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Never has the country shown ;ts faculty for .great enthusiasm to better advantage -than in the welcome it. has given to the new British War Loan. The public under- stands what this loan ineiiis. The condi- tions under which It is issued will stand ¡WE-Y tN,t as n business proposition, but the loan has not been regarded aa a mere in- vestment. It has been, is, and wiU be the oKeTing of the people of this country for )h(. ,'¡'c!enlpti/nl 01 their sons under nre. It is. a loan whose success will shorten the war and so save a Y':lst host of lives whose number we cannot reckon, :\Ioreover, the ration's response to the appeal of the war- government is a pledge to our Alliias that their sacrifices for the common cause will net have been made in vain, a.nd it is a message to our enemies that the assault of -tiride and greed and spite on ctviiisation .nd freedom wiU bring upon them the con- tequences by which justice will be vindi- cated. whe British people are giving their cR'erings Tladlv and without stint to thf '&ationa,l 'ea.Iùry in order that they may build up fè. future temple of peace. They $re invests in safety for the ')e to come, -f-r the 5 a. v their song .m ';heir gons' ?ons. Mr. Bonar Law, in a powerful speech; in which he explained the terms and the significance of the war, at the Guildhan of the City of London, told us the position of udr adversuries. The.'tbuge military machine which they have built up as the supreme monument of their worship of might is still strong, but necessarily it rests on a foundation whose stability depends on the life and labour of the people in Germany, a,nd. as the Chancellor of the Exchequer :uMrmed: Th<:) German military machine, 'be perfection of which we all recognise— and if it had been used in a better cause n,nd by better methods we could have ad- mired—that inach' -iL, itj-ijJ working, but not t'uite Ko emciently as earlier in the war. But tJiat great military machine I believe. .Hid I think I have reason to believe, is rest-ing on an internal foundation winch is crumbling visibly before our eyes." The rulers of Germany are watching with tense anxiety to appraise the results of the British Government's appeal, as it will affect German hopes and German policy. They are asking themselves if they can dis- cern any sign that the resolution of the British nation ia failing, that those who have money to invest are beginning to doubt the soundness of British national credit, that the call for practical patriotism i-; evoking a he.-dtating or tardy response. We know what we have to teach these scrutineers. In proportion ng the lesson is prompt and sharp it will be effectind in the 64a.ine proportion the war "will be shortened. It is because the, Prussia enemy is watching and measuring his hope and fear by the strength of those sinews of war, which it is our duty now to supply, that the War Loan claims the moat con- spicuoug possible success among the masses of the people. It is the unity a.nd determinati.on <'f the British workers and wage- owners that our vigilant antagonists dread lst, and only that unity and determina- tion can drive them to despair. For this reason the number of these who brin.s,' "new money" to the rational Exchequer as buyer,, of the Loan Stock is as important as the sums brought. 'J Each .65 invested now in the Allied cause endorses that re- solve to reconstitute Europe and re-estab- ]ish the world's peace which is nrmly stated in the reply of the Entente to President Wilson's Note, and which embodies the die tales "f the conscience of enjightened humanity. There is ju.st one question .vhich every Bt:t"'n throughout the hind has to afk himself this week: "Do i want this war to end f,oon in victory for the hlds in the King s uniform, and, if so. am I 6ghting their foes and mine with every pound thah T can possibly put into the new War Ix)a,n': —————- ——————

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