El Paso herald. (El Paso, Tex.) 1901-1931, 1915-05-19

II DMUND BURKE says you cannot
=, indict a people Nevertheless, the
American people stand indicted Of
extravaganza The grand jury contains
many eminent names. Leaders in our
financial and Industrial life reach the
conclusion that we are the most waste
ful and extravagant people in the
world
Extravaganza is not confined to the
individual citizens; the city, state and
nation spend money recklessly beyond
their incomes. In the fiscal year 1913
the nine largest cities in the United
states spent. 1852 per capita more than
their revenue receipts 1t is estimated
that the people last year paid out 81
100000, 600 to defray the various ex-
penses Of government; but the indiTidu-
al eXtraTagance Of the people involves a
grand total more formidable than even
governmental extravaganza.
Our Enormous Waste.
Statistics show that Americas bills
for unnecessary and worthless luxuries.
including those items which are not
only worthless. but actually harmful
reach an appalling sum. The total eX-
penditure Of the American people last
year for soft drinks is estimated at
$500, 100000 We spent for beer over
$1,000, O0O, 900, and for VIII sky, wines
and liquors the tremendous sum Of
S2,O0o,OO0 900. One authority places the
expenditure for chewing gum at s25,-
600 600. For cigars, cigarets and tobac-
CO. we paid out a total Of over $500. 000,-
GOO last year. and for candy SAC, 000, 600.
We boast OF our wonderful crops and
look forward to a phenomenal wheat
crop next year as contributing much to
our national prosperity. but we viii
probably spend more for beer than the
gross revenue which we can expect
from a bumper wheat crop.
Small average Saving.
The accumulated savings deposits OF
the American people have now reached
the huge sum Of $4,000, 100000 but Il,
inst sad OF being VIGOROUSLY IMPROVE
dent and eztrava giant, the people of the
cOVntry. as a whole, possessed the
spirit OF thrift shown in the New Eng
land states, and in New York state
where such a. large percentage Of the
population is foreign, our savings de
posits might easily be double or treble
the above mentioned sum.
Demand for New Capital
The great savings and lending ma
lions OF Europe are now out OF the mar
kst As lenders OF money and VIII be
calling their loans to take care Of their
own vast expenditures at home.
We find The people Of this country
face 70 face with the absolute
necessity Of creating their own
great reservoir Of capital from which
to meet the drain Of financing our rail-
road. electrical and other Industrial de-
veloPments, as well as our municipal
and state expenditures Over a year
ago Frank A Vanderlip stated that
$500. OO9. 900 a year Of fresh capital
would be needed to finance the devel-
opment OF the electrical industry alone
during the next five years. THE rail-
roads in five years viii need, say, 81
100000, 900 -four billion for refunding
and fresh capital States and munich
palities VIII absorb in the neighbor-
hood Of SIS 100000. more, so with
the $4,000 O00. 900 the electrical indus
try will need. there should be provid-
ed between now and the end Of 1913
between $1,000 100000 and $4,000, 000,-
600 for these three purposes alone, to
say nothing Of general industrial and
other needs"
It is interesting to note that the S.
derlip. just about equals the total saw
ings deposits Of the people Of the Unit
ed States. A great nation like this can
not stand still-it must either go for
ward or backward in its development,
and II il is TO enjoy growth and pros
perity,. IL must have capital with which
to develop. Without this capital, we
cannot expect prosperity to abide with
US. Not only must vast sums come from
growth and development of this coun-
try, but we must be prepared to pay off
our present debt to Europe European
investors are at present holders Of
American railroad securities to the
amount OF $4,000, 000. 600. The total Of
all American securities held in Europe
is estimated to be not far from s6,OOO,-
GOO 600.
It goes without saying that these Sc
eurities held by European investors viii
be, 10 a large extent slowly but surely