The Washington herald., 1918-03-25
WILL MAKE us
MORE THRIFTY
Holland Says the War Els
Teaching America to.
Economic.

OldlcS are DcBlIuluB lIlOfOuBHly "ciA
to master the principle of thrift so
that after the war; is ended Americans
may be favorably compared with the
great body OF the people in France
who gained reputation for ability to
save, not so much by boarding, as by
really economical saving. The French
people did not hoard as niisers do. but
they made every saving count. They
knew where every franc or sou was
and looked forward to the day when
their little savings could be safely
and satisfactorily invested. 1t was
with these savings In part that France
proved equal to the stupendous de-
mand made by Bismarck for indemn-
fty at the close of the Franco-Prussian
war. So also French savings have
enabled the French government easily
to market loans and confidently to
look for future, supplies of funds from
that source.
At the beginning Of the European
war, or as recently as a year ago,
when . the United States became one
Of the belligerents. the American peo-
pie were beginning to learn that thrift
meant and how 1t could be secured.
The chief instructors in this science
were the savings banks. Then came
the experimental venture of the gov
eminent illustrated by the establish
ment of the. postal savings system.
Later. and through the adoption of
the fundamental principle which lies
at the bottom of the trading stamp
method carried on by many companies
IL fkaas TRatN Na1 NuNn -
began to teach another lesson in thrift.
having invited the people to purchase
thrift stamps with their trifiing saw
ings or with the few cents they might
have In their pockets, hoping that by
this means, and by hitherto unac-
customed methods, the people will
have lent to the government within a
year $4,000 10000 That is an amount
equivalent to the first liberty loan
Savings Deposits Increase.
Many persons wondered at the
time of the subscriptions TO the
first and second Liberty loans. and
the subscriptions of the hundred
million to the Red Cross organiza-
tion and nearly sixty millions to
the Young Mems Christian Associa-
ton war work. whether these great
sums would not be found to have
affected deposits in the savings
banks, and furthermore whether it !
would not be discovered that they
had caused a decrease in the de-
posits in the Postal Savings Banks.
There is no longer any occasion
for doubt. Instead of Withdrawing
from the savings banks, the people
having more thoroughly learned the
lesson OF thrift, have increased their
deposits in the savings banks. They
have also steadily increased, at least
in and near New York City. deposits
in the postal savings institutions, and
they have done this while at the same
time taking advantage of the thrift
stamp proposition for saving made by
the government so as to make it rea-
sonably certain that more than $l.oOQ.-
OO0OOO perhaps even g. .O0O, 900, 900, which
in the aggregate represents petty saw
ings, will be turned over to the gov
ernment within twelve months after
the thrift stamp proposition was put
before the American people.
In New York state. -,
There is practical and absolute dem
onstration that the people haye well
learned the lesson of economy and
thrift since the war began by the
record made by the New York saw
ings banks in the year 1917. Nine
months of that year We were engaged
In war with Germany. Twice in those
nine months, the government asked
the people for loans which in the ag-
.gregate reached nearly 5000, ,0O0, 900,
and the people responded speedily and
gladly to these appeals. Nevertheless
in the year 1917 the savings banks of
New York State, III in all, reported
total resources up to January /, 1918,
of two billion, one hundred and sixty
odd million dollars.
In 1917 there was withdrawn from
the savings banks a little over $780,
100000 more than was the case in the
preceding year. But there were new
deposits Of sGT,OOO,OOO, and this was
only Sll, 10000 less than the deposits
in the preceding year. a year in which
no appeal was made to the people for
liberty loans or for the purchase of
thrift stamps, or for other subscrip-
tions. The savings banks bought in
1917 for themselves or their customers,
little under AO0,OOO,0OO of liberty
bonds.
The superintendent of'banks of New
York State said day or two ago that
the inculcation of thrift and the
consequent accumulation by the wage
earners of sufficient sums to enable
them to purchase homes and to live
contented lives in times of peace have
proved to be of the utmost Importance
in these days of war, not only from
the economic, but from a patriotic
point of view. The moral influence
of these savings should be sufficient
TO prevent the spread of visionary
theories or radical socialistic doc
trines"
Again, to illustrate the actual man.
ner In which the people have learned
10 De thrifty. it may be worth while
TO report that postal savings in Feb
ruary were increased over like deposits
OF the year preceding and that the
people of New York City, exclusive
OF Brooklyn. have already since the
postal savings bank system was adopt-
ed deposited $1,000 COO of their savings
IN these postal savings banks. 1t is
the demonstration that the lesson of
thrltt has been well learned by the
american people that justifies conf
dence In the speedy placing of the
thlrd liberty loan, in the steady in
crease OF savings banks and postal
savings deposits, and in the accumula-
tion within year perhaps of as n,I,cb
as S%OOO'OO,OO represented by thrift
''''iPS' HOLLAND.
Y. w. E.. A Book I:ovar.