St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1913-10-15
Not All Over Extravagant

Nearly everyone feels that the aV-
erage American is living beyond his
means, that many people are run
ming automobiles that can i'll afford
to, and a day of reckoning must soon
come. Common observation creates
such an impression and developes a
pessimistic spirit in many The
records of the Americans however
do not seem to confirm this i'm
preston regarding the people as a
7 whole or in Vermont either.
The annual report of Vermont
Bank Commissioner F. c. Williams
show that the increase in deposits
in savings banks and saving banks
and trust companies increased during
the year previous to June so, 1913,
was 1888, 294.S9, much the largest
4 increase Of any year in the history of
I the state. There was an increase of
\ $3.50 in depositors who reside in
the state of Vermont and in their
deposits of $6,566, 66O.38. This
does not represent the total savings
of the people of the state but the
increase in their savings for the
last fiscal year and makes a very
stable sum TO be saved during
year. 1t is an average saving Of
SSH to $4,000 people, the ap-
prOXimate population of the state.
The report further shows that
of this sum of $6,566, 66O.38, So
los, 1S8.79 was in deposits of more
than $4,000 each. There was an
increase in the number of these de-
positors Of 1889. This represents
the more wealthy class of citizens
many of whom deposit in the banks
to escape the inconvenience of
taxation and so do not represent the
thrift of the people of small means.
The increase in the number of small
er depositOrs was 6,710 and their
deposits increased $1,45S, 471.59.
These figures represent the people
of small means and is an encOurag-
ing sign of thrift. 1t must represent
very largely the laboring class and
not people who purchase the aUtOmo-
biles The figures to show the
earning capacity OF these depOsitors
are not available but we believe that
much larger proportion of these
depositors earn less than $1,000 per
year and that people in that class
will show much more thrift and
ability to save than people earning
from $1,000 to $4,000 per year.
Here is the showing Of savings of
Americans for a period of fOrty-twO
years or from 1870 to 1912 as taken
from the reports Of the Bureau Of
Statistics and comptroller of the
Currency. The number OF Americans
having savings banks deposits in
1870 was 100000, in 1912 over
100000. The deposits in the
savings banks in 1870 amounted to
$3.50, 100000, in 1912 to $4,000
100000, an increase Of eight and
three elevenths fold. The pOpula-
ton of the country only doubled in
this same period So it will be seen
the American people of small means
are saving about four times as much
as they did forty years ago. These
figures viii surprise many and should
replace a large amount of pessimism
with optimism regarding the aver
age American resident. We wish the
figures might be obtained to show
whether or not we are right III our
belief that the lower middle class, !
or people earning salaries of from
$1,000 to $4,000 per year, are really /
the most improvident and the least |
prepared for a rainy day" Of any /
class in this country 1t IS a sub
ject worthy of serious thought and /
a fact that should be known if we are
to have social Justice"