The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1910-09-22
PASSION TO SPEND
BANKER cRlTlclsEs CONDUCT or
AMERICAN PEOPLE.
Uses the Almost Universal Desire gol
Automobiles a. a Text From
Which 20 Preach q Sermon
on Economy.

lon Of Joseph 4. Talbert. vlce-presi-
dent Of the National City bank Of New
York Mr.. Taihert. who spoke before
the Texas BANKERS association. said
that there does not appear any
where to exist IN the conduct
Of national. municipal or individual
affairs. that appreciation Of the eco
nomical and prudent use OF resources
and that adjustment Of expenditures
10 means and incomes which always
have been found necessary 70 the
support Of prosperity and TO the
maintenanee OF q condition OF
solvency.
The speaker cited the automobile
craze as a case IN point we are
sQuandering on pleasure vehicles an
nuaily sums OF money running into
hundreds Of millions Of dollars he
continued. The initial cost Of auto
mobiles 70 American users amounts /
10 not less than s250.000.000 a year.
The up-keep and other necessary en-
penditures. as well a. lncidentala.
which would not otherwise be IN
Cured. amount TO At least a. much
more. THIS vast sum Il equivalent
IN actual economic waste each year
to more than the value o. property
destroyed IN the San Francisco hre--
perhaps to twice a. much. This sum.
a. large as Il Il. does not Include the
whole economic loss growing out o.
this single item Of Indulgence. The
thousands Of young and able-bodied
men employed IN manufacturing ma
chimes and IN running and earlng for
cars. are all Withdrawn from prcduc-
tive usefulness: they become consul
mers Of our diminishing surplus pro
duets and constitute an added bur
den to the producers. The economic
influence Of this withdrawal from the
producing and addition 70 the con
suming class. Is bound to b mani.
Tested IN q tendency 70 higher prices.
It's effect already must Be consider.
able. and Il comparable only 70 The
Of an enormous stand
ng army
Thousands upon thousands o. our
people. frenzied BY desire for pleas {
no and erased By passion 70 spend. /
lavo mortgaged their homes. pledged
heir ne Insurance policies. with
lrawn their hard-earusd savings
rom banks 70 buy automobiles: and
ave thereby converted their modest
lssots into expanding and dsvouring
lnbilifisa- The spectacle 4 astound-
ng.
In ne matter q individual en- y
enditursa Il IL the fashicn now 70 Be y
70 the point Of wnstafnl- q
ess. and the fashion IL running r4o9. p
adiri1ual thrift IL considered not =
'ersly misery boarding. but q 10 Z
'oksd upon a. . vice and q thing 10 >
. dsspised- Il b said that lhis d
o. q day Of small things. and that n.
salth. 81 wealth goss nov. may ne
niger Be accumulated By The
ov process Of savings and econ b
MES. This may be true n We shall
sasure wealth only By billions Or
lndreds Of millions. but. Just &c 81
rely as there ever existed virtue IN
.onomy. OF contentment and lnds-
n frugality. they are there
day. and just a. surely as lndlvidu-
and national sxfrayagancs ever o.
to . day Of reckoning they are
ing 80 today. Among nations. and n
nOng individuals. permanent wealth
d material progress are the results -
{ 80 much Of natural resources
they are tn products Of economy
q thrift: not alone economy IN the
Is Of production. but economy Of
The maintenance Of the present
h level Of prices Il dependent upon hu
} sustained purchasing power Of
J individual which IN turn depends -
y largely. II not wholly. upon the :.
Dansion Of credit. Herein lies one =
the chief elements Of weakness and
lger ia the situation.
II the banks may By increasing @
ns create credits. which IN turn aga
ats purchasing power and a sus- the
red demand for high.priced goods COW
reby still further advancing prices the
the benefits Of which all classes list,
re- except those who possess fixed lfs
Jmes. Il may be asked why this Il thrr
good; why not continue to pro the
e the general ability to spend: tile.
: not continue giving 70 each In arc,
dual an amount Of enjoyment. The
~ and pleasure unknown before,
ieularIy when all this may be ac
plished By merely Increasing Al
- The simple answer Is that Il has
rot be done because IN the long side
every act Of wastefulness and Of y
, Item Of extravaganza must be for
for TO the last farthing; every Ing
consumed must be earned" Gale
!. Talbert also discussed the dan whei
Of the country losing ifs great ueo.
, balance and Of adding an I'D. "A
, trade balance TO the other debit asr
. which run against this country
10 extent Of hundreds Of millions ~,
pillars a year. Mr.. Talbort est. .oeee
q these items at q total Of $780,. ~
90. including 500. 900. 900 spent N.
u BY American travellers. $500,