The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1920-05-16
flMsLf WARNING

pie iur Suihe tlIle. says the FloFid
lTime-Union. AS long as a year ag
The Times,Union urged that work an
saving were the purduent things TO
the people to do. That timely warn
ing has recently been reiterated b
George w. Norris, governor of tn
federal reserve bank of the Phila
idelphia distict. in an address ON Fl
nancial Signposts, delivered befor
Tie convention of the American Iron
Steel and Heavy Hardware Associa
ton, body of as hardheaded bushes.
men as can be found anywhere and
perhaps, least of all people needini
the warning TO abstain from rockies.
spending and upon whom to urge ju
dicious saving of money. e
Mr.. Norris, being in a position te
see the drift of the financial current
sDeeded up, as it is, by ''the orgy OIL
spending" said to these men of bust
ness:
We can escape from the abnor-
nal condition the country is now
in only by hard work and saving.
The work must be aeae on essen
tial products and savings must be
wisely invested. Jewelry, furs,
pianos and automobiles must be
forgot temporarily until we have
adequate production of food, cloth.
ing and other necessities.
These are words of advice So trite
rs to be almost commonplace but all
persons of sense will admit that the,
are pertinent to the times, as they are
plain and dispassionate. Especially
i this true when MI. Norris continu
iig his address, says:
The man who makes money in
ways profitable to himself alone
and not In the public interest will
have little cause to congratulate
himself If his money is tied up In
banks which have suspended pay
ements or invested in securities that
have been defaulted, The time
has come when we must pull to-
gethef. not apart. The ratio of de-
posts to loans in the banks is an
Indication of great initiation. There
is necessity fer utmost caution.
The loaning capacity of the feder-
al reserve banks is now $500 ,000,-
coo. We are so near to the limit
that there is danger
Does any one suppose that a finan
cier of the ability and prominence of
Mr.. Norris would raise danger sig
nal unless because of a feeling OF
necessity? And in warning
tie business men of the country he
Spoke to those who, perhaps. need i,
asst, for it is a fact that 1.-THE orgy
of spending is being INDUCED in
East Of all by business people or by
people of large wealth. The prodigal
spenders are those whose accumula
ons in money and in property are
the least of all people; they are large
" fthe class that depends for in
come on wages which were never so
generous as now and that because of
this generosity enable the spiders to
get the money 70 rtheir wasteful pur
chases and unwise indulgences. They
are the ones who will suffer first and
hardest if the sudden st1ppage of
wages, or justifiable reduction, be
imperative What then, with
dissipated, with nothing tan
gible to show for the money extrava
gantly expended and needlessly vast
Ell? The answer is obvious.
1t is not in order to heed the timely
warnings and turn to sane spending
and wise saving against time o.;
need? This is something for the indi-
vidual to decide, each for himself and
for herself. Occasional indulgence n
may not lead into disaster,
but steady and prolonged indulgence
therein will with certainty come to ali
undesirable end. So with reckless