Every community that reached or exceeded its quota to the loan was entitled to raise a flag of honor specially designed for the purpose. At least 32,000 communities gained the honor and raised the flag. To strengthen the financial basis of the nation's war industries and use monetary resources to the best advantage the War Finance Corporation bill was passed by Congress and approved by President Wilson on April 5, 1918. The two main purposes of the act are to provide credits for industries and enterprises necessary or contributory to the prosecution of the war and to supervise new issues of capital. The act creates the War Finance Corporation, consisting of the Secretary and four additional persons, with $500,000,000 capital stock, all subscribed by the United States. Banks and trust companies financing war industries or enterprises may receive advances from the corporation. Former War Loans of the United States A Historical Retrospect _The United States Government asked for $2,000,000,000 on the First Liberty Loan in the Spring of 1917, and $3,034,000,000 was subscribed by over 4,000,000 subscribers. For the Second Loan, near the end of 1917, $3,000,000,000 was sought, and $4,617,532,300 was subscribed by 9,420,000 subscribers._ _The Guaranty Trust Company of New York in a recent brochure reviewed the history of the various war loans of the United States, beginning with the Revolutionary loans, as follows:_ When the patriots at Lexington "fired the shot heard 'round the world," the thirteen Colonies found themselves suddenly in the midst of war, but with practically no funds in their Treasuries. The Continental Congress was without power to raise money by taxation, and had to depend upon credit bills and requisitions drawn against the several Colonies. France was the first foreign country to come to the aid of struggling America, the King of France himself advancing us our first loan. All told, France's loan was $6,352,500; Holland loaned us $1,304,000; and Spain assisted us with $174,017. Our loan from France was repaid between 1791 and 1795 to the Revolutionary Government of France; the Holland loan during the same period in five annual installments, and the Spanish loan in 1792-3.