The Prescott daily news., 1919-09-20
bONDH0LDEnS AND BANKS WILL KEEP
 LAND PROSPEROUS
HEAD OF NATIONS FINANCES MAKES STATEMENT SHOW
 ING 6ANks' GREAT WORK.
U. S. SECURITIES ARE BASE
Sensible Saving and Wise Spending on Part of the People Necessary for Continued Prosperity
 of the Country.
By Carter Glass, Secretary of the
 U. 6. Treasury.

By Carter Glass, Secretary of the
 U. 8. Treasury.
 No group of men in the United States measured up to the test of the great war more admirably than did the bankers. The success of the Unit ed States Treasury Department in floating over $21 ,O00. .0o0, ,000 in Liberty Bonds and Victory Notes during the past two years vas due in no small measure to the patriotic cooperation of the banks. They took most active part in each of the loan campaigns.
 They subscribed generously for thsmselves. made loans to their cus- toners in order that they might buy bonds, and sold bonds on installments to accommodate those having small savings.
 In other words, the banks did ev- erything possible to promote the sale and distribution of government secur- ities.
 great service in reconstruction coop erating with the government in it's movement to teach the people of the United States the lessons of sound finance and wise investment In pro- noting this cause the banker will aid his institution and the financial situa- ton in general at the same time.
 Now-that the war is over, the people should be impressed with the wisdom 40 h<IA &1Al- --E ties and also of purchasing more. from time to time The more general ly, the people of the United States absorb our government securities the greater will be the ability of the csm- mercfal banks to devote practically all of their resources to furnishing adequate credit to the commerce and industry of the country.
 Providing short-time credit to com merce and industry is their normal peace-time function. The sale and movement of farm crops, manufac- tured products and other commodities. as well as the continuous and efficient eraploym 1t of labor, in fact, the whole industrial process will be promoted by permitting the commercial banks to devote all their resources to this function.
 The people of the United States should, therefore, be encouraged to pay off their installments and borrow ings on bond collateral as rapidly as possible, and also purchase additional government securities as issued from time to time or in the market If this is done the people of this country will be benefited in a two-fold way.
 In saving to pay their loans and in- stallments and also in order to buy additional Liberty Bonds and notes, Treasury Savings Certificates and War Savings Stamps, they will refrain from waste and unnecessary expsndi- lures and thus free material and la~ bor for the production of commodities which are now so desperately needed the world over. At the same time they will be strengthening themselves f- nancially.
 No one can do better than to make a substantial proportion of government securities the foundation of his invest mept fund. Nothing else will give such sound and unfailing support to his entire financial structure and at the same time yield such excellent re- turns. The less one can afford to risk his funds, the less time he has to devote to his investments, and the less experience he has had in the things which are daily affecting the values of ordinary bonds and stocks, the larger should be t-e proportion of his funds invested in securities which need practically no attention. which are acknowledged by all to be abso- lutely safe. and which yield a satisfac- tory return.
 Therefore, on account of the direct financial benefits to the investors, on account of the indirect assistance which it will give the government, and account of tho effects in bringing about normal financial, industrial and liv- ing conditions bsnsk. bessnnssak !hs 1n-or, eratton of ali the people and especial ly of all saving and investment insti- tutions in the promotion of nation wide saving and the distribution of United States securities among the people.