Evening journal., 1918-01-01
URGES j. S. BANKS
TO PROT TOTE THRIFT
Federal Reserve Board Is
sues New Years Plea
for Economy
SAYS PEOPLE ARE
NOT AN AXE YET

WASHINGTON, Jan. IA New Years
plea for war time economy 10 assist
the United States in financing Itself
and the Allies was issued last night
by the Federal Reserve Board In the
form Of a suggestion TO banks to pro-
mote thrift campaigns In their COM
munities.
Let the public realize" says the
statement, that 1t Il more respectable
In such war times as confront us TO
be seen In old clothes than In new
ones.
The banks are urged 10 teach IN
their districts the meaning and the
necessity Of saving and It's relation 10
the successful financing Of the war-to
tell the city merchant and the country
storekeeper that this is not the time
to buy and stock up. especially with
luxuries.
Let the people everywhere be en-
couraged 10 consume fewer things.
and let those be The simple and sub
stantlal things that are necessary TO
health and strength.
Let the banhs tell the people Of
their communities and their suthori-
ties, the mayors and governors, that
this Is not the time for cities 10 be
spending money on public works,
rather should they be considering the
suspension OF existing work with the
View Of releasing men and material for
The use Of the Government, and so
as not TO compete with the Government
for the savings Of the people, thereby
weakening the ability of the Govern
ment 20 place its loans"
Fully as important as economy Of
/ goods Is economy Of credit, and lts
limitation as for as possible 10 essen
tials OF the war. the board says.
War financing IN the last analysis, "
continues the statement, "means put
ting the Government In possession OF
goods and services. Financing by loans
means the sale to the Government OF
goods on credit. To win the war our
Government and the Governments with
which we are associated must have
goods and services Il Is OF as much
Importance therefore. that the Govern.
ment should be helped 10 obtain The
goods II requires as It's that 10 should
be helped to procure The credit it re-
quires with which 20 pay for goods.
In neither respect are the American
people as yet cooperating 10 a sufficient
! degree primarily because they have mol
yet been adequately Impressed with The
paramount Importance Of their coop.
eration. They have not yet been made
thoroughly 70 realize the fact that the
success or failure ~ the war-ln briei
the fate OF the country-lies In thelI
hands"
Banks are urged 10 tell the people
that by saving they serve their coun-
try 10 these four ways;
Il. They enable our OWE 6iovernmen
snd our allied Governments 10 Obtain
! The goods required with the requlsit
J speed. As everybody knows, time Is
most important factor at this juncture
: Coal, copper. steel and foodstuns ar
cases 10 point.
2. BY saving goods not required b,
| the Government they release CORE
. spending quantities for export 10 othe
: countries, in exchange for which needel
supplies may be secured To illustrate
II everybody In the United States wouli
. cut down consumption OF cotton AMI
, woollen goods even 10 a slight amour
goods TO the value Of millions Of dol
, lars would be available for export anl
could be made the basis Of exchange d
, pay for much needed supplies Of coppe
, and nitrales for ourselves and beef an,
wheat for the use OF our allies, obtalne'
In South America.
g. By consuming goods In smalle
amounts not only are goods saved, bu
money Is saved and the people thus pu
in a position 20 absorb and pay for tn
war loans ~ the Government out o
savings.
q. BY diminishing the consumption
Of goods and by paying for Government
bonds out @. savings instead Of from