The daily telegram. [volume] (Clarksburg, W. Va.) 1901-1926, 1916-05-18
The stnr Of Thrift.

poor. It was ashamed to practice
thrift. Wealth had been increasing
prodigtously without saving, The
advent Of machinery and tho incroas-
ed efficiency on tho part OF mon had
been creating wealth faster than It
could be consumed Tho homely ylr-
tue of thrift had disiptegrated. Mo-
body had to sayo. When capital was
REQUIRED, 1t was created. not by cav
ing or by cutting out waste, but by
creating more OF 1t. The farmer did
not cultivate his land better but more
of 1t. The individual who aspired to
better living did not economic, but
worked harder The miser had be-
come but fiction.
A generation or two ago everybody
carried a purse. 1t was lot of bother
to spond a nickel. But the old wallet
has disappeared and we now have a
change pocket" and wear 1t Out by
frequent journeys tlither. We have
been race of MASTERS, and have justi-
fed our waste by our power to earn.
Then came the war. Everybody IVES
30 rich that the world thought 1t could
fight on stored capital. Why save
few hundred millions to pay for war
that cost billions? 1t would be brief
struggle NJ best. Why not pay for 1t
on borrowed money? Only recently
has It dawned on the people of Europe
that they have stopped creating new
capital, been destroying the old In sui
cidal amounts and only close economy
and thrifty living on the part of all can
save the world from bankruptcy.
The governments first borrowed. all
they could: but realizing that they
would soon exhaust their borrowing
powers turned their attention to tax
alton and to thrift. This process has
been SOLDERING and heroic, and meas
ures are now being taken everywhere
In Europe to meet the rising cost of
war by thrift plans These methods
involve sacrifice, huge taxes, and a
willingness to do without, and involve
far reaching economic changes.
GFaving adjusted itself to thriftless
conditions, the world cannot suddenly
depart on new thrift idea without
doing considerable damage. For in
stance. IL everybody should stop going
to the movies 1t would save lot of
money, but disrupt and bankrupt
thousands Of firms and cut down the
income Of other thousands relying on
this industry. We could do without
many things. but the sacrifice would
be costly to someone. With no sur
plus income. as a people, the millions
of Europe cannot begin to save without
destroying more than they save. They
cannot. strictly speaking, save at all.
They can only stop spending except
for necessities and spend for war; but
that ia merely a conversion Of wealth.
Germany has been adopting extreme
measures. and has been limiting the
consumption Of luxuries. Great Brit
ain has thrift campaign on, and all
unnecessary imports will be curtailed.
But habits are not changed In day
and the efforts OF spendthrifty nations
to be thrifty are pathetic.
In contract with the plight OF Eu-
rope, the United States is the only
lending nation on earth, now having
surplus capital. 1t is the only country
that can really save-whose thrift Is
not forced. Not only because of our
unique position, but because II culti-
waited now, thrift will make use the
biggest moneyed factor In the world.
Thrift was never fashionable, but
ought to he always. Europe's loss
must be our gain, and our gain will
be lasting only as we make the habit
lasting, Europe must learn how to be
poor again, while we must learn how
to be rich. But we cannot afford to
be too rich. losing our heads for riches
while Europe's poverty pays the bill.
Every dollar you save now helps along
in the good work. Americas star Of
thrift Is nearing its zenith,