ared (June 15, 1917), but there was a rally at
the last moment by small investors, and the lists closed with the loan
greatly oversubscribed.

Germany had been watching its progress. There were lulls during the
month in which the loan was under issue and Germany was eager to see
in a passing slowness of response a popular unwillingness to shoulder
the burden of war and an apathy that she welcomed. The people had no
spirit for the war and it was largely a bankers' loan, said her
spokesmen. Anticipating this criticism the Government, aided by the
press, publicists, and bankers, conducted a propaganda which
successfully impressed the country that a large popular
oversubscription could not be misconstrued by Germany, as it would
convince her that there would be no stinting of national resources by
the United States to aid the Allies in encompassing her defeat. The
result showed that a request for $2,000,000,000 had been met by a
response of $3,035,226,850 from over 4,000,000 investors, mainly for
small amounts. The success of the loan, especially in its appeal to
modest purses, was imposing. Secretary McAdoo of the Treasury thus
expressed the Government's gratification:

"The widespread distribution of the bonds and the great amount of the
oversubscription constitute an eloquent and conclusive reply to the
enemies of the country who claimed that the heart of America was not
in this war. The result, of which every citizen may well be proud,
reflects the patriotism and the determination of the American people
to fight for the vindication of outraged American rights, the speedy
restoration of peace, and the establishment of liberty throughout the
world.

"The Congress pledged all the resources of America to bring the war to
a successful determination. The issue just closed will serve as an
indication of the temper and purpose of the American people and of the
manner in which they may be expected to respond to future calls of
their country for the necessary credits to carry on the war."

The operation of the Selective Draft law provided a simultaneous
opportunity for a display of patriotism. Acting under its provisions,
the President in a stirring proclamation issued on May 18, 1917,
called upon every man in the country between the age of 21 and 30 to
register his readiness to be called upon for army service at the
designated registration place within the precinct where he permanently
resided. It was a call to the nation t