st that has accrued."

This advertisement made a good many people sit up because it brought
home for the first time one concrete use of the money absorbed in war
loans.

The National War Savings Committee had two things to sell. One was the
Five Per Cent Exchequer Bond: the other was the new Fifteen and Six War
Savings Certificate. The promoters were quick to see that while the
Exchequer Bond was very desirable, the principal effort must be
concentrated on the War Savings Certificate for which the widest appeal
and the best selling talk could be made.

That it was a good "buy" nobody could deny. It was the obligation of the
British Government: it was free from Income Tax: it could be cashed in
at any time at a profit: and it made the owner part and parcel of the
financing of the war. Every post office and nearly every bank became a
selling agent. In short, it was a simple, cheap and worth-while
investment absolutely within the scope of every one.

At the outset the sale was restricted to those whose income did not
exceed $1,500, the purpose being to keep the investment among the wage
earners. So many munition workers were receiving such large incomes
that this ban was removed. The only limitation imposed was that no
individual could hold more than 500 Certificates. This did not prevent
the various members of a family, for example, from each acquiring the
full limit.

Having decided to make the War Savings Certificate its prize commodity,
the Committee proceeded to launch a spectacular, even sensational
promotion campaign. J. Rufus Wallingford in his palmiest days was never
more persuasive than the literature which now fairly flooded Great
Britain.

The phrase "Your King and Country Need You" that had stirred the
recruiting fever now had a full mate in the slogan "Saving for Victory"
which began to loosen pounds and pence from their hiding places. The
injunction that went forth everywhere was

"WORK HARD: SPEND LITTLE:
SAVE MUCH"

From every bill board and every newspaper were emblazoned:

"SIX REASONS WHY _YOU_ SHOULD SAVE"

Here are the reasons:

1. Because when you save you help our soldiers and sailors to win
the war.

2. Because when you spend on things you do not need you help the
Germans.

3. Because when you spend you make other people work for you, and
the work of every one is wanted no