The Germans, who affect to sneer at Americans as dollar-
worshippers, will be disagreeably impressed by America's readiness to spend her dollars on the war. The second Liberty Loan of £600,000,000 has been a triumphant success. Over ten million persons have subscribed for bonds to a total amount exceeding £1,000,000,000, and the whole cost of advertising the Loan, on a scale such as America has never known before, was borne by private citizens. By a happy coincidence there came, just before the lists were closed, the first American bulletin from the fighting-line, where some American battalions, supported by American guns, are now holding trenches side by side with the French. America is pouring out her money like water in the cause of civilization, and her young men in their millions will soon be fighting for the great ideals that are at stake The echo of the first shot fired by these "embattled farmers " in France must have resounded through Ger- many like a death-knell.
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