The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1920-06-04
Why Thrift Is Needed.

Why Thrift Is Needed.
To show that such a movement Is
essential in America we need only to
be reminded that there was reclaimed
in 1918 almost two billion dollars
worth of waste material; that there
are a million and quarter dependent
people in America being fed and cared
for out of the incomes Of others; that
out of an average of 100 men who start
in life at 25 with like prospects, 1t
is found that at the age Of IS one Is
rich, three are well to do, six are
still working for living. So are de-
pendent upon relatives or charity,
while during the 40 years SO have
died.
The object of this movement is to
encourage people to save and not to
sacrifice; to encourage wiser spend
ing and not to discourage spending;
to enlarge the independence of the in
diyidual and not to restrict the sane
and worth while pleasures OF life.
How to Spend and How to Save.
Through the channels existing,
educational and other agencies, the
purpose is to take to every child In
the school, to every workman, In the
factory, to every clerk In the store,
to every manufacturer, merchant and
banker in his business, to every farm
er In the field. to every housewife in
the home, these simple principles of
how to save and how to spend and
how to invest money wisely.
MANY people have interpreted this
movement as merely method Of raising
sale of Thrift and Savings Stamps. On
the other hand, some have interpreted II
as essentially an educational campaign
and inferred that the Treasury Depart.
Savings stamps.
Cannot Be Separated.
1.-THE truth is that the thrift education
al movement and the sale Of Thrift and
Savings stamps cannot be separated in
their objects. They are simply two ele-
ments of one fundamental purpose. One
cannot be said to be more or less impor-
tant than the other.
IF conducted on a high educational
basis this movement will help to elimin-
Increase the number of investors In gov
eminent securities. change the economic
haDltS OF the people, and make America
a nation of savers,
ouieting National Unrest.
s"There is probably no better way to
stabilize the citizenship of this country I'm
these days of readjustment and unrest
than for everyone who can afford 1t to
have some investment in the securities of
his own Government.
''The Treasury Department needs mon
ey and wants to sell every possible
Thrift stamp, Savings stamp and Saw
ing certificate that can be sold to every
individual who can afford to buy not by
craftsmanship that will create a normal
demand. But the movement must do
more 1t must improve the financial con-
dition OF the people.
The Machinery Used.
THE machinery which the Treasury
department has established for carrying
out its part of this movement consists Of:
1.-The Savings Division of the Treas
ury Department at Washington.
IA Saving Organization in each of
the twelve Federal Reserve districts and
connected with the Federal reserve
banks, located at Boston. New York,
Philadelphia, Cleveland, Richmond. At
lanta, Chicago, st. Louis, Minneapolis,
Kansas City. Mo-, Dallas and San Fran
cisco.
3.-State and county savings organiza-
lions in many states and counties.
"A local savings committee and To-
cal savings director In each community.
OF and for the People.
This movement is being conducted in
the interest OF and for the lasting benefit
of the people. For this reason school au-
thorities and leaders of women's organ
izations, labor groups, commercial organ
izations, agricultural interests, churches
and fraternal societies are accepting
fishing the practise Of thrift as a serv-
ice to the public"