The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1920-01-09
WITH EVERY MAN A
CAPITALIST CLASS DIS
TINCTION DISAPPEARS

What the United States needs, ac-
cording to economists who have made
deep study of economic conditions,
is not to abolish capital and capital
lists but to increase capital by every
citizen becoming capitalist. 1t is
the contention Of the Savings Divi-
sion of the Treasury Department that
it is possible for every american to
become capitalist, in greater or less
degree, by regular saving and invest
ment in government securities, such
as War Savings Stamps, Treasury
Savings Certificates and Liberty
Bonds.
Next to personal Liberty" says
Lawrence Minot in the New York
Times, "the one thing without which
life is not worth living is capital.
Anything whatever is capital il its
value lies in continued use as distin-
guished from immediate consumption
There is no form of human activity
that is not dependent on supply of
capital in some form.
Moreover, capital always reduces
the cost of living. Increased capital
means increased efficiency and in
creased efficiency means lower cost
of production. In this respect it is
the exact opposite of increased wag-
es which, except to the extent that
they represent increased efficiency of
the worker, mean always a higher
cost of production. There is at this
time a good deal of feeling against
capital and those who provide capital.
No doubt much of this feeling is due
to failure to distinguish between cap
ital and the capitalist. Capital is al
ways beneticent force.
"Hitherto the mass of our popula-
ton has absolutely neglected the duty
and necessity Of providing capital
which is vital to our existence. 1t has
depended on the savings of small
part of the community with the re-
suit that few men hold in thrall the
lives and fortunes of the many.
"The remedy lies not in the destruc-
ton of capital, which is vital to our
existence and beneficent in proportion
to its abundance, but in taking out of
the hands of the small class the duty
of providing it, in recognizing its fun
damental Importance and in having the
community itself and every man in it.
according to his ability provide the
capital necessary to our life and well
being.
ut is estimated that the total in
come of individuals in the United
States is $4,000, 100000, of which IS
per cent belongs to families having an
annual income of $500 or less. A
saving and investment of ten per cent
of this income would produce an an
nual fund of $3,800,000,000 available
capital three fourths of which would
be furnished by the great mass of the
Mr.. Minot declared that if the men,
bers of each community set aside
of their earnings and in
vested in seem form of capital, the
as we now know him might
not entirely disappear as some might
voluntarily save larger percentage
than the others, but he would be
shorn of his power over mems lives
and capital would be in large part
owned by the people as a whole.
Every man would be capitalist"
hC IohIiiIuSoJ anu tHe war VI CLASS
against class would disappear"
Hartley Withers, an economist of
worldwide reputation, says: Capital
is first necessity of industry and a
greater abundance of capital, by
quickening industry, would tend to |
lessen the risk of labor disturbance
by increasing the demand for labor
and so improving its reward. If we
are right in contending that the con-
ccntration of industry on articles of |
necessity would help to cheaper them,
this would be further advantage to
the working classes and help them to
win that improvement in their lot to
which they are by general consent en-
titled.
when once we have seen that in
iustry cannot be carried on unless
thrifty people save and invest money,
We can also see the fallacy of the be-
lief that spending money on luxuries
IS good for trade. Money spent on
uxuries has gone into something that
will not increase production. Money
invested in production will increase
production"
The great trouble most people find
s to get started to saving. The Saw
ngs Division of the Treasury Depart
nent was established mainly to aid
his class. This is the reason for the
Thrift Stamp, the War Savings Stamp
md the u. S. Treasury Savings Ger