Arizona republican., 1917-05-10
A New Savinu Era

In a statement regarding the war loan, President Vanderp of the National City Bank, New York, veys some information that the most us had not had had fully grasped: that the $70OO 100000 required is yet immediately available in the form of cash; that it will represent either labor wealth in other form to be converted into cash and that it will take long time make the conversion. In way, we may say that the wealth take up this vast loan is not yet created
 Mir Vanderlp says
 If there is any thing that this country needs, patriotism, the present moment, is an understanding of the economic fact that the funds to finance this have got to come current say ings. Savings of the past have been invested It is the savings from today on that going to supply the funds for the the lesson of thrift most the greatest lesson have got to learn.'
 We suppose that many of thought that it would be possible to this great once; money was in the banks or hidden in old stock ings or tea-cansters, wherever people wont to conserve their ready cash. But there the country and there has never been, a sum even ap- preaching $7,OOO,0OOOOO. According the report of the director of the mint had in whole United States, in the treasury in the banks and everywhere O December 31 1915, gold to the amount of $3299- 454oOO; silver, $756Ol1OOO uncovered paper $s65,- 0S9,OOO. To all this might be added the stock of
 
 value of all gold, silver paper entire country $4,O2O5O4,OO0, or $39.5S per capita We have no figures for the end of last year. but the amount of money in the country then was probably not greatly in of that at the end 1915.
 So we see that if every man, and child in the United States should empty all pockets, the national banks the and private banks, the ings banks and the toy savings banks the would fall far short of being sufficient take up entire loan.
 The government does not expect that to be done at once. It is offering the in consignments and the bonds of the different consignments may be paid for in nstallments that the saving habit of the people may be strengthened. The Liberty Loan" of $2oo00O00OO for instance may be taken by the pay ment of very small part of the face of the bonds perhaps per cent, the other instalments all small, to be paid after regular intervals
 MT Vanderp, of course makes a general rather than an exactly accurate statement when he says that the loan must be met by current savings as the savings of the past have all been invested But that is sufficiently practical purposes We do not that all of the savings of past have already been invested and have doubt that many hundreds of thousands of dollars are being used now in the purchase of the bonds. But however much there may be of the yet unnvested savings of the past that amount must be small and even negli- gibe in comparison with the needs the country now
 It IS the savings of the present and the future which the country will depend, and have not the slightest doubt that the country the next generation and within period into which the lives of more than half the people living will be extended, will be the better for the saving. France was made thrifty and prosperous by trying ordeal There was laid upon that crushed country in 1871 debt many of $OOO 900 to be paid in three years The French people surprised the world by paying within that time. It than paying for dead horse But at the outbreak of the present France was richer and stronger for having had that debt to pay.
 The American people, not of crushed, but of the richest and most prosperous country in the world asked to meet debt humiliating one to pay it at their leisure within from fifteen to thirty years performing easy service their government and to receive profit their savings the same time It IS proposed to bad habit and pay us for being cured. It is the ntoxcaton spending reck- lessy and we have generally succeeded purchasing only more discontent. We are now given an oppor- tunity to take cure for this national habit