Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1920-02-26

called to tho telephone and this Is what
he heard: II am Mr.. So-and-So. | want
to buy 100000 of Canadian bonds and
desire to get the money. Can / get So, 600
of YOU with the bonds as collateral?"
This illustrates what is going on all
over the country. Speculation is rife. The
profiteer is abroad in the land. Every
banker is being called on for money, for
one purpose or another, legitimate or
illegitimatc IN this particular case.
speaking in the parlance of the street.
the buy was very likely good, and the
transaction in ordinary times would
have been legitimate, IL the loan would
not have been excessive for the lending
bank but in these times and under present
conditions such borrowing should be dis
couragcd.
AS we'll as to hold restraining
hand on borrowing, it is our duty 20
discourage the reckless spending of
money. the hitherto unheard-of ex-
travagance seen alike in every walk
Of life which il diverting the recup-
crative strength of the nation and the
world. to worse than useless channels
But conservation and saving are not
the only things important Of neces-
sary. While there ia ver-conaCc' ,tion
in this country to-day, there - also
under-production, twin causes of the
high cost of living. As it is in OUT
power to influence consumption by
Tightening the purse strings, by with
holding credit where credit should not
he extended, so in manifold ways, we
may aid an increased production, not
only by judicious lending, as oppor-
tunity offers. but by going with OUT
dollars and by our counsel helping
to bring in a bouutiful harvest from
the farm, the shop and the factory
This will not only accomplish the pur-
pose suggested, but will lead to a. bet
| for understanding and serve to brine
the banker into closer personal rcla
tions with the great industrial and
agricultural life about him from which
comes his business.
in this connection, as bearing upor
Increased and better production as tn,
years multiply I desire to give my
| testimony to what consider by fa1
the best expenditure of money within
! the power of thio association and tina
is it's appropriation for use as prizes
| to be awarded winners in the boys
and girls clubs. The possibilities herr
are wide and far reaching. The,
stretch down the years. giving ns bet
ter farms and better and more con
tented farmers, better and increase,
production, better homes and hom
surroundings. and best of all. bette
| boys and girls. tho browning produc
OF Vermont, Interested In the farm,
and as they were born and bred Yer
{ monters 80 proud and content to Iiv
and die, the glory and strcngth of gu
Green Mountain State.
T.. l.. ingalls, of the University Of Yer
| mr. I.
port of what the boys and girls club
! had accomplished as the result of tn
prizes offered by the Bankers aseocia
ton. Some Of the letters from the chill
dren were read. and it was voted to con
tnue the same policy another year an
| under the direction of the same commit
| tee The report OF Mr.. ingalls, made sue
a favorable impression that more tina
500 was pledged by non-banking firm
represented at the meeting. This wi
| give about s11oo in all to be devoted t
the cause next season.
! The address of Mr.. Brock, who is a.
| eX-presdcnt of the Massachusetts Bank
! crs' association and former member o
the Boston school committee. in additio
! to being the president of the Home Saw
ings Bank of Boston. followed He said
In part
MR.. BROOKS ADDRESS
You have invited me to speak to yo
on the subject Of thrift The enormou
debt which the United States has con
tracted in behalf of freedom and democ
racy must be paid We need new capita
not only to provide for the payment G
this debt, the date for which payment
! more or less removed, but new capita
! to absorb and keep for permanent invest
ment our Liberty bonds which are con
stantly being thrown on the market sc
riously depreCiating the price. This wi
stabilize the market for such securitie.
and hasten the day when they will b
worth their par value.
| There are not savings enough to absor
this enormous debt. and our country call
| upon us to become more thrifty. and [
have a greater margin between incom
and outgo. To this problem every bank
or is invited to give most serious atter
ton. We may not be able at the preser
time to do more than plow. harrow an
drop the seeds of truth. but it is Ion
road which has no turn" and somewher,
somehow. sometime the truth will gri
our people and they will do their full dut,
Let US therefore. be ready when that tim
comes
This great world war. out of which W
are just emerging, with all its privation.
sorrows and heartaches. has taught II
many valuable lessons. and to my min
none more important than that people /
all walks of life were brought face to fac
with the necessity Of saving and wer
taught that IL was possible for all peopl
to live and save and lend their help.
| When the first Liberty loan was pr
out people assumed that all that WAS ne,
esSary was TO draw on their past saving
and turn that over to the government
But 1t soon became apparent that ther
We're not savings enough of all kinds
our whole country, to furnish half of tn
amount which would be needed to wi
the victory. and it was gradually borne
upon us that it was not the past saving
which the government needed. but ne,
capital, and it was up to the people
furnish it, and little by little tho peopl
all over the country contracted their Ii,
ing expenses a little and made what the
had go little bit further. made q ltttl
, greater massin between income and ou
70. our people whom Lord Gray tern
"idcalists" heard the appeal Of the go,
erument and responded by putting acros
series of payments and subscription
which will go down in history to the evel
lasting honor of the people of tho Unite
States IL undoubtedly meant some SUI
ferng. some personal Inconvenience, son,
self-sacrifice, but the cause was wort
whilo, and we all feel moro sef-respec
ing IN breathing our free air OF nbert
because of our experience.
The foregoing is record of acbisy,
ment of which we may be justly prou,
Rut bou ahout the present. In tho On -,