The Washington times., 1920-10-20

Thousands of Americans. made
prosperous by the war. and with
purses bulging with coin. Mr.. Ellis
worth asserted. have taken the role
of easy suckers" and made the con-
venient prey Of setsrich quick artists
In varied worthless schemes.
'.The American people have a we'll
confirmed reputation for being free
and easy spenders," Ellsworth said.
They have held this unenviable repu-
tation for 10, these many years. our
hand laborers are the best paid OF
any in the world-and they are the
best spenders. Our brain laborers
are not a bit behind them In this
respect
WASTE UNTOLD MILLIONS.
I'VE spend more for necessities than
we should. We squander untold
millions on silly and unnecessary
luxuries.
Hundreds of millions OF dollars are
invested in 'get-rich-quick' securities.
that have no security. The serious
shortage Of paper could be quickly
overcome if~the easy suckers who
own these pretty pieces OF paper
would turn them into some good
paper. which. of course, is as much
as they are worth.
Most of the $4,000, 900 900 hidden
In the pockets OF Americans should
be In the banks. THIS sum put into
the banks could accomplish more for
the business community. than II can
hidden away in the dismanteled sugar
bowl, or the trousers pockets.
Legitimate needs of business for
more credit could he easilyrsmet and
without the slightest strain upon the
finances of the country, Ellsworth
declared, II the vast amount OF cur
rency thus held away from the banks
could be diverted In proper channels.
Mr.. Ellsworth said the figures cited.
based upon latest reports of the Fed
eral Reserve Board, furnished an i'm
pressive lesso~ to the bankers OF the
country. and pointad to the response
bility that rests upon them to divert
this volume of currency into useful
channels of trade. Urging the bank
ers to advertise, Mr.. Ellsworth said;
ADVERTISE DOLLAR POWER.
Artistic posters and painted bull
letins on the roadside and on dead
walls urge the man with dollar to
get rid of it. The man on the train.
street car or suburban train lifts his
eyes to see countless ways of trading
his dollar for something else.
Modern advertising is one OF the
great business forces which is help
ing to develop the larger and better
things of life. But IL it Is logical 10
advertise in order to persuade folks
to spend, it is just as logical and SEN
sibIe to advertise for the purpose OF
persuading people to save and invest
or otherwise conserve their means
The best answer TO this question rests
in certain collective and cooperative
movements already planned"
MIR. PONZI MENTIONED.
Mr. Ellsworth, as vice president of
the association, indorsed plan call
ing for the expenditure Of not less
than $250O by members Of the as
sociation collectively, to establish
more intimate relations with the pub
lie through publicity measures.
I'VE have passed from the age when
the banker emerged reluctantly from
his mausoleum, and associated with
his customers, to the progressive age
when the welcome sign is out to
everyote. Banks which formerly
fought each other are now working
together to a common end"
Fred S. Strong, of Boston, represent
ing the savings banks section, con-
demned the existence of promoters of
the type of Charles Ponzi, and urged
with the association for more care
full surveillance of savings institu-
tions, to weed out the legitimate as
Of