Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1907-08-08
POIICQ| Comment.
SAVINGS of the PeapIe

Judged by the steady increase in
the deposits of money, that represent
the surplus of the many, prosperity is
moving along as usual The savings
Of the people are piling up at a rate
never exceeded. A bank on the east
side of New York City reports that its
deposits have reached S10O,00OOOO for
the first time, and these credits are
held by $4,000 persons. The average
deposit is 1862, and by law, no one may
receive interest on more than $1,000 in
any New York savings bank. Its de-
posits for several years have been grow
ing at the rate of S6,000,0O0 a year,
and the gain was as great as ever dur
ing the last six months. Another saw
ings bank in the same city reports de-
posts exceeding S91, 100000, owned by
10000 depositors, an addition of 5000
new depositors since January l last.
One Of Philadelphia savings banks
has deposits of more than 100000.
But this condition is not peculiar to
the East. 1t is general Throughout the
country. In all the banks of Texas,
deposits have passed S5O0,OOO,0O
largely composed of small savings. Dur
trial conditions improved, with a gen
eral demand for labor at good wages
an increase has been noted in savings
deposits everywhere in the United
States.
The habit Of saving is Of great ma
tional import, and it is gratifying to
find it 50 widely established IN this
country. If each inhabitant saved 81
a month the sum would be $4,000, 600
at the end of each thirty days, or ST.
020OOO,0O0O year. A saving Of even
one dime month by each American
would produce more than S1O0,0OO,0OO
year. In France it is small savings
that enable the peOule to loan vast
sums to foreign countries and enter
prises. Russia turned to France for
borrowed billions. Japan is going there
for its latest loans. At the end of the
war with Germany, the thrifty French
indemnity imposed. Saving is so uni
versal in France that a child there
acquires the habit as easily as if it
were part of natures environment.
Forty millions of saving people make
a strong combination. The population
of France may be stationary in CEN
Sus count of men, women and children,
but when all are trained in practical
economy they stand at the front in
material we'll being, and in that pru-
dent provision of money for the future
for which no substitute is known when
unexpected difficulties come.
AS long as this reserve of ready cash
belonging to the multitude continues
to grow, prosperity will abide in the
land, for general savings are another
name for abundant employment with
good pay. Wall street may make wry
faces over the investigation of some
corporate methods, promoters Of crop
sensations may exert themselves to the
utmost, and jingoes may prance to
break down speculative prices, but a
nation of busy workers can feel that
all is we'll as long as their labor is
wanted and affords a return with an
encouraging margin for savings. Much
money is withdrawn from the savings
banks from time to time to go into
real estate, but there never was per-
iod when depositors were so little dis
posed to try plunging or go into get
rich-quick schemes. Good times are
still here, and the people can do much
at the ballot box next year to maintain
them Indefinitely.