Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-05-04
UNITED STATES
is THRIFTLESS,
BANKS ASSERT
Our Nation Squanders Funds
Without Keeping Itemized
Account.
SOME FACTS ON THRIFT
By FKEpERTC j. HAsKIN

NEW YORK CITY-That the United
States is one Of the most thriftless ma
lions on earth, and that the average
American is incompetent and reckless
in the spending OF his cash are two
disagreeable facts recently emphasized
by New York banking concerens after
an extensive study of thrift as it does
not appear IN this country.
If, as the bankers point out, thrift
does not consist Of boarding resources,
but In their wise use. these facts really
- reflect upon our native intelligence. In
stead of being the most sagacious people
IN the world, as we have thought, IT seems
that almost any little European nation,
Ike Belgium or Switzerland, can give
Us cards and spades in matters of econ
omy,
without & budget system our Govern
ment sQuanders money wherever and
whenever the whims of Congress direct
Il, without even bothering always to keep
strictly itemized accounts, and we, the
taxpayers, good naturedly foot the bills.
It finances the building of remote
bridges and village pOstoffices with
amazing prodigallty. and scrimps on ap-
preparations for education and public
health It pays out immense sums in
war pensions, but makes no provision
for its superannuated civil employees.
According to the bankers, no European
nation would support such a slipshod
financial system.
And our national waste is faithfully
Initiated By the individual. The ma
Jority Of American bones have no bud
get systems Household expenses are
regulated by the whims OF the family,
and the bills are considered afterward-
usually long afterward. Very little
Il -
the future. The uneducated immigrant
who dwells so numerOusly in our midst
generally exhibits much greater skill in
spending and saving his earnings than
does the American born citizen. Thou
sands Of the former class return 10
Europe every year, with small fortunes
to ease their declining years. while thou
sands Of the latter enter homes for the
INDECENT.
The following statistics. quoted from
a publication Of the American Bankers
Association. show how pitifully Few
Americans ever achieve a ell-provided
for old age
YOUR CHANCE
OF SUCCESS
at the age Of % we find in this eoun-
try 100 men are all strong and vigorous
They have started life physically fit and
on a plane Of equality.
'Ten years later, ten are wealthy, ter
are in fair circumstances, forty have
moderate means while thirty-fve have
saved nothing.
AT the age Of IS the number Of
wealthy persons has fallen to three,
sixty-6ve are merely supporting them
selves. while sixteen have passed into
the discard They are no longer self
supporting
at the age Of IS twenty men have
died only one is very wealthy, only six
are supporting. while fifty four ara
dependent upon their children. upon
relatives. or upon charity for support
"At the age of 70 note what has hap
pened: Sixty-three are dead: Of these
sixty left no property at all. three
are we'll -to-dO, thirty -four are dependent
upon their relatives. children or charity
for support: % per cent of these viii
not have sufficient means to pay their
funeral bills"
One Of the reasons why Americans are
less thrifty than Europeans is that they
have been nOurished on an old-fashioned
and no longer practical theory-the the
DRY that this country possesses bOundless
resources. that there is plenty for every
body, that to every one comes the op-
portunity TO be wealthy. This may have
been true in the old days when the popu-
q
small portion of the land, and a virgin
wilderness remained for those who would
claim it. Then, perhaps, It was only
natural that the term thrift should be
ANONYMOUSLY associated with parsi-
mOny, stinginess and miserliness.
But today conditions are obviously diff
ferent. We have a tremendous popula-
ton In proportion to which our resources
do not seem so infinitely bOundless Fur
thermPre, these resources. as the bank
ers have shown, are now controlled by
a few-the 3 per cent who are well to do
and opportunities for the rest have be-
come LIMITED. Thrift may now be said
to be an unrecognized necessity.
The bankers. however, are now doing
what they can 20 see that 1t is recognized.
They are endeavoring TO have thrift
courses introduced into the public
schools; they are attempting by circulars
and by personal advice to Introduce the
budget system into the American home
and they are putting out some worthy
propaganda concerning the advisability
Of caution in spending money and
making investments. The bankers do
not claim to be motivated by a phfIan-
thropic feeling IN this. Their business is
to handle money; therefore It Is to their
interest to promote individual savings
accounts.
SOUND ARGUMENT
IN FAVOR OF THRIFT.
Nevertheless, their arguments, in favor
OF thrift are sound and remarkably
unbiased. They point out. as has been
said before. that thrift does not mean
saving money so much as it means
spending IL wisely. They do not ap-
plaud saving st the EXPENSE of health or
education or other necessities for the
development Of the individual, "The
weekly wage. properly spent is thrift"
they say. even though not a penny may
have been put into a savings account or
into the purchase Of a home.
''The thrifty person will spend his in
come - meet certain definite needs in
the following order,
First he viii provide for himself and
his family the necessities Of life and such
comforts and Injuries as will sustain
himself and his family in the best
physical condition, aud will take ad-
vantage Of opportunities which will In
crease his competence
Second. he will look after the health
and moral welfare Of himself and his
family and expend such sums as will
safeguard them against physical and
moral decay.
Third. he will provide against the
calamities Of life. namely, unemployment,
accidents. sickness, old age and depen-
dency Of his family in the case Of his