The Dolores star., 1919-04-18
GREAT WAR TAUGHT ECONOMY
Millions Of Men. Wemsn and Children
Proudly Responded to Urgent Ap-
peal to Give and Help Win.
BY GEORGE N. REYNOLDS,
President, Continental & Commercial
National Bank Of CHICAGO.

By tradition and training Americans
possess. In marked degree. those
qualities that fit them for the larger
relationships that are bound to grow
out Of the sacrifices and achievements
OF the great war. Our mixture of citi-
zenry and ancestry makes 1t very Vi
tai. in this time Of looking forward to
greater America, that we should
study American history. learn to re-
we're American institutions and strive
to discover and attain American
ideals. These have made us great,
guided our matchless progress in the
past; these will lead US into a more
glorious future.
From the experience of the past
four years. first as onlookers and la
ter as participants, we have gained q
more intimate knowledge of the out
side world, knowledge that will be Of
inestimable value in our foreign rela-
tons. commercially, financially and
automatically. We have also been get
ting much clearer understanding Of
our own responsibilities to each other.
There are some specific require
| ments that must not be overlooked in
our preparation for marching in the
| front rank Of nations. Industry,
| thrift. the relationship of capital and
labor to the general welfare, md f.
nanclal power come within this classi-
| fication.
Fired by ambition born of equal op-
| portunity that exists to greater de-
gree here than anywhere else, we have
always been an Industrious people.
and when we cease to be Industrious
we shall begin to go backwards.
Habits of industry and thrift are
the two great essentials to success.
| Extravaganza has been one of our out
standing characteristics and 1t has
cost us much; it has robbed US of the
real fruits Of prodigious production,
for in the seasons of abundance we
have squandered that which should
have been saved for the hour of ad-
versity.
| War Has Taught Economy.
One Of the lessons taught by the
was was economy. The government,
needed all kinds of supplies, expensive
munitions, and millions of men who
had to be fed and clothed. 1t was
forced to build ships on an unprece-
dented scale. 1t did not have the mon
ey with which to do all this. 1t Ap.
pealed to the people to save their mon-
ey and buy Liberty bonds and War
Savings stamps, and millions Of men,
women and children who had never
known the Importance Of economy and
| of investments became savers and
bond buyers.
| Patriotism, as well as Self-intereSt,
prompted us to buy bonds white war
was being waged. The patriotic duty
to buy government bonds is no less
now, for our soldiers must be cared
for until demobilization is complete
and they are again back in their old
| places on FARMS in the factories and
| other places of employment. The
| promptings Of self-interest are greater
now, because the treaty of peace is be-
ing worked out /; we are gradually re-
! turning to normal basis, and we
know that Liberty bonds will sell at
or above par within q reasonable
time.
| Development and expansion mean
general prosperity and employment for
everybody. but we cannot continue
even normal development of our great
resources and expansion of our busi-
ness, as we should. without new capi-
tai, and new capital for these pur-
| poses must come from the savings OF
the people. Therefore we are all vi
tally interested in the practice of
economy now. although the war is
over.
Capital and Labor.
The relationship between capital
and labor is one Of the big problems.
because these are the two main funda-
mentals of modern life. Capital is
useless without labor, and labor can
not find employment in our complex
civilization unless somebody risks
capital in the business of farming,
mining, manufa curing. construction
and transportation. The banker and
every other man with an unbiased
view Of the whole situation hopes for
cooperation between these two nee
essary elements. Fair adjustment Is
needed here If anywhere. Labor
should have its just reward. capital
should receive such compensation as
will encourage It's use in industry.
| No country. however fortunate in
other respects. can continue prosper
GUS Mt home or be great factor In in
ternational trade without a safe bank
ing and currency system.
| Our Financial Resources.
We hold S3,OOOOOO,OOO of gold in
this country, which is one-third Of the
worlds supply. Our government has
loaned the allied governments over
| SS,50O,O00,00O. and they have market
ed here privately, another S2,OOO.0 .0O0.-
900 of securities. Since August. 1914,
| wp have hpupht hack several billion