The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1915-08-06
LAYSSTRESS0N
POPULAR SAVING
National City Bank Points Out
That Such Action Helps
Country to Front.


Country to Front.
The National City bank of New
York, in it's monthly bulletin, affirms
that citizen who saves money
enough to provide in comfort for his
old age is patriot, for he is also
helping to place his country in the
fore front of industrial progress. The
bank points out that this country has
in it's power more than any other to
repair the ravages and make good the
losses of the war, by saving. It says:
ut would be a fortunate thing if
knowledge of the destruction and
waste going on in Europe would
prompt the people of other countries,
including the United States, to make
a study of practical economy, and
of its benefits, not only to the individ-
ual in saving something for rainy
day, but to society as whole in
providing capital for industrial adj
vancement. In these days of grow
ing social consciousness perhaps not
enough emphasis is laid upon the last
named results of saving. No great
undertaking, the purpose of which
is to increase the supply of articles
of common consumption, can be car
ried out without capital, and capital
is provided by savings. If the war
has checked the progress of the world,
as we know it has, savings, wherever
made, will help to counterfeit the
effects.
"There is common but mistaken
idea that people of wealth render a
public service by spending money in
extravaganza living. This is on the
theory that they are distributing it,
but they would distribute it just as
effectively if they paid it out for any
industrial movement, and in that
event instead of there being nothing
to show for the disbursement there
would be a permanent addition to the
productive wealth of the country.
Thus, if $4,000 is spent upon dim
ner, there is, indeed, distribution
for music, flowers, service ETC., but if
the same amount is spent for draining
a swamp a similar distribution oc-
ours and there is also permanent
increase in the food supply of the
community.
1.-THE people of this country are far
more able than any other people to
increase their savings, first because
their income is always much larger,
and again, because they are now suf-
fering less from the war than any
other people. This country, therefore,
has it in it's power to do more than
!. any other to repair the ravages and
make good the losses of the war.
"There are other reasons especially
applicable to ourselves for encourage
ing saving at this time. There is
now afforded the best opportunity this
country will ever have to buy back
it's own securities from foreign own
ers, thus coming into more complete
ownership of the properties they rep
resent, and there is also the oppor-
tunity to make the United States a
creditor nation by means of invest
| ments in other countries, particularly
the developing countries of this hem
isphere. The people of these coun-
; tries are now, more than ever, ex-
pectant and hopeful that we will be-
come interested in them, and rela-
tons may be established that will
become of great mutual value. Fur
thermore, when the war is over, there
will be extraordinary opportunities for
the use of American capital in other
parts of the world, not only for direct
profit, but in ways that will create
permanent outlets for American
goods.
ut would be fine thing for every
citizen of this country to save money
enough to provide in comfort for his
old age; that is an admirable purpose
in itself, but when it is considered
that in so doing he would not only
protect himself but help to place
his country in the forefront of the
worlds industrial progress, another
motive is added, worthy in itself of
national propaganda.