.15 for the month of April, and one cent additional for each subsequent month. Each War Saving Certificate has places for twenty War Savings Stamps, each having a maturity value of $5.00 in 1924, or in case of large stamps of $100 each. These stamps are payable at any Money Order Post Office at maturity, or they may be cashed prior to maturity ten days after written

demand. Loose stamps are not redeemed. United States Thrift Stamps having a face value of 25 cents, bearing no interest, have also been sold. They cannot be redeemed in cash, but may be exchanged for War Savings Certificate Stamps in amounts of four dollars. The owner must pay in addition the difference between that amount and the current issue price of War Saving Certificate Stamps.

Perhaps no agency brought the war more closely to the American people than the great campaigns carried on through the country, in connection with the flotation of the five great Liberty loans. These were conducted with even greater enthusiasm than political campaigns. The whole country was thoroughly organized and every method of influencing public opinion was extensively used. Long before each campaign began the newspapers were filled with advertisements of the most attractive character. Placards of an artistic type were displayed at every point of vantage, and when the campaign itself began it was marked by parades, mass meetings, curbstone assemblies, and every possible method of educating the people.

All financial and civic agencies took an active part in these canvasses and through the big Liberty Loan committees nearly every person in the United States was solicited for contribution. Newspapers, great and small, contributed the use of their columns free. The greatest artists of the land organized to produce impressive posters. Actors, theatrical managers, photo-play producers and their stars all used their utmost endeavors to sell bonds. A definite allotment was given to every town and every district in the country, and flags of honor was sent to each community that exceeded its quota. It was the great ambition of the committees in each district to carry their district "over the top.'

The working propaganda carried on in the moving picture theatres, was especially notable. Not only were appeals to patriotism flashed daily upon the screen, but effective pleas were prepared by distinguished actors and actresses working voluntarily and these plays were shown throughout the country to millions of people. Notable stars traveled the country, speaking at mass-meetings and selling millions of

dollars worth of bonds. The moving pictures showed themselves to be a new power in the land in their wonderful work in influencing people to contribute. Public speakers presented the attractions of the various loans to enormous audiences. Speaking propaganda was thoroughly organized under the direction of a division of Four-Minute Men in the Department of the Committee on Public Information. Mr. William H. Ingersoll, the Director of the Four-Minute Men, organized bands of speakers in every community in the country and classes for four-minute speakers were trained in many of the colleges and universities. These aided the government in their food propaganda, and other patriotic endeavor, but they became particularly important at the time of the Liberty loans, giving four-minute speeches night after night, in practically every theatre in the country whether a photoplay or regular theatre.

Every possible method was used to render impressive the great parades and public meetings organized not only in the large cities, but in almost every smaller center of the nation. Special days were set aside by President Wilson for "the people of the United States to assemble in their respective communities and liberally pledge anew their financial support to sustain the nation's cause and to hold patriotic demonstrations in every city, town and hamlet throughout the land." In the great parades marched divisions of the mothers who sent their sons to the front, carrying service flags often with three, four or five stars for the relatives in service. Brigades of troops sent back from the trenches, or from the Alpine regiments of France, brought the war home to the people.

On the last day of the first loan the Liberty Bell at Independence Hall, Philadelphia, was rung for the first time in half a century, and other bells in all parts of the country echoed the sound.

The wonderful propaganda for the sale of the Liberty loan bonds was not only a wonderful success, but it has had educational value. It has taught to a people, coming from countries all over the globe, a love of their new fatherland. It has stimulated patriotism; it has made America a united people.

TH

CHAPTER XXXI

LABOR IN THE WAR

HE attitude of American Labor in the great war was eminently patriotic. Certain socialistic organizations and anarchistic organizations, such as the I. W. W., antagonized the policies of the American Government, but the great mass of labor, especially the American Federation of Labor, under the lead of Mr. Samuel Gompers, supported the war, after it was once begun, with every effort that they could make. The American Federation of Labor represents, according to Mr. Gompers, fully four million organized workers in America, and in Mr. Gompers they had a leader, wise, patriotic and aggressive.

Mr. Gompers was born in England, but came early to the United States and worked for twenty-six years at his trade as a cigar maker. He has been for many years the President of the American Federation of Labor. Before the war began, he had been a strong advocate of peace. He was, he says, "a man who has seen sixty-eight years of life, and who for more than fifty years of that life, was one of the most active pacifists in the world, belonging to all the peace organizations of America and of the world, who as a pacifist gave his assistance to the movement of labor, to the movement of the men and women of other walks of life, to maintain the peace of the world. But," he adds, "the man or the men who would not fight in defense of freedom, the men who would not fight in defense of their country, engaged in a righteous cause, are unworthy to live and enjoy the privileges of a free country."

Before America entered the war, the American Federation of Labor through their executive council and their annual conventions made various endeavors to bring about peace. In 1915 it proposed that a World's Peace Conference should be held, composed of representatives of the organized labor movements of the world. This plan fell through on account

of the refusal of the labor movement of Great Britain and the federations of trade unions of Germany to give it their approval. It then suggested that a general peace conference should be held to determine terms and conditions of peace at the close of the war, so that representatives of wage earners could be seated with other representatives of the nations in general conferences connected with the formulation of peace terms. And in substance it also suggested the organization of a league of nations to promote peace.

When America entered the war, the Federation of Labor

Invi

realized at once the importance to them of the struggle to save democracy. By March 12th when it had become plain that America would fight, the Executive Council of the Federation approved a proposition submitted to them by Mr. Gompers that a conference should be held to consider the position of American labor toward the war situation. tations were sent to representatives of all national organizations, both those affiliated with the Federation and those not affiliated, asking them to meet in Washington, in the Federation of Labor Building on March 12th. There were present at that conference 148 representatives of seventy-nine affiliated