The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1908-10-08
Thrift and Economy.

West Virginia
Thrift and Economy.
'sThe cultivation of a spirit of thrift
and economy among the masses OF
the working class, the farmers, me-
chanics and artisans, is of the utmost
Importance, and more than anything
else will prove the salvation of the re-
public, But there are other points
to be considered in looking over this
matter. There is abundant reason
for believing that many millions OF
dollars of the money resources of the
country are being hoIrded and kept
out of circulation by persons who, In
view of the uncertain security oher-
ed by private and stock banking con-
Germs, as demonstrated by their con-
slant failures, are not willing to trust
their savings In such institutions, or
even in ordinary State banks and
Trust companies; and in times OF
stress and financial uncertainty, when
suspicion hovers and affairs look
threatening, runs and senseless pantcs
occur. and million are withdrawn
from circulation and put out of sight
and use, to the serious detriment or
all sorts of business enterprises In
which ready money must always be
at hand, or easily obtainable at all
times. At best, even in normal times,
the volume of our circulating medium
is none too abundant. and in order
to answer the purpose of trade the
steady current of circulation must be
continually flowing, otherwise COM
merce will either be paralyzed In
part, or the entire fabric will be
threatened with Generalization and
ruin. It Is believed that, during the
panic a year ago. wnen many banks
and such institutions failed, or were
forced temporarily to close their
doors, $3OO,OOO,OOO was drawn out
and kept out of circulation, and much
of it is still out, buried, or in safe
deposits, or old stockings, in hiding.
For this reason ready money could
hardly be obtained for the require
ments of business, excep at enormous
rates of interest, and this condition,
to some degree, still continues. Rail-
roads have not been able to complete
projected work and started improve
ments, and hundreds of workingmen
are out of employment.
I'm 1907 about $94,O0O,000 money
orders was drawn by foreigners in
this country and these orders were
sent home by them. 1t Is fair to sup
pose that very large part of this
amount went into Postal Savings
Banks in those countries. Foreign
ers often go to postofices in times
like those last year and ask to leave
their money for saEekeeping. They
know how secure government savings
banks are by experience.
Earnings of Masses.
ut is evident that there is needed
in this country some sort OF institu-
ton for the safeguarding OF the
earnings OF the masses, which shall
furnish absolute protection for saw
ings; such protection as will not al
low a doubt to enter the mind OF
those who are unable to protect them
selves; and one which will pay a.
small rate of interest for deposits.
If the establishment OF such sys-
TEN is practicable, guaranteeing alb
sclute surety for patrons, and haV-
ing such elements OF strength as to
insure confidence at all times, wheth-
er quiet or panicky; so placed at hand
as to be easily reached and always
available in all sections OF the coun-
try, by every class of people; with
such connections financially that the
funds deposited shall always be avail
able for use in the ordinary business
channels, we shall have the remedy
long sought for, one which will. when
put into operation, be of infinite
worth, automatically controlling
critical situations, preventing panics,
and constantly and naturally furnish
ing the circulating medium necessary
so that lively prosperity and con-
fidence shall always be maintained at
a permanent and normal stage.
Our energetic and farsighted
Postmaster General. mr. Myer. has
recently brought to public attention
and is impresslng forcibly and sys-
on the people, with a
view to their education, project for
the establishment of a Postal Savings
Depository system in connection with
the operation of our postal, service
similar to those which have for many
years been in operation in foreign
countries-Great Britain, Austria,
France, Hungary. Canada.
India, ireland, Italy, Netherlands,
NJavv S0utb ValeR New Zealand, RUS