The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-11-04
DECLINE OF THRIFT,
From the Chicago Record.

The typical Americ an was once model
Of industry and thrift. From the time Of
the landing of the pilgrim fathers, with
their frugal habits, down to the close of
the civil war period, the average Ameri-
can was not only exceedingly industrious,
but exceedingly thrifty as well. Econo-
my and foresight IN planning against the
wants of the future were virtues highly
esteemed and generally praCticed. .oav-
ing was a habit common to the well-to-
90 and to persons of moderate means
alike. 1t was the practical desire of
nearly every one to have something laid
by to give him that sense of independ-
ence which only cGp come from the pos
session of some accumulated wealth over
the sum required to supply immediate
needs. Every workngman, too, had the
feeling that if he was careful and saved
his earnings he might some day become
a. capitalist and an employer of labor.
The transition from the one class to the
other was easy, a fact which did much
to stimulate habits of industry and thrift.
Following the civil war there was a
period of prolonged and extensive specu-
lation. Speculation engenders extrava-
gance, and in this case the habits of eX-
traYagance seem to have permeated AL
grades of society. The extravaganza of
considerable portion of the very
wealthy in tbs country is a matter of
common notoriety. But in sucn cases
eXtravagant Expenditures do not neces-
sarily interfere with further accretions
of wealth. But with the moderately
well-to-do and the poor it is different.
The tendency to live on the very highest
scale ones income will permit of course
n cans that nothing can be saved. That
is one reason why periods of industrial
depression produce such great hardship.
Sc many are dependent on immediate in
IN fo1nn inn, lfat
few, comparatively, have anything saved
up against the ever-recurrng hard
times" that loss of employment or re-
dustion of wages means serious prIva.
tion almost Immediately. Another rea-
son for the disappearance of habits OF
thrift doubtless is found in the fact that
enterprises are conducted on such a col
ossel scale that it is no longer easy even
Tor the most Industrious and frugal to
advance from the rank of workman to
that of employer, and in some lines it is
impossible. This fact of course DESTROYS
one OF the greatest incentives to saving
that existed in the days when industry
was managed Oh moderate lines.
o
Whatever the reasons, the truth is in
disputable that the American people are
not a thrifty people to the extent that
they were half a century ago. Such a
condition of things cannot but be un-
~ NNiie'NNI bpNil IOI tue people as lll1l-
viduals and for the country as a whole,
Extrayagance and the absence of habits
OF saving in good times explain to a con-
siderable degree the remarkably wide
spread discomfort trat is manifested
whenever times are hard.
The establishment of postal savings
banks would do much to inculcate in
persons or very moderate incomes the
habits of thrift for which the American
once was noted Many who are willing TO
sacrlhce much in order to lay by money
Tor tuture nAeds have been discouraged
IN attempts at saving by their experience
with Insecure banking institutions, At
ter losing money once or twice in bank
failures it is little wonder that some pre-
fer to spend their money rather than
practice self-denial only to see their saw
inss dlssipated in the hands of others to
whom they were intrusted for safe keep
ing. The federal government should es-
tablish postal savings banks and thus
offer to those who desire to take on hab-
It's Of thrift an absolutely secure place o.
deposit for their savings.