New-York tribune., 1918-06-23
War s Duration
Depends Largely
Upon Civilians
Thrift Will Enable the Govern
nent to Meet Martial
Needs Promptly

WASHINGTON, June 22.-The prox-
unity of tho end of the war is largely
in the hands of the civilian population,
according to George M. Reynolds, pres
ldent OF the Continental and CONNER
cial National Bank, of Chicago. In a
statement celebrating this contention,
made public to-day, through the Ma
tional War Savings Committee, Mr..
Reynolds declared that by saving and
lending their dollars to the govern
mont the stay-at-homes can hasten a
victorious peace.
There is an especially urgent rea-
son." Mr.. Reynolds points out, "why
we should save now. We must help
win the war, and that is the biggest
task any group of countries has ever
undertaken. We can and will win it.
Now, the important question is, how
soon? The answer is largely with
you and me and the rest of the
civilian population in the countries at
war with the Kaiser and his people,
The shorter the time the less loss
there will be of American boys and
men, and the less will be the cost in
money and materials. The greater con-
trlbutlons our. government makes of
money, men and materials, and the
quicker it makes them, the sooner will
the end come.
Saving Is Act of War
THE government cannot meet these
absolute needs unless we, its citizens.
save-save to buy war savings stamps
and Liberty bonds. We each have our
part, our fair share, of the burden.
Yours and mine-to save that we may
resolutely and effectively support the
government with our dollars-is so
much the smaller part that we cannot
fail to do our full duty. Save and
lend your savings to the country; that
is the true badge of patriotism for
those Of ue who cannot 60 to the front
and fight.
During the first months of our par
ticipation in the war many we'll inten-
toned men of affairs made the mistake
OF claiming that a nationwide thrift
movement would impede industrial and
commercial activities. I cannot see it
that way. Very naturally, curtailment
must follow in a few non-essential
lines for time, and possibly continue
until peace is declared, but it was to
be expected that the immediate effect
of q more general practice of economy
would be a constantly increasing
stream Of money flowing into the ma
tional Treasury in payment for Liberty
bonds, war savings stamps, etc. These
sums, huge in the aggregate, promptly
dlsbursed by the government and put
back into the channels of trade, swell
the grand total of business.
while in time of peace an economy
campaign would mean practical
boarding Of funds and much enforced
ldleness, until the cumulative effect of
the saving would become a factor in
the development of new enterprise, no
such thing happens when the people
save out of patriotic impulse when the
country is at war. Then saving means
turning over to the government in ex-
change for its securities the money not
absolutely needed for necessary cur
rent expenses and the government paws
IT out in connection with war work.
The circulation Of money is accelerated.
AS illustrating this, the Treasury state
ment as of May /, 1918, shows a per
capita circulation of $5037, as against
$45.61 year ago. This is an extraor-
dinary gain.
Effect of Saving on Future
Thrift will give our people vast
sums for investment, for the further
development of the marvellous re-
sources of the United States, and for
use in aiding in the development of
other rich countries. Our citizens by
the process Of gradual accumulations
invested in Understanding securities
will then be steady spenders and all
our. affairs will be on a more stable
basis. We shall get away from the
periods of great activity and extrava-
gances, which logically have been fol-
lowed by idleness and want, and into
that condition where every one will be a
little more careful of his expenses, but
will have interest and dividends coming
in to add to his wage OR salary and will
be good buyer and good payer every
year. The whole argument, with re-
spcct to the duration Of the war and
thereafter, and with respect to the in
dividual citizen and general business,
is decidedly on the side of those who
advocate and practise economy. Save