The Elk Mountain pilot., 1919-04-17
ARE WE ABLE TO PAY
AND % III GOOD BUSINESS?
BY H. f. Lake, Jr.l

the Fifth Liberty Loan is set at $14O-
$50. In the Fourth Loan our quota
was $178,75O, and we raised $214.45
There should not be the slightest
doubt of our ability to raise the sum
required of US now, but some citizens
bled white, Gunnison county has done
all it can. We should not be asked
to do more"
Let us see whether this is q fact.
On March 4, of 1918, the total de-
posits of the three banks in our coun-
ty were a million and forty-nine thou
sand dollars. On the 4th of March
lust passed, these three banks, two
at Gunnison and one at Crested Butte,
showed deposits totalling 81, ,l65, 1885,
II, gain Of one hundred and sixteen
thousand dollars, or eleven per cent;
This gain was evenly distributed
among the three banks, whose total
resources showed like increase Yet
during this period Gunnison county
had fioated and paid for in the Third
and Fourth Liberty loans and in w.
S. S. over $500 10000 in government
securities.
What does that mean? Are we
"Bled white?" Not at all! Instead
Of that, it appears the patriotic peo-
pie of o6r country. from miner to
merchant, got behind the government
and the boys in khaki and saved this
much out of their monthly incomes,
out of their earnings. The money
had gone to Washington; yes, but it
had come back in hundred wavs we
did not recognize. but principally in
the savings and increased productive
CAPACITY of our people. Instead of in
turing us financially it is net gain
of over half million, for if these
government securities were all paid
tomorrow from the treasure vaults
of the nation, local bank deposits
would leap that amount at once.
Nor is this increase. in bank re-
sources peculiar to our community.
The wear 1918 showed the unprece-
dented increase of .27 per cent in
savings banks deposits the country
over. A careful estimate of the saw
inps of the whole nation from the
time of the armistice to January 1st,
indicates that it amounted to four
hundred million dollars. The habit of
thrift and the patriotic stopping OF
waste induced by the war, has made
this possible. ANN, 4
We are told by some that 1.-THE
banks should take this loan.". Why
so? Will it hurt this county to save
$40. 900 more? On the other hand it
would seriously injure this and every
other county in America to have the
banks make the subscription. 1t may
not be generally known. but the banks
of the country have already advanced
n large proportion of the money re-
ouired in this loan, buying short time
treasury certificates. These certifi-
Gates put out to take care of month
ly government expenses, are due now
and the money is needed back from
Washington to finance local enter
prises. Banks are the financial reser-
voirs from which we draw locally the
funds to build houses, to buy ranches
and cattle, to construct irrigation
bitches and roads and to open mines
II would not contract the kE-
SOURCES of our local banks, which
have already bought in treasury snort
loan certificates fully the $14O,OOO de-
manded, but it would contract thear
LIQUID CAPITAL. II the banks KS, OF
Colorado absorb the thirty, million
which is our states quota, the meyi-
table result would be to shut the
door of credit upon business gener-
ally, and in the hour of reconstruc-
tion, during this critical period when
it is of triple Importance that loans
be easy and business expanding, we
would cause tight money. result
equally disasterous to employer and
employee. If, on the other hand. in
diyiduaIs will subscribe for the Vic
tory Loan and PAY FOR THEIR
PURCHASES OUT OF THEIR CUR
RENT INCOME to the fullest extent
possible, the banks will be in posi-
tion to take care of the great bus'-
ness revival which we expect, but
which is delayed partly because OF
this uncertainty.
Our tax burden from this war Is
nothing to complain of 1t is small
compared to that imposed on our al
lies The federal taxes for war pur-
poses if averaged for our population,
would require the pay from fifteen
DAYS full time from every producer
What about other nations in the war!
In England each producer must labor
"a da-s to pay his obligation to his
government for the war. The Ger
man must labor 80 days, and this
does not include the war indemnity.
The Frenchman must give his gov
ernment the full proceeds Of 1O4 days
labor in 1919. Are we not fortunate.
and is our burden to be complained
of, with victory won so quickly and
so gloriouslv?
There is the appeal to patriotism
in this Fifth Liberty Loan and Gun
nison is as patriotic as any county in
America. There is the sporting spirit
of Yankee land which "sees a thing
thru" when begun. But there is also
reason for supporting this loan in the
good business judgment which faces
the facts and declares that we can
raise this quota without financial en-
barrassment and that it means more
prosperity for ourselves and the ma
tion to pay the bill that way.