100 years ago in The Record

Friday, Oct. 19, 1917

Now that Troy has to raise $7,000,000 for the Second Liberty Loan campaign of the world war, a representative of the J. P. Morgan company tells local bankers today that “Conservatism must be thrown to the winds.”

Addressing a noon gathering of bankers at the Troy Club, Thomas W. Lamont says that “the raising of the complete quota means that unprecedented methods must be employed.”

Lamont acknowledges that “Troy is not the only city experiencing difficulties in raising its allotment.” Conditions are the same in New York City, the nation’s financial capital, where new fundraising methods “are providing a shock to bankers and business men alike.”

Troy’s goal is equivalent to almost $128,000,000 in 2017 money. Lamont tells the bankers that “it is absolutely necessary [for the federal government] to raise $14,000,000,000 by next June.” The world war has cost the U.S. $50,000,000 a day since the April declaration of war against Germany.

“We are transporting troops, provisions, munitions, etc., 3,000 miles on water and several hundred miles on land,” Lamont elaborates, “Furthermore, the cost of clothing, food and munitions is now 60 per cent above that paid by England at the time she entered the war [in 1914].

“The money to conduct these operations has got to be raised and can be done so in only two ways. Taxation or borrowing. We are now taxed to pretty nearly the limit and any further tax will practically stifle industry.

“Unless the country rallies to the government’s aid and is willing to loan the money, further taxes have got to be levied, even in business is ruined. It is not a question of business with we men now, it is a case of patriotism.”

American citizens fund the war by purchasing Liberty Bonds, which the government promises to repay with interest, through their local banks. Lamont advises bankers not to be satisfied with whatever amount people or businesses volunteer to buy.

“When approaching your corporate customers in the interest of the loan and they decide to take $100,000 worth, you must make them increase this to [a] $1,000,000 subscription,” Lamont urges, “Further, you must offer them a loan of 90 per cent to purchase the bond at 4 per cent.”

At the Troy Public Library, William Crosewell Wilson tells the National League for Women’s Service’s Liberty Loan committee, “If you have not time to care for your houses, your clothing, your church, club and social affairs and yet do this work, you should do this at any rate for this means carrying on the war which will keep the enemy from our own doors.”