The Washington herald., 1920-01-26
COMMODITIES
ECONOMICS
WARNS AGAINST.
EXTRAVAGANCE.
Gibbons Declares Savings
Movement Success De-
pends on Individual.

The prosperity the country is now
enjoying should not be dissipated In
extravagant living. but conserved for
solid future benefits. and to enable
Ius to continue to play the Good
Samaritan to the suffering people Ia
Europe"
This is the opinion OF James, Cardinal
Gibbons. of Baltimore, given in a
letter to the Savings Division Of the
Treasury Department commencing
the continuation of the Treasury Saw
ings Movement during 1890. In a
similar letter. william, Cardinal o'con-
nell. of Boston. says:
Il shall be very glad to cooperate
insofar as lies within my power with
the Savings Division Of the Treasury
Department in checking the tendency
toward extravaganza and financial
Icarelessness and in encouraging con-
sistent saving"
Cardinal Gibbons letter follows:
Every American citizen should real
ize that the problems arising from
NNS wa oit anu
can best be solved by careful, frugal
living and curtailing of unnecessary
expenses. The prosperity that has
come to us is not ours to be spent
lavishly and without regard to conse-
Guences. but is to be increased by con-
sistent saving. thoughtful investment
and wise, use. In no other way can
we seize upon the opportunity that is
presented to US, and thus while in
creasing our own resources, continue
to play the Good Samaritan to the
suffering people in Europe
THE point made by Cardinal Glib
bons that the responsibility for the
solution of today's problems lies with
the individual is most important
one" said William Mather Lewis, di-
rector OF the Savings Division.
While there is continued public out
cry against the high cost of living,
there is simultaneous evidence that
the mass of the public not only re-
fuses to economize in shopping and
buying, but consistently demands the
highest priced articles without regard
to the comparative quality OF lower
priced ones.
1T has become an old story in the
retail stores throughout the country
that the public will not buy low
priced articles. The country seems to
be suffering from a peculiar form of
salf-hypnosis which makes il turn from
all articles priced in figures no higher
or only little higher than they were
before the war. There are authenti-
Gated instances Of manufacturers be-
ing forced to take back goods from
retailers. eradicate the old price
stamp, and imprint a new and higher
price mark.
"It is as true as II was in the time
OF Pharaoh that the flood tide of pros
perity will not last forever. After the
seven fat years will come seven lean
years and it should not require an
other Joseph to point out to us that
the savings for the lean years should
be poled up during the years of plenty
we are now experiencing.
The government. in continuing the
sale of War Savings Stamps and
Treasury Savings Certificates, has
made a safe and easy way OF in
creasinG savings available to every
school child. to every man and wom-
an who is a patron of postofiice or
bank.
This country. as well as the nations
of Europe should pay CAREFUL heed
to Clemencesu's diCtum. We must
work more and talk less We should
particularly be willing to weigh the
words of our financial leaders. who
are unanimous in assuring us that to
prevent disaster we must Work and
Save"