U.S. Jews to Buy $1,000,000,000 Israel Bonds; Nationwide Parley to Sanction Decision
Menu JTA Search

U.S. Jews to Buy $1,000,000,000 Israel Bonds; Nationwide Parley to Sanction Decision

Download PDF for this date

The four-day economic conference on Israel, attended by 44 American Jewish leaders, concluded here last night with a resolution declaring that if the Israel Government decides to float a $1,500,000,000 loan, American Jewry should subscribe $1,000,000,000 to it within three years.

The resolution also called for the expansion of the United Jewish Appeal and for stimulating private investments from the United States in Israel’s enterprises. The conference urged the convening in the United States “at the earliest possible date” of a nation-wide parley of representatives of all elements in American Jewry to sanction the decisions adopted here.

The resolution was presented to the conference by Rudolf Sonneborn, of New York, and seconded by Stanley C. Myers of Miami. Following the adoption of the resolution, Premier David Ben Gurion declared that he is greatly encouraged by the deliberations with the American Jewish leaders. He expressed confidence that American Jewry will buy $1,000,000,000 bonds within the next three years.

The Israel Premier highly praised Henry Morgenthau’s contribution to the success of the United Jewish Appeal and characterized him as a great American who served his country well in a decisive era of world history and turned, after retirement from government service, to devoted service to the Jewish people. Reaffirming the determination of the people of Israel to solve their current problems, Mr. Ben Gurion said: “No difficulty will hold us back. Israel will be a light to humanity in its way of life, and a lessen in brotherhood. It will serve as an example of human will, courage, vision and greatness.”

In appreciation of their contributions to the upbuilding of Israel, each member of the American delegation was presented by Premier Ben Gurion with an autographed copy of Israel’s Declaration of Independence and with a bronze replica of the seal of the Jewish state.


Israel Foreign Minister Moshe Sharett, commenting on the results of the economic parley, said that the American delegation dealt with matters affecting “the very existence and future of Israel.” He expressed the belief that this conference will leave its mark on Israel’s history. Lauding the United Jewish Appeal, Mr. Sharett said that the U.J.A. must continue on an intensified scale. At the same time he appealed to the American delegates to launch the Israel loan “with the strongest possible impact on American Jews.” There is full justification for the U.J.A. as well as for a mass loan, he stated.

Benjamin G. Browdy, president of the Zionist Organization of America, pledged that the Z.O.A. would sell $100,000,000 in bonds to support Israel’s three-year immi- gration and development program. (See full text of the U.S. delegation’s resolution on page 3.)

Prof. Hayim Fineman, of Philadelphia, leader of the Labor Zionist Organization of America, pledged the wholehearted support of the Labor Zionist movement in America for the sale of bonds. He said the bond drive would receive top priority in his organization’s work if and when the Israel Government decides to float a worldwide loan. Mrs. Rose Halprin, president of Hadassah, announced that the women’s Zionist Organization of America would give fullest support to the bond drive.

Louis Lipsky, chairman of the American Zionist Council, declared that the meeting was the “first great conference of American Jews with the Israel Government and represents an important step towards cementing bonds of friendship and understanding.” Dr. Emanuel Neumann, former president of the Z.O.A., said the conference is a turning-point in the history of work for the upbuilding of Israel. He opined that the United Jewish Appeal is a “precious instrument and nothing should be done to impair its effectiveness for Israel.” He urged that the Z.O.A.’s potentialities be used more fully and that greater emphasis be placed on developing confidence in the state of Israel and in its financial and economic stability.”

Henry Montor, director of the United Jewish Appeal, said the U.J.A. cannot presently provide funds needed to meet the critical situation outlined by Premier Ben Gurion. “While Israel’s banner is a major factor in fund-raising in the U.S., Israel is not a a major beneficiary of the funds raised,” he said. He stressed that local communities are cutting down their share of funds for Israel and are giving more money to purely local needs.

Nicholas Kirschner, veteran South African Zionist leader and sole representative of South African Jewry to the Jerusalem economic conference, declared today prior to returning to Johannesburg by air that he had high admiration for the American delegates. “I was deeply impressed with the Americans, with their high-mindedness and sincerity and their desire and will to do all they can to help Israel today in the great tasks undertaken by the new state,” he said. “The Americans displayed the spirit of a great community towards the events that are taking place in Israel.”

Founding Funders

The digitization of the JTA Archive would not have been possible without the generous support of the following donors:
  • The Gottesman Fund
  • Righteous Persons Foundation
  • Charles H. Revson Foundation
  • Elisa Spungen Bildner and Robert Bildner, in honor of Norma Spungen
  • George S. Blumenthal
  • Grace and Scott Offen Charitable Fund