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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.
This great oversubscription powerfully upheld the public credit and, thereafter, the position of the Treasury remained secure; but altogether, $262,000,000 in bonds had been sold to maintain its solvency.
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.
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