The review. [volume] (High Point, N.C.) 1908-19??, 1917-06-28

without things they otherwise "ouio
have BOUGHT. Americas liberty loan.
lust completed with success. has
meant a monumental effort in the
wav of missionary work. A great
number of people who never before
bought a bond contributed to the
total result Some of the Wage-earn-
ers, who periodically subscribed, are
probably still uncertain about just
what has happened and are still
little hazy about what they are to
receive in return for the weekly de-
auctions to be made from their wa
ees in paying for the bonds. And yet,
if the American people are lending
to their government in the proper
ton of the national income that
England lent this year, the total for
America would not be two billion
loan, but a fourteen billion dollar
Liberty loan.
HOW TO REACH THE WAGE-EARNERS.
The great problem. then, is, How
to reach the great army OF wage
earners, and with them create an
army of savers and investors The
carrying on of a war necessarily In
wolves enormous expenditures by
the government A large portion CT
these ESTIMATED by some as high
80 per cent? come directly back
into the wage fund and therefore
becomes a matter of great public
importance that all those yet re-
naming at home, and participating
in the prosperity brought about by
public expenditures on a large scale
should be brought fully to under,
stand the advantage of thrift and be
induced to practice it Only IN this
way can we create an important
saving fund, to be employed in the
purchase of the government obli-
cations.
The problem of conserving. the
earnings of people of e> cry class and
position, and especially the problem
of creating an army Of small In
vestors, was first carefully consid-
cred by Great Britain in the autumn
of 1915. There had been, as | have
pointed out, only about 100000 SUBJ
scribers to the first war loan of ST.
$50 100000 issued in November,
1914. There were about 100000
subscribers TO the second loan of ST.
93O,OOO,OO0 issued in July, 1915. The
population of Great Britain is about
460,00,OOO, from which 100000
men have been withdrawn for SER
vice in the army. In January, 1917,
8 100000 subscribers took the third
war loan tthe victory loan) of S.
FOOO,00O,O00.
BACKING UP THE MEN IN THE TRENCHES.
In other words, after two and one
half years of war, for every five men
at the front there were eight people
at home ready to back them up with
their money. To put it another way
what have already said, if the pro-
pc rtion to population, we had as
many subscribers as there were to
the last British loan, we should have
had 100000 subscribers to the
liberty loan.
Our problem today is the problem
that England faced two years ago:
now shall we teach every man, Wo-
man and child in the country to
save and to become an investor in
the governments obligations?
A committee appointed by the
chancellor of the excheQuer to study
the question reported in January,
1915, that two important objects
we're to be attained by the success
full solution of the problem: First,
the reduction of general cOnsump-
ton which would Tend to check the
rise in prices: and, second, the rails
ing of certain sum of money for
the prosecution of the war. In order
to accomplish these results, the COM
mittee pointed out the need of GER
tain facilities 10 be placed within
reach of everybody. These were
First, simple method of inv esting
savings. Second, 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.
The committee pointed out thai
the would, be investor should not be
left to seek an investment. but agen
cies in close touch with him should
7 induce him to save, and should pro
vide him with facilities for savine
and for investing the proceeds O.
!; his thrift.