The Washington herald., 1917-06-23
urges penny Thrift

national income that England lent
this year, the total for America
would be not a $2,OOO,OOo,0o0, but
$4,000, 900 liberty loan.
Reaching Wage EarnerS-
The great problem, then, Is. how to
reach the great army Of wage earn
ers, and with them create an army OF
savers and investors? The carrying
on Of a war necessarily involves enor-
nous expenditures by the govern
ment A large portion OF these (esti-
mated by some as high as 50 per cent?
goes directly back into the wage tund:
1t therefore becomes matter Oh
great public importance that all the
people remaining at home, and par
ticipating In the prosperity brought
about by public expenditures on
large scale, should be brought fully
to understand the advantage OF THRIFT
and be induced to practice 1t. Only
in this way can we create an tmpor-
tant savings fund, to be employed in
the purchase Of the governments oD-
. legations
] IN Britain, after two and one-haf
years of war. for every t1ye men at
the front there were eight people at
home ready to back them up with
their money. To put in another way
what 1 have already said, If in proper
ton to population, We had had as
many subscribers as there were TO the
last bElLLSn Wal AOdlAp We SAAOAAA AAoAfS
had 20,OOO 900 subscribers to the liberty
loan.
our problem today is the problem
that England faceu two years ago:
How shall we teach every man, wom-
an, and child in the country to save
and become an investor IN the govern
ment's obligations?
A committee appointed by the chan
cellor OF the eXChequer to study the
question reported in January. The
recommendations of this committee
were adopted by the chancellor Of the
exCheQuer, and resulted in the ap-
pointment of the national war SAVINGS
committee to carry on educational
work; to establish, on large scale,
voluntary war savings associations
for cooperative saving; and to devise,
approve, and supervise various plans
to promote and to safeguard the tnan-
Cial sOundness Of investment agencies
and societies.
The way chosen for. doing this was
the setting up Of local central COM
mittees throughout the country, each
responsible for its own area. These
local committees are organizing bodies
L and do not receive money. The local
Lcommittee organizes the war savings
associations which, in turn, receive
money and collect subscriptions for
government securities.
Pay Sd. Weekly.
The War Savings Associations are
cooperative organizations for the pro-
motion OF economy and thrift, and
for the providing Of means whereby
War Savings Certificates OF Fl denoln-
nation can be purchased on the IN
stallment plan. Each member OF the
association pays in Cd. a week Cor
any other minimum sum that may
be fixed by the association and when
a members 1nstallments paid in aS-
SAVINGS Ger
tifIcate is delivered to him.
In the twenty-nine months between
the outbreak Of war and the end
of December, 1916, the small investor
had lent to the British government
in ore form or another, $3.50 600.
In January and February, 1917, over
10COO new associations were formed,
and in these two months the total
subscriptions of the small investor
for the victory war loan were at least
500 66O O0O
There are now in England and Wales
over 100000 members upon the books
of the " ar Savings Associations, and
6.OOO,lOO more individuals purchasing
through the postoffices.
Meals Restricted.
II once we realize what others are
= giving up it is no great sacrifice to
arrange our households so that maid
can take the place of a man and
woman cannot do; to eat more sim
ply. so that less wastage occurs. In
England, rs You know, the number
of courses in a meal is restricted
by law and heavy fines are imposed
for violation Of the rules laid down.
To do without should be a matter
of pride. a subject for praise.
OF course We shall be charged with
disturbing business all along the line.
Yet it is absurd to talk of business
Inc Ta1 NnT1,a kaNv WlNN
million men subject to draft for the
front, subject to withdrawal from their
customary pursuits and turned into
consumers.
II I were asked to sum up the ad-
vantages in our adopting some such
England, 1 should mention three
POINTS: First. by concerted saving,
those things we have to buy will cost
us less than they otherwise would, in
competition with the government,
which has first call on all products II
needs; second. an enormous reservoir
Of collected savings will be put at
the disposal Of the government, which
has to have the money and should get
It from each one of US In proportion
to'his means; third, at the end of the
war those who have saved and invest
ed. each according to his efforts, will
have laid by a share in the best Sc
curity the world offers: an asset
bound to serve the holder for many
years to come.
Finally a most important considera-
| ton in the participation by all the peo-
] pie in this habit OF saving. and of in
.yesting these savings in securities,
lies in the fact that the whole people
are thus educated to the purchase
and ownership Of securities, thereby
giving hope that our great industries
in the future may be even more demo-
cratiZed than today; that the number
of investors in the securities Of our
railroads, our public utilities and our
industries generally will be so in
creased that no man, woman or child
in the country will be without direct
and vital interest in our governmental