Daily capital journal. (Salem, Oregon) 1903-1919, 1913-05-30
TALKS ON THRIFT.
Eo. 22-Mistaken oppOsition to Saving.

No 22-Mistaken Opposition to Saving.
"Thrift began with civilization.
Fl began as soon as men realized
that it was necessary to provide for
tomorrow as well as for today. 1t
began long before money was in
vented. Thrift means private econ
omy as well as the order and man
agement of a family. Samuel
Smiles.
Some persons are trying Industrious
ly to spread abroad the foolish idea
that it is useless for workingman to
attempt to save money. They argue
that if he does save his wages will be
reduced proportionally; that if every
body saved it would bring about a
panic, and that the state ought to pro-
vide old age pensions anyway.
These so-called arguments are neith'
er economically sound, nor are they
borne out by common sense and ex-
perience.
Even if there were an "iron law of
wages" tending to reduce them to
minimum, in this country we can de-
pend upon the labor unions to counter
act any such tendency, while it is a
fact that the thrifty man is the best
workman and all employers recognize
it. A large employer recently said:
"We are always glad to find that an
empioye has savings account, for
then we know that there is strong in
fluence at work developing his charac-
ter and adding to his integrity of pur-
pose. Give me the boy who saves to
make the man worth while. "
As far as the danger Of panic and
hard times because Of everybody saw
ing money is concerned, no one need
worry about that. In the first place,
because there will never come time
when everybody will save. The spend
thrift, like the poor, we shall always
have with us, and it is partly because
we have so many of the former that we
have so many of the latter.
Then, if saving did become general
as it should, it would not mean that
people were boarding their money in
old stockings, bureau drawers, or even
in safety deposit boxes. The money
would be deposited in banks and
through them used to help along busi-
ness and industry, or it would be in
vested by the savers direct The point
that is overlooked by such critics of
saving is the fact that it is really cred
its and not cash that is being saved
when people deposit money in the bank
for the reason that the bank immedi.
ately turns around and lends a large
part of its deposits to persons who use
it for useful economic purposes. An
other thing to be remembered is that
the workingman dollar, which is not
of much use in itself, when deposited
with hundreds and thousands and mil
lions of other dollars and its productive
value is corrspondingly increased.
Another foolish objection to saving
made in some quarters is that the
state ought to provide old age pen.
sions and then a man wouldu t need to
save.
For the average man to give up all
idea Of saving on the possibility Of the
state taking care of him in his old age,
is as foolish as it would be for him not
to work at all because somebody might
come along and offer to do his work
for him.
Besides, old age is not the only thing
for which a man should save-there
are opportunities and emergencies in
everyday life that he has to meet,
There is sure and simple way to
provide for a comfortable old age. It
consists of making the most Of the ac.
tive years of your life, Not only in
earning money, hut also in saving it.
Every time you make deposit in
the savings bank consider that it is
providing just so much more for your
necessities and comforts later on when
your earning capacity diminishes and
comes to an end, as it surely will.