South Bend news-times. (South Bend, Ind.) 1913-1938, 1918-01-20
SAYS HISTORICAL
ECONOMY IS BAD
Points Out Dangers of False
Thrift-MuSt Keep Bust
ness Moving.

NEW YORK, Jan. 12-That more
harm than good will result from the
general practices of "hysterical
economy" is the opinion of S. w.
Straus, president of the American
Society for Thrift, who voiced this
warning in a statement here. The
tendency on the part of many of
our citizens" Mr.. Straus said, ito
practice indiscriminate economy at
this time is regrettable because of
the danger of injustice to legitimate
business enterprises, without any
benefit therefrom 10 our govern
ment in winning the war. Further
more, it is regrettable because Of the
possibility of fostering a popular
Misunderstanding of the true mean
Jig of thrift.
This condition, if it were TO con-
tinue, would tend to discount the
valuable lessons in the sensible
practices of thrift which we as in
d1viduals and as nation must learn
from the war.
I'VE must bear in mind that
money is just as essential in winning
the war as food, ammunition and
guns. Any condition, therefore
which tends to halt business, trans
acted along conservative lines, and
stop the flow of money through the
customary channels, saps our fnan-
cial power.
Money, lying dormant, is cold
metal-nothing more Money is
merely a symbol of wealth. 1t has
no value whatever excepting when
in circulation or when used as the
basis of credit. Real wealth is only
that which money can buy.
I'VE must differentiate between
the elimination Of waste and the
Withholding of money from legiti-
mate business. We must remember
that what is one mans luxury is an
ether mans necessity, jointly Great
ing a transaction on which business
and employment depend This
statement does not, of course, inn
ply encouragement of extravaganza.
In the practice of true thrift now or
at any time, there is no waste. Es-
pecially now we must abstain from
using for Individual needs any es-
sentials necessary to the govern
ment for the successful prosecution
Of the war.
I'VE must subscribe literally and
to our greatest ability TO the Liberty
loans and war charities but we
must remember also that we will
gain nothing as a nation in the en-
cOuragement Of false economy.
boarding and selfshness. American
business constitutes one Of the
strongest assets Of the allied cause.
Anything like a financial panic in
America now would be a real dis
aster because the government would
be placed at a tremendous disad-
vantage in securing money with
which 10 finance itself and our al
lies.
'All our people are united on the
point that war requirements come
ahead Of private considerations but
we need not feel that il is our pa
triotic duty 10 create an epoch Of
receiverships and cripple the bus
mess of manufacturers, theaters,
artists, musicians, dressmakers, tail
ors, jewelers., small Shopkeepers and
the millions Of our critizens whose
livelihood is directly or indirectly de
endent on so-called non-essentials. If
an era Of receiverships is precipi-
tated through the dissemination of
doctrines of destructive economy, a
popular misconception of thrift will
be created and the thrift movement
in this country will be retarded for
many years to come.
1T is our duty at this time 10
avoid any suggestion of hysteria. Let
US view our duties 10 our nation
from a sane, practical standpoint.
Let us strive wherever possible, con
sistent with the practices of un-
stinted patriotism, 10 lend encour-
agement 10 fair and legitimate
American business, which is a
mighty asset TO the allied nations"