Belding banner. (Belding, Mich.) 1889-1918, 1916-08-09
Talks on Thrift

The world had forgotten how to be
poor. 1t was ashamed to practice
thrift. Wealth had been increasing
prodigiously without saving. The ad-
vent of machinery and the increased
efficiency on the part of men had
been creating wealth faster than it
could be consumed. The homely vir-
tue of thrift had disintegrated. No
body had to save. When capital was
required, it was created, not by saw
ing or by cutting out waste, but by
creating more of it. The farmer did
not cultivate his land better but more
of it. The individual who apired to
better living did not economic, but
worked harder. The miser had become
but fiction.
A generation or two ago everybody
carried a purse. 1t was a lot of both
err to spend a nickel. But the old
wallet has disappeared and we now
have "change pocekt," and wear it
out by frequent journeys thither. We
have been a race of MASTERS, and have
justified our waste by our power to
earn.
Then came the war. Everybody
was so rich that the world thought it
could fight on stored capital. Why
save a few hundred millions to pay
for war that cost millions? 1t
would be a brief struggle at best.
Why not pay for it on borrowed
money? Only recently has it dawn
ed on the people of Europe that they
have stopped creating new capital,
been destroyed the old in suicidal
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 herioc, and mea-
sures are now being taken every
where 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.
Having adjusted itself to thriftless
conditions, the world cannot suddenly
depart on a new thrift idea without
doing considerable damage. For in
stance, if everybody should stop GO
ing to the movies it would save lot
of money, but disrupt thousands of
firms and cut down the income of
other thousands relying on this in
dustry. We could do without many
things, but the sacrifice would be
costly to someone. With no surplus
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 is merely conversion
of wealth. Germany has been limit
ing the consumption of Injuries.
Great Britain 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 contrast with the plight of Eu-
rope. the United States is the only
lending nation on earth, now having
surplus capital. 1t is the only coun-
try that can really save-whose
thrift is not forced. Not only be-
cause of our unique position, but be-
cause of cultivated now, thrift will
make us the biggest moneyed factor
in the world. Thrift was never fas-
hionable, but ought TO be always. Eu-
ropes loss must be our gain, and our
gain will be lasting onlv 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
mar inO Ire zanith