New-York tribune., 1918-05-12

zas'on partial payment plan had been
developed. The Liberty Book" came TO
the rescue in the nick of time, and the
situation was saved. The enormous de-
tail of handling weekly and monthly
payments was simplified, and the bur
den was taken eff the banks; and at
the same time the cost of handling the
entire partial payment plan was re-
duced to fraction of whatNit had been.
1t will not be denied, then, that the
central organization partial payment
plan as now in use has substantially
contributed to the success Of the loan
in New York, both in point of wide
distribution and amount subscribed.
1t should not be necessary to dwell
on the Importance of The $50 and $10O
bonds in the whole scheme of govern
ment borrowing. There is only one way
by which the war can be financed with
out undermining the strength of the
country, and that is by the savings of
the people. The only other alternative is
imitation, and the evil consequences of
imitation to an extent sufficient to
finance the war would stagger the ma
ton. 1t is apparent, then, to any
thinking man that the American people
must become vastly more efficient as
individuals in a financial way if the
nation is to meet the test now being
put upon it.
The per capita savings of the people
of this country heretofore have been
about $50 annually. The government
will require more than four times as
much per capita for it's war chest alone
during the second year of the war This
means that the savings of the nation
must be more than quadrupled to take
care of government needs alone, not
ITO speak of the needs of industry; and
industry must go on. In order to do
this, it will be necessary to mobilize
not only existing savings, but also to
vitalizc and develop the possibilities
for saving latent in the people as a
whole. This cannot be done without
persistent and sustained effort. A
general exhortation to save, continu-
ing for short period during particu-
lar loan, is not sufficient. 1t is neces-
sary to go further and direct the nee
essary campaign of actual saving.
Economic and financial strategy at
home IS just as necessary to the sue
cess of our armies as military strategy
Eo1A 1f
the country to respond to the nations
call for funds will depend to q very
great extent on the thought and care
given to the inculcation and develop
ment of the thrift habit among the
people
Besides the present financial advan-
tage to. the government and the perma-
nent advantage to the nation in be-
coming a nation Of savers rather than
spendthrifts, there is nothing that cap
be more effective in unifying public
opinion in regard to the war itself
and in placing the people solidly be-
hind the government than the posses
sion of Liberty bonds in every home in
the land. 1t will serve to create a
sense of partnership in national affairs
and impart an element of personal in
terest that cannot help but prove of
| inestimable benefit to the nation in it's
fight for right against might
In connection with this work, q
house house canvass should be made
in every locality. Women volunteers
can easily be found to do this work, as
they did the census taking recently. In
fact, it would seem we'll to have the
same women who took the census do
this work, also, as they have already
covered the ground, and have the ad-
vantage Of being personally known to
the individual housewives. They are
we'll organized, and can be depended
upon to give good account of them
selves.
Those who have failed to buy bono
of the third Liberty Loan should be
prepared for the next loan, and those
who have already bought Liberty bonds
should be encouraged and sustained
in their efforts to make payments
promptly, and to keep them up to the
end. There is no royal road to thrift
any more than there is royal road te
happiness. Many are the temptations
and stumbling blocks that lie in the
way; consequently, nothing should be
left undone that can help the people
in their resolve to save.
All this, feel, is in line with the
we'll established policy OF The Tribune
in it's advocacy of the cause of sound
| finance. In this regard, Mr.. Warburg's IS
abatement, which appeared in your is
sue Of April 30, is thought compelling
utterance, which challenges the serious
consideration of thinking men through.
out the country. His views are worthy
of more than ordinary consideration
by reason Of his admitted ability as an
international banker and his intimate
knowledge of world finance. It must
indeed, be no small satisfaction to The
| Tribune to have banker of the stand
ing and reputation of Mr.. Warburg sc
fully and convincingly indorse the irr
stand it has always taken against in.
| f1ation in war finance. IF any doubling
| Thomases have survived the logical