New-York tribune., 1919-12-26
Thrift

urSeu as a IndLCeT Oh personal SolnSn-
ness---as providing a fund out of
which an individual may insure the
satisfaction Of his future individual
needs.
Thrift is this, but it is more.
With greater and greater clearness
it is seen to be something that con-
Germs not only the welfare of the
saver but the prosperity of the
whole community. AS a nation sur
rounded by militaristic neighbors
must develop courage to defend
itself, SO people enveloped by eco
nomic rivals must develop the thrift
habit if it would not sink to lower
standard of living and be attacked
by demoralizing social unrest.
This is because increased produc-
tlon per unit of population offers the
only road leading to higher actual
wages, while production under mod
ern conditions comes through new
expenditures on machines and JIM
provements, which are impossible
without thrift.
Thrift creates the fund which pro-
vides for depreciation and for bet
terments. Equipment wears out or
grows obsolete, mines go deeper,
and becomes impoverished, new
transportation agencies are de-
manded and new structures are
needed. If these are not provided
material progress tends to stop, and
the pressure of an increasing popu-
lation means smaller individual
dividend to the masses of mankind.
Thrift establishes a credit for the
maintenance of those employed to
plant for the future-for those
who are engaged on works whose
harvest is not Immediate Those
who smooth the way for new set of
rails and who dig a new canal must
be fed while at their tasks. With
out saving, as it is called, there will
be no betterments.
A fatal defect of socialistic theory
is that its schemes fail utterly to
provide way to repair or rebuild
mans matchmaking machine. So
ciU!jsqn assumes jhot current pro-
dac{J0N is to coNsu,ne catrfc1at pro
ductiom.
Now, savings that have been ex-
pended in making the world more
habitable for man have heretofore
come chiefly from the share Of the
general income that went to capital
lists. The wages fund in the main
has gone for the qualification of inn
mediate personal desires. But,
through influences not likely to
weaken, capitals share of the indus
trial product d:minishes. and corse-
queutly capital will be less able to
hnEnce undertakings whose incomes
are necessarily deferred.
1t follows, if material progress is
to go on, that there must be greater
thrift among wage workers not
merely to protect their old age, but
to benefit the human family. Te
save is duty to ones fellows.
France is the nation which most
clearly perceives this great duty, anc
thus has world premiership concern
ing a most vital matter. With q
population Of 39,000,O00, France has
100000 savings bank deposltors-
one depostor to each two and one
half of population. We have 6
population Of 110,0OO,0G0 and only
100000 savings bank dcpostors, o,
one depositor against ten non-depos
tors. To the Liberty loans 10000,
600 Americans subscribed, but tht
bond ownership was, alas! too otter
from France - from the France
which, in the agony of reconstruc
ton, has put 1,20O,000,000 franc:
into savings deposits during the first
nine months of the present year, E
record never reached before the wa,
for an equal period.
America must keep abreast OF
other nations~-must have vast sums
spent to make for future labor saw,
ing. The income tax and othe,
levies divert into governmental chan.
nels, for extravagant dissipation
about two billions of money which
was formerly available for improy
ing investment. The deduction
must be made good by the contribu
tlons from q larger number of in.
VeStOrS.