Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1918-10-15
AMERICA STANDS
j FIRST IN THRIFT

! From 4 place at the TOOL On uo
"A : nation. OF savers ct the beslnnins
of the great war. the facts ana .ns.
,res nov obtainable indicate tnat
easy-going. pleasure-loving AmeElSs
Viii emerTe from the great struggle
holding frst place In the tnriIt cvn
test. The assertion, u mace on w
authority Of Milton W. Harrison. sec
retary Of the savings bank section I"
tha American Bankers Association.
The exigencies Of war have ialo
hare the resources and economic pos
abilities Of all the nations, ne says
since at the bottom Of all efforts to
raise money by loans or taxation hes
the essential factor OF the ananty Oh
the people to save.
Switzerland has always been point
ed out by economic writer's as iesaine
the nations as q saver" Next 70
Switzerland these writer's have placed
Denmark. Norway, Sweden, Belgium.
France, Netherlands. Germany ana
Great Britain. the United states oc.
cupying a place at the foot OF the list
with a percentage Of only IL. On
the face Of recent calculations tnis
percentage Is obviously incorrect.
The only fair comparison which can
be made In order to determine the
potential savings ability Of the worio
Is to take the figures Of France, Great
Britain. the United States and Ger.
many, Mr.. Harrison says. Not until
these countries were faced with the
supreme tests Of the great war were
they able to determine the extent OF
their respective resources. OF
course. America had the greatest
opportunity of all to build q 1rm
financial foundation at the obvious
expense of the other three
nations while 1t was q neutral
nation, he is careful to point out. and
this has proved immensely valuable
10 the allied cause. Excess capItal
and gold were forced to the United
States creating reserve which at
present Is being most advantageously
used in the prosecution Of the war.
Counting az savings not only the
money deposited in banks but also
that invested In various enterprises
for the development Of Industries, the
large amount absorbed by insurance
companies and other such agencies,
the normal savings Of Great Britain
have been estimated at 81, 500. 000. 900
Der annum while those Of the United
States are placed at $500. 600, 900.
Before the war France was charac-
terized as a nation Of bond buyers.
Great Britain as q nation Of stock
holders. Germany as nation Of saw
ings-bank depositors, and America as
q nation Of life insurance policy hold
ers. Still the amount Of actual saw
ings. including time certificates OF de.
posit In the $4,000 banks Of the United
States total something over $9.600.-
0nn. 400 in 26.500.000 accounts. The
amout Of such deposits In England Is
$3.50. 10000 in 16.500.000 accounts;
in France. 100000. 900 in 100000
accounts, while. In Germany the
amount of sayings is $4,000 00, 900 In
5000, 900 accounts which Is less than
that of America by $1,500,000.
The way in which Great Britain.
France, America and Germany have
absorbed war loan after war loan is
excellent evidence Of national savings
ability, Mr.. Harrison says. and the
United States topnotches them all.
An estimate of 26 million holders OF
American Government securities Is
fairly conservative. allowing for du-
plications, he says.
With the intensive efforts now be-
ing made to urge the people to re-
duce consumption and. increase pro-
duction, there should be a saving
this year that will almost equal the
proposed total expenditures for war
which Secretary McAdoo rstimates at
$24. 000, 100000.
America has the wealth. the 10
sources. the ability. and the inclina-
ton, which is more than all. to sue
oessfully and properly finance the
war out of savings. Mr.. Harrison
says.
This is most reassuring and pre-
sents the new Issue Of Liberty Loan
bonds, the Fighting Fourth, IN the
light of an opportunity not only to
help finance the war and push It
through to completion but as pro
lection and money saving opportunity
IN the individual nurchaser6.