The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1917-11-02

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habits Of thrift for Jul people, and 1t
means vast accumulation Of capital
in a world that will sorely need cap;
ital,
Financial Prominence
America is in a position to take a
place of financial prominence in the
world, but whether she does take that
place or not lies not with the bankers,
not with the government. but in the
will of the people to save.
If some of the vast earning power
if this country can in a fair proper
ion be diverted through the channel
If savings into new resources for in
lestment, America will easily take the
irst position in financing the recon
;truction OF the world.
Investment Capacity.
We are going to discover through
.hese sales of Liberty bonds that the
Investment capacity of the United
states is beyond anything heretofore
lreamed of. The first Liberty loan,
/ our times larger than the largest loan
,ver placed in America before was in
,hree months completely absorbed by
investors.
Practically none Of it remained in
he hands of the banks, either in the
form of investment Or as collateral for,
customers loans. No one familiar with
Investment conditions would have
leemed that possible.
People have begun to save TN or
Ter that they may invest. They are
'ealizing that the war must be fought
with future savings, that pas. savings
ire already invested and are In fixed
forms of property that cannot be de-
,,oted to the purposes of the war. AS
hat lesson gets thoroughly into the
minds Of 1O0,OO0,OO0 people and they
begin with a will to save, in order
hat they may invest, the possibilities
IN the way of creating fresh invest
ment funds will prove beyond the
widest imaginings of what might be
the total investment fund in the coun-
try. ..
Sensible economy practiced by the
people will not mean stagnation in
business.
With the government seeking to buy
goods and services for itself and the
allies to an amount approximating
$40, 900, 900, 900 a year, there can be
40 idleness. There can only be the
most extreme activity in nearly all
ines Of industry.
| doubt very much-and l express
his only as a personal view-that the
government will be able to spend the
..otal appropriated. Not because 1t
may not be needed in the promotion
of the war, but because it will be i'm
possible to produce the goods.
Imperative Necessity.
There will be a most imperative ne
cessity that people analyze their ex-
penditures, and buy nothing but what
is needful; not so much that they may
save money to lend to the government,
IS that they must save manpower
from doing unnecessary work.
All this is not going to bring stag
nation to business. The governments
activities, the complete labor employ
ment, high wages, high prices of all
agricultural produce, should make up
a period of intense industrial and COM
mercial activity. BUSINESS will be
greater than ever before; but it will
be somewhat different in character.
The maker of unnecessary Injuries
may suffer. for the time being, but he,
and all of us, must recognize that we
cannot go on producing all the things,
and unnecessary, that we
have been producing, and in addition
produce $40. 900, 00O, 900 worth Of other
for the government.
The war is going to reveal our finan-
cial resources in such proportion that
their. extent will astound the world. It!