Liberty Loan in order to hurt America and help Germany. The domination of "American capitalism" is a mere blind to obscure the service they are trying to render to the capitalists and militarists of Germany.
For the composition of the National Council of Defense, I am sorry that more labor men and farmers are not on it, but I wish they could be put on in addition to, not as substitutes for, the men of means who are on it, for these men of means, taken as a whole, have at much cost to themselves rendered devoted and invaluable service to the Nation. Their absence would be a general calamity to America and a great aid to Germany, and all true lovers of America should recognize this fact. I know some of these men personally, and those whom I know have sacrificed time, effort, and money in order to be of help to the Nation at this juncture. In fact, I have never known more devoted public service than that they rendered at this crisis.
It is unpatriotic at this time to attack good Americans because they have capital and are trying to make this capital of service in the war. Capital is necessary to business and industry, and in this war industrial efficiency is almost as necessary as military skill. The factories at home are almost as important as the armies in the field. Wise war taxation of capital and profits is eminently necessary, but it must not go to an extent that will interfere with production and the forward movement of business, or widespread calamity would result.
