New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-11-25

reached and shows again the great
ness of the task to be performed.
How can we meet these enormous
demands? 1t is not sufficient that
we merely turn over to the govern
ment our dollars in the form Of taxes
and loans. For when we say
that the government must have
SIS, OOO,OOO,OO0 this year, we
mean that it must be supplied
with goods and services valued
at that amount-wheat, cotton, wool,
coal, copper, steel, ETC., and the SER
vices of those engaged in the govern
ment service. The available supply
of all these products has already
been greatly depleted by three years
of immensely destructive warfare,
and if our government and our al
lies are to be furnished with what
they require for the successful prose
cution Of the war, it is clear that
we must undertake the Thrift CAM
paign upon a vigorous scale.
For nearly three years business
in America has been working at high
pressure. Since July 1, 1914, we
have exported more than $13,OOO,-
100000 in merchandise, or almost
double the amount exported in the
preceding three years. Profits have
been large and in many industries
wages have been heavily increased.
This great prosperity has been large
ly due to expenditures of the Allies
in this country, and has, to use the
words of Sir Stafford Northcote,
"begotten in US a habit and even a
taste for expenditure such as it is
much easier to acquire than to get
rid Of"
A Problem for
Each One Of Us
Economy, however, now becomes
a common obligation.
Every man and woman must, as
Herbert c. Hoover has pointed out
with great force, tackle this saving
problem individually. No one can
arrange the other fellows econo-
mics. What would you do if you
suddenly found your income re-
duced by a certain amount? That is
the question each must ask himself.
That is the situation facing each
one of us. Business will continue
to be stimulated by a huge volume
of public expenditure and there
should be no lack of employment.
But all energies will be devoted
toward war. Goods for private con-
sumption will be in less supply, and
the needs of the government will re-
quire a large portion of our income,
in the form of taxes and loans.
Our problem to-day is the prob
lem that England faced two years
ago. How shall we teach ourselves,
how shall we teach every man, wom-
an and child in the country to save?
A committee appointed by the
British Chancellor Of the Exchequer
to study the question reported in
January, 1916, that two important
objects were to be attained by the
successful solution of the problem
first, the reduction Of general con-
sumption, such reduction tending to
check the rise in prices; and, second,
the raising Of a certain sum of
money for the prosecution of the
war. In order to accomplish these
results, the committee pointed out
the need of a campaign for savings
and Of the placing of certain facili-
ties within reach of everybody.
These facilities were: First, a simple
method of investing savings; Sec
ond, a guaranty that the capital
value of the investment would not
depreciate; third, the ability to
withdraw savings at short notice
and, fourth, the knowledge that as
high a rate of interest would be paid
on the money Of the small investor
as on that Of the large.
Tapping
Peoples Savings
The government promptly ap-
pointed a national War Savings
Committee. This committee has
established, on a large scale, volun-
tary war savings associations for CO.
operative saving, and devises, ap-
proves and supervises plans to pro-
mote and to safeguard the financial
soundness of these savings associa-
tons. Through the medium Of these
associations wage-earners and others
are enabled to purchase on the in
stalment plan what are called war
savings certificates. These certifi-
Gates are issued by the government
through the Postoffice Department
at a cost Of 15s Cd (about $3.S5)