Why Buy War Bonds?
To finance the war—To help curb inflation— To lift public morale by fostering a sense of total participation in the war effort
MILBURN MCCARTY JR. '35, Chief of the Press Section, War Savings Staff, U. S. Treasury Department, has at our request written a message to Dartmouth men on the War Bond campaign. He is in charge of the entire press promotion program of which we have seen and heard much. Mr. McCarty was editor of The Undergraduate Chair of the ALUMNI MAGAZINE in 1934-1935. His brief statement on the objectives of the drive follows: " (I) Financing the war effort through voluntary purchase of war securities will insure the adequate flow of weapons and materials needed to equip victorious military forces.
"This method also will help to pay for the war while building up a reserve of savings as a cushion for the period of post-war industrial readjustment.
"Further, the money Americans invest in War Bonds lessens the burden of taxes for war financing. If War Bond money were not available to pay for the war, taxes would have to be levied to cover the entire expense.
" (2) The retirement of earned income from the buying market, and into the channel of War Bonds, can be a major factor in checking inflation. People who buy War Bonds will get their money back with interest. If the same money were spent too freely now, it would lessen the value of all dollars by causing inflation.
"The withdrawal of earned income from the buying market actually makes the war cheaper, by holding down the prices of goods. Those prices will effect the final extent of the nation's war debt.
" (3) War Bond buying not only can stimulate a sense of proprietary interest in the war, but it can also encourage habits of thrift which in the future will make it possible for us to:
Assure the education of our children. Assure buying power at the end ofthe war. Assure that factories which will cease producing war goods whenpeace comes will not stand idle for lack of consumer buying power. The return of these factories to normal production of consumer goods will in turninsure business against a depression.
"For Dartmouth men and their families, nothing could be more forcefully brought home than the education insurance feature of War Bonds.
"At this writing Americans are buying Bonds at the rate of some $600,000,000 a month. That is by no means hay, particularly if you stop to realize that it means $24,000,000 worth of Bonds are bought every business day, or $4,000,000 worth every hour the banks are open!
"But it isn't enough. Our war effort isn't enough yet; neither is our Bond buying. We must win more battles, and we must buy more Bonds. If you aren't buying your 10% worth every pay day, you should. And you should start now, for the Nazis are not going to wait.
"And don't forget—these Bonds pay 3 interest within ten years. That's a good investment, as those of you who took Doc Spooner's Math course will remember."
MILBURN MCCARTY JR. '35 Chief of ihe Press Section, War Sav-ings Staff, U. S. Treasury, Washing-ton.
