The Washington herald., 1917-06-23
BANKER urges
. PENNY THRIFT
Lamont Wants English Sys
TEN of National Saving
- Adopted Here.
IpedaI 70 The Washington Herald.

CpcCaAl 70 1uG W hA1u1ukDDu hcfNlu
Lake Placid, N. Y. June 2e.-Thomas
w. Lamont. OF J. P. Morgan & Co..
speaking before the New York State
Bankers' Association tonight, declared
that in twenty-nine months, wage
earners and small investors had lent
to the British government 3s5o.ooo. 900,
and that to finance the war success
fully, America should speedily adopt
the English system for war time saw
ings.
The organization of a National War
Savings Commission. which, through
local or community committees, will
interest workmen in saving pennies
ments in government securities or
small denominations. was the princi-
pal recommendation Of his speech.
Elimination OF household waste in
food. sacrifice OF unnecessary en-
ployes so that a maid could take the
place Of a man and release the latter
for work which a woman cannot do,
and simpler menus, were some OF the
domestic reforms he advocated. He
said in part:
ITO Englands first war loan of
81, 80, 10000 in November. 1914, there
were only 10000 subscribers. To her
early this year there were 1900, 900 sub
scrioers. What was il caused this
tremendous increase In national in
terest. this wonderful financial sup
port from every part OF the nation
insthe prosecution OF the war? 1t was
thrift. the habit OF saving and invest
ing; a habit formed by a whole peo-
pie. working with one definite end in
view.
Now we are in the war. and we in
America must determine whether,
during the conflict, our government Is
destined to have the whole-hearted
and enthusiastic support of the ma
tion. This question ! regard as the
most pressing one before us today. You
here are in a position TO take the
thrift and saving upon scientific
basis in New York State, just as IL
has been established in Great Brit
air. And the whole nation must fol-
low suit, If We are TO render real sup
port TO the government in its prose-
cution of the war
Americas financial resources are
now called upon to provide not only
for the expenditures of the allies in
this country, but also for funds TO be
expended by our own government.
probably at the rate OF $1,000 900 TO
SA-rNsAHNVg pei Noss lii NNNAp
ping and maintaining our military
forces.
We are well aware that the liberty
loan is only the first of the issues
which the government must bring out
in order 10 meet our increasing war
expenditures. And IL we are to float
successfully these successive issues,
all the people must invest on a heavy
scale. just as they have in Great
Britain and France Two-thirds of
the average earnings OF every family
in Great Britain were devoted to the
victory loan last January, The re-
suit came fFcTn the united EFFORT OF
millions Of aeo2ie. EclpI without
things they otherwise would have
bought. Americas liberty loan. just
completed with success. has meant q
monumental EFFORT in the way OF mis-
sionary work. A great number OF
people who never before bought a
bond contributed to the total result.
Some Of the wage earners, who patri-
otically subscribed. are probably still
uncertain about just what has hap
pened, and are still a little hazy
about what they are to receive in re-
turn for the weekly deductions to be
made from their wages in paying for
the bonds. And yet. IL the American
people were lending to their govern
ment in the same proportion of the
CONTINUED on PAGE THREE.