The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1920-07-15
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Inat 1t IS the wise wage Garner who
saves his money and eurtails his ex-
penditures, who will be better of
when prices get to normal again.
Cheap foreign goods are beginning
to pour in from Europe. 10 many
hard-headed people this foretells, a
calamitous condition. When the
bottom drops out of our export trade,
which it will most certainly do
there will be a terrible reaction.
Not that there will be panic for
there need be no fear In a country
whose dollar is the worlds standard
and where there are plenty of dollars,
but the thing to do is to persuade the
people that it is silly to waste these
dollars.
iThe growth of the importing bust
ness has been most wonderful, and
today the warehouses on the piers of
New York are congested with foreign
made goods. Many of the importers
are Intentionally storing their goods
on the water front in bond, to be
drawn out when the market is favor
able. Confirming the reports of her
swift recovery to pre-war conditions
Belgium sent to New York in Feb
ruary goods worth S2,212,652, as
against $2,100 worth a year ago.
Importations from Germany jumped
from $4,000 for the month of Feb
ruary a year ago, to $2,133,656 this
year. Hungary is at the bottom of
the list, with $500 worth of ma
terial, while Austria sent $68,72S.
Italy's exports to this port were
seven times what they were a year
ago, 3s7,91S,160 as against s1,134,-
063. In this seriously growing sit
uation the statement Of J. P.
Bird, Of the National Association of
Manufacturers, is interesting: "The
people are dissatisfied because they
feel that the rising cost of materials
and labor is put upon the price of
an article when it is sold to the con-
sumer. Unless organized industry
agrees that prices shall be reduced
25 per cent. by a specific date, manu-
facturers will rue the day, and this
! If not more radical steps-may be
taken in some other way, without
their consent"
With this comes warning from
the secretary of the treasury,
David F. Houston s~who says that our
future strength depends upon our
thrift. He also says, "The policy of
living from hand to mouth is, at best,
a precarious means of existence. Only
that man who has erected wall of
reserve resources is safe from the
forces of failure. Today very great
number of people in the United States,
whose working days are over, must
depend upon charity because they
failed to create reserve, because
they failed properly to apportion their
dollars between the needs of the pres
ent and the contingencies of the fu-
ture.
@'It is not what a man earns, but
what he saves that measures his
success. A truly democratic nation
is nation of capitalists; a nation in
which laborer and mechanic, teacher
and merchant, has set aside some
part of his earnings to assure his
future independence; to aid in the
erection of new industry, to assist in
government enterprise.
To-day, in America, while the
thoughtless among our people are
spending with prodigal hand, the
judicious are putting aside their
surplus in sound investment. They
are promoting their own prosperity
and Strengthening the general eco
nomic situation by purchasing Lib
erty Bonds and war savings securi-
ties. They are assisting private en-
terprise to the end Of securing in
creased production.
Upon the ability Of the American
people to think on broader terms
than those of the qualification of
present desires, and upon their deter
mination to turn from habits of ex-
travagance and waste to those OF
wise spending, regular saving and in
telligent investment depends, in a
measure, the future strength OF
America