Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-09-25
Continued from Pare One

Continued from PaEe One
all. lesson Of thrift; to save in the smallest
things, not slSimp or stint, but live senslbly
and eliminate luxuries for the period Of the
war.
at Is not to be feared that the American
people will suddenly turn to miserliness
They are not constituted The condition
is more likely TO be the reverse with in
creased wages. luxuries seem necessary
comforts. Such a condition obtained in
England. It's curbing was due only to an
intensive thrift campaign.
"t PROPOSE therefore, that this section
offer its services in conducting a great ma
tlon-wide thrift campaign in cooperation
with the Government. The banks win i'm
doubtedly respond and, in the final ANALYSIS
communities will eb improved and the peo-
ple will be happier and made mora. com,
Portable, because they will have learned ana
will appreciate the lesson Of thrift"
SAVINGS BANKS QUALIFIED
Similar recommendations were made by
the Committee on Savings Legislation.
which. through its chairman. Edward L.
Robinson, of Baltimore said
Some Of our savings banks generously
and patriotically co-o-perated' with their
local Liberty loan committees last June in
the sale of bonds over the counter: this is
a service which savings banks. by reason of
the character of their business, are pecu-
liary qualified TO render, and IL is TO be
hoped that in future hOtations of Liberty
bonds our banks may not be deferred from
hearty, participation throuhg fear Of the ef-
feet upon their own deposits.
PARTIAL PAYMENT PLAN Used.
Facilities for the sale Of Liberty bonds
on the partial payment plan can, be readily
provided by any savings bank, and many
subscribers can be led to use this method
who would otherwise pay in fun by with
drawas from their past accumulations IL
i evident that unless bonds are paid for
out of current income rather than past saw
inGs, serious dislOcatiOn of our financial ma
slIinery Is Inevitable. Subscribers should
be encouraged to mortgage their future in
come in order to perform q present patriotic
duty. The immediate effect upon the banks
IS. Of course, the same whether subscribers
pay in fun or buy on the partal-paynent
plan, but the advantage to the bank in the
latter case Is apparent in that its initial
outlay will be repaid within the period of
the credit granted while the depositor who
pays in fun lacks the same incentive 10
save for the future.
1T is to be hoped that all of our ravipps
banks viii COurageOusy recognize tbeir on
portunity apld privilege to assist in ais
ulbuting future Government issues. tha;r
rewards will consist in the consciousness oF
performing patriotic duty and in MUSTER
Ing into service vast army Of thrift re-
eruitS."
BRITISH COMMISSIONER SPEAKS
The war can be paid for only out OF
savings, was the assertions made by Basil
+. BIackett, special commissioner to the
United States from the British treasury.
striking lesson for Americans was
contained in Mr.. BlaCkett's descriptiOn of
the way in which England raised a half
billion dollars for war work among the
small Investors Of the country and did So
without impairing the strength Of the ma
TONS savings institutions in the least
How IS the war paid for?" asked Mr.
Blachett. 1T is not enough TO say that II
Is paid for either out of taxation or out of
the proceeds Of government loan issues. For
the question arises Immediately, How does
the nation at war manage to provide the
sums required from il by the Government
In the form of taxes or loans?
when people lend money to the Govern
ment, they provide the money needed to pay
for their subscription in various ways The
best way is that they should deny shenl-
selves comforts and luSuries. And instead
OF using their money TO command goods and
services for themselves. they should go out
Of the market for them and not compete
but hand over the powers to command these
goods and services to the Government
which uses them for needs
n second way of providing money for
subscriptions to war loans is to sell secure
TIES 1T sell securities in order, TO invest
in war loans and the purchaser is fellow
citizen of my own Great Britain, all that
happens is that my fellow countryman
transfers to me his command over certain
goods and services, and |. i'm turn hand
my power to command these goods ana
services over to the Government i'm oN-
change for Government |. .. L.
COMMAND Is PASSED on
Now let us suppose the buyer of the
securities lives outside the United Kingdom
shall we say In the United States? This
process has been very evident during the
war. What happens? Clearly the first
thing that happens is that the buyer of
the securities has transferred command
over goods and services in America to
the seller, ana the seller by using the
money to subscribe to a British war loan
passes on that command over goods and
services in America to the British Govern
ment
80 long as the United States was not a