Our Government is asking us for another war loan. College men should not only be ready to buy Liberty Bonds, but to encourage buying on the part of everyone whose income will more than provide the necessaries of life. Everyone who can spare any money without depriving himself of something which is absolutely necessary for health, strength and usefulness should turn it over to the Government.

Aside from the obvious patriotism of such a cause, there are several reasons why all right-minded people should put all the money they can spare into Liberty Bonds. To insist on spending it for some thing which one does not really need is to bid against the Government for the man power, the fuel and the raw materials which it so much needs. All our money should be spent for something which is really needed either by the individual or by the Government, in order that all the man power and resources of the country may be employed where they are needed.

Entirely apart from the needs of the Government, it is a wise thing for the individual to buy Liberty Bonds instead of things which he does not now need, however much he may desire them. In the first place, if one intends to buy a luxury, now is a poor time to buy it, because prices are inflated and one will not get very much for one's money. The same money, if one will save it, will buy more after the war is over and prices have returned to a normal level. A Liberty Bond is as good as cash and can readily be turned into cash. Besides, if one will save the interest one will have more dollars to spend later on than now. This, together with the fact that each dollar will purchase more then than now, makes it to the individual's advantage to postpone the purchase of all but the barest necessaries.

It is better, also, for industry in general that the individual who has money to spend for luxuries should postpone it until the war is over. To spend money now gives employment to men when they do not need it, when jobs are abundant and labor scarce. To spend it then will give employment to men when they need it very much, when millions of men will be released from the armies and the munition factories, when men will be numerous and jobs relatively few. To spend money now while the Government is spending so much is only to increase abnormally the total spending and inflate prices. To spend it then, when the Government reduces its expenditures, will tend to keep up the total rate of buying to a normal level and therefore prevent stagnation and depression. The money which is invested in Liberty Bonds will serve as a reservoir into which our surplus purchasing power may now be diverted and stored, to be released again when the war is over.