William G. McAdoo to Oscar T. Crosby

(COPY)
Crosby
Treasury
Washington

Please telegraph me at Denver immediately your best judgment as to the prospects for success of loan upon returns received to date. If the spirit and enthusiasm of people I have met are any indication the loan ought to be over subscribed but that of course is not enough to depend on. Unremitting work to the close will be necessary. I wish you would confer with Comptroller Williams, Governor Harding and with Governors of Federal Reserve Banks within reach of you and ask their best judgment as to whether it would not be a wise precaution to request all member banks of their district to underwrite in addition to their actual subscriptions an amount of Liberty bonds equivalent to five per cent of their resources upon the understanding that such underwriting will not be treated as oversubscriptions and will not be resorted to unless necessary, if practicable we might ask the larger state banks outside system to join in this underwriting. This would put success of issue beyond question. If they think some such plan should be adopted I will make the request direct to the banks transmitting it of course through the Federal Reserve Bank of each district. I think the more optimistic tone of the Washington despatches is helpful while it is well to play upon the fact that subscriptions thus far received are far short of total required nevertheless we should not appear so gloomy and despondent as to cause discouragement throughout country, the under subscription thus far should be used as a club all the time to impress upon the people the necessity for continued and redoubled effort. Hope you are well and that all goes well.

McAdoo.