Early in September, 1914, the Government made the first War Loan issue. It took the form of £50,000,000 of 5 per cent. Treasury Bonds with a five years' currency, and a 5 per cent. Loan of undefined amount, irredeemable until 1924. The price of both the Treasury Bills and the Loan was 97-1/2. During the ten days in which the lists remained open, a tremendous propaganda was carried on in the Press--this quotation is typical: "The victories which our glorious Army has already won in the west and east justify the hopes that now, as in 1870, the expenses and burdens of the war will fall ultimately upon those who have disturbed the peace of the German Empire. But first we must help ourselves. Great interests are at stake. "German capitalists, show that you are inspired by the same spirit as our heroes, who shed their hearts' blood in the fight. Germans who have saved money, show that you have saved, not only for yourselves, but also for the Fatherland. German corporations, companies, savings banks, and all institutions which have blossomed and grown up under the powerful protection of the Empire, repay the Empire with your gratitude in this hour of fate. German banks and bankers, show what your brilliant organization and your influence on your customers are able to produce." _Times History of the War._ [Illustration] _LIBERTÉ! LIBERTÉ CHÈRIE!_ Soldiers,--Upon the memorable fields of Montmirail, of Vauchamps, of Champaubert, which a century ago witnessed the victories of our ancestors over Blücher's Prussians, your vigorous offensive has triumphed over the resistance of the Germans. Held on his flanks, his centre broken, the enemy is now retreating towards east and north by forced marches. The most renowned army corps of Old Prussia, the contingents of Westphalia, of Hanover, of Brandenburg, have retired in haste before you. This first success is no more than a prelude. The enemy is shaken, but not yet decisively beaten. You have still to undergo severe hardships, to make long marches, to fight hard battles. May the image of your country, soiled by barbarians, always remain before your eyes. Never was it more necessary to sacrifice all for her. Saluting the heroes who have fallen in the fighting of the last few days, my thoughts turn towards you--the victors in the next battle. Forward, soldiers, for France. FRANCHET D'ESPEREY, _General Commanding the Vth Army._ _Montmirail, September 9, 1914._ [Illustration] _THE JUNKER_ "_What I have most admired in you, Bethmann, is that you have made Socialists our best supporters_"