The story of the four great Liberty Loans that preceded the signing of the armistice can never be adequately written. It is regrettable that it cannot be told in all its richness of enthusiasm and desire to be of service, its hard and willing work, and its lavish outpouring of money from men, women and children of every economic class and social condition who thus proved their determination to support the men in khaki who had gone overseas to maintain the integrity and uphold the ideals of the American Union. For if it could be told in all that fullness it would be one of those great stories of humanity that for centuries retain their vital spark and their power to thrill and inspire. A flame of passionate purpose swept the country and caught into its burning ardor almost every home in the land, whether on isolated farms, in remote mountain valleys, in thriving towns, on poor city streets, or on mansion-lined avenues. The nation asked the people to buy, in the four loans, a total of $14,000,000,000 worth of bonds, and they over-subscribed even this vast amount by $4,800,000,000. It was by far the greatest financial achievement ever carried through by any nation in response to appeals to its people. The First Liberty Loan took place in May and June, 1917, when subscriptions were asked for bonds to the value of $2,000,000,000. There was an oversubscription of more than fifty per cent, amounting, in round numbers, to $1,035,000,000. But as the issue was limited to the amount offered none of the oversubscriptions could be taken. There were over 4,000,000 individual subscriptions, of which ninety-nine per cent were for amounts ranging from $50 to $10,000. There were only twenty-one subscriptions for amounts of $5,000,000 and over, and they aggregated somewhat less than $190,000,000. The Second Liberty Loan occurred in October, 1917, the amount asked for being $3,000,000,000. The final returns showed an oversubscription of fifty-four per cent, or somewhat more than $1,617,000,000, half of which the Treasury Department was authorized to accept. The loan was taken by 9,400,000 men and women, of whom ninety-nine per cent, subscribing in amounts ranging from $50 to $50,000, took nearly two and a half billion dollars. The Third Liberty Loan took place in April, 1918, opening on the anniversary of our entrance into the war, when bonds were offered to the amount of $3,000,000,000. These were over-subscribed by more than $1,158,000,000, the full amount being allotted by the Treasury Department. The number of subscribers was 18,300,000, of whom 18,285,000 subscribed for amounts ranging from $50 to $10,000.