For all this money was needed, and in May and June the first Liberty Loan of $2,000,000,000 was put before the public in an intensive campaign of publicity. Mr. McAdoo proved himself an extremely able advertiser of the public finances, and with the vigorous cooperation of banks and business men the loan was more than 50 per cent oversubscribed. There were other and larger loans later, but after the success of the first one there was no doubt that they would be taken; the first great accomplishment in national financing was almost as much of a surprise to the public as the ready acceptance of the draft. Early in April the railroads were put in charge of a committee of five railroad Presidents, who were given great powers in the combination of facilities for better service. But the system did not work well, and on Dec. 26, 1917, the President announced the assumption by the Government of control of the railroads for the war emergency, with Mr. McAdoo as Director General. Nineteen hundred and seventeen, then, saw the Wilson Administration undertaking far heavier burdens than any previous Administration had attempted, and meeting with a measure of success which was beyond all prediction. The most powerful nation in the world was getting ready for war on an enormous scale, getting ready slowly, to be sure, but with a surprising ease and a surprising harmony. The nation which had re-elected the President in November because he had kept it out of war was whole-heartedly behind him from April on as he led it into war. But great as was the President's moral authority at home, it was still greater abroad. The principles proclaimed in his address of April 2, and repeated and elaborated later in the year, became the creed of almost every political element in Europe except the German military party. The Russian revolution was still a liberalizing influence, in the early part of the year, and self-determination began to be proclaimed over all Europe as the central principle of any satisfactory peace settlement. In the allied countries, where Mr. Wilson's forbearance toward Germany had been heaped with ridicule for the last two years, he became over night the interpreter of the ideals for which the democratic peoples were fighting. Hereafter in any negotiations with Germany the President by general consent acted as the spokesman of all the allied Governments, and the peoples of the allied countries accepted his declarations as a sort of codification of the principles of the war. It must be left for the historian of the future to decide how much of this deference was due to appreciation of the President's service in clarifying the allied ideals, and how much to his position as head of the most powerful nation in the world, whose intervention was expected to bring victory to the Allies.