Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1918-10-09
AMERICA STANDS
FIRST In THRIFT

FROM place al tne Aoct Vi lho iiSe
as a nation of savers at the beginning
of the great war. the facts and ng-
ures now obtainable intricate that
easy-going, pleasure-loving 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
bare the resources and economic pos
sibilities of all the nations, he says,
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 writers as leading
the nations as a saver" Next to
Switzerland these writers have placed
Denmark, Norway. Sweden, Belgium,
France, Netherlands, Germany. and
Great Britain, the United States oc-
cupying 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. Or
course, America had the greatest
opportunity of all to build a firm
financial foundation at the obvious
expense of the other three
nations while 1t was a neutral
nation. he is careful to point out, and
this has proved immensely valuable
to the allied cause. Excess capital
and gold were forced to the United
States creating a reserve which at
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 $500. 900 900
per annum while those of the United
States are placed at s6,500.0 100000
Before the war France was charac-
terized as a nation of bond buyers.
Great Britain as nation of stock
holders. Germany as a nation Of saw
ings- bank depositors, and America as
nation of life insurance policy hold
ers. 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 $9.500.-
Onn 900 in $500 900 accounts. The
amout of such deposits in England Is
$3.50, 900 900 in 16.50O,O0O accounts;
in France, $1,000, 900 900 in 100000
accounts. while in Germany the
amount Of savings is Sc 900, 000. 900 in
$4,000 900 accounts which is less than
that Of America by s1.500,000.
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 25 million holders of
American Government securities is
fairly conservative, allowing for du-
plications, he says.
w lll lllt intensive tlOltS NC
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 climates at
s24 ,000. 100000.
America has the wealth. the re-
sources. the ability, and the inclina-
ton, which is more than all, to sue
cessfully 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
to the individual purchasers.