Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1918-09-25
AMERICA STANDS
FIRST in THRIFT

as nation OF savers at Tie oSSinhlnS
of the great war, the facts ana ng-
ures now obtainable indicate that
easy .yCing, p!ea8dso-l0T-ns america
will emerge from the great struggle
holding first place in the thrift con-
test. The assertion is made on the
authority Of Milton w Harrison, sec
rotary of the savings bank section OF
the American Bankers Association.
The eXigencies of war have laid
ha~c tho resources and economic pos
Sio.lILle5 OF al the HccJ-ul-.s, ne IayS,
since at the bottom Of all efforts to
raise money by loans or taxation lies
the essential factor Of the ability OF
the people to save.
Switzerland has always been point
ed out by economic writer's as leading
the nations as a saver. Next to
Switzerland these writer's have placed
Denmark, Norway, Sweden, Belgium,
France, Netherlands, Germany, and
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 this
percentage is obviously incorrect.
The only fair comparison which can
be made in order to determine the
potential savings ability OF the world
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 a firm
financial foundation at the obvious
expense CT the other three
nations while it was neutral
nation, he is careful to point out, and
this has proved immensely valuable
to the allied cause. Excess capital
and sold We're forced TO the United
States creating a reserve which ct
present is being most advantageously
used in the prosecution OF the war.
Counting as 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 $1,000, 100000
per annum while those Of the United
States are placed at $1,000. 100000.
Before the war France was charac-
terized as a nation of bond buyers,
Great britain as a nation Of stock
holders, Germany as a nation Of saw
ings- bank depositors, and America as
a nation Of life insurance policy hold
eTs. Still the amount Of actual saw
ings, including time certificates Of de-
post in the $4,000 banks Of the United
States total something over $780,
OC0,0 in 26,5G0 600 accounts. The
amout OF such deposits in England is
$3.50, Geo, geo in 16.500,000 accounts;
IN, n0n
accounts, while in Germany the
amount Of savings IS $4,000, 100000 in
25O00CCo accounts which is less than
thu Of America ~ $1,500000
Tho way IN Which Great Britain,
Frcroa, America and Germany have
chcc bod var lc2r after war loan is
excellent evidence Of national savings
atiIjty, 1fr. Farr;~on says, and the
United States topnotcbes them all.
An estimate Of rs million holders Of
American Government securities IS
foirly conservative. allowing for Gu-
plicatiOns, he says.
With the Intensive efforts now be-
ing made t. urge the people to re-
C77ce CONSUMPTION and Increase pro-
Gucticn. there should be a saving
this year that viii almost equal the
proposed total expenditures for war
when secretary EcAGCO eSLlC(aLeS at
$4,000 ,0GC,G00.
America has the wealth, the re-
sources, the ability, and the inclina
ton which is NOR than all, to sue
cessfUlly and Dro 1erly finance the
war out Of savings, Mr.. Harrison
says.
This is most reassuring and pre-
sents the new iscue 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
TO the individual purchasers,