Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1921-11-24


advice to all who care to read and,
as Senator Capper's entire life is in
dication of careful advancement, su-
perior business judgment and the con-
has to say may be accepted without
hesitation as the advice of one who
knows.
Among all the impressive evidence
of American solidarity during the
war, hardly any was more awakening
than the subscriptions to the Liberty
Loans. The country had not suspect
ed the potential capital fund of the
American people. 1t was amazed by
the response of the people to the ap-
peals of the government for funds.
And this astonishment grew as one
great loan drive followed another in
swift succession. There seemed to
be no bottom to the popular purse,
as there was no faltering in popular
patriotism.
More than 21 million subscribers
offered nearly billion dollars for the
government bonds. This was the cul-
mination. The fifth loan was for
smaller amount, which was over-sub-
scribed, like all its predecessors.
Here, out of the income of two
years, a minimum of q million per-
sons had subscribed for some % bill
lions of war loans
Only Books Showed
Until this exhibit of the potential
savings or capital fund of the people
the only concrete indication of this
fund was the books of the savings
banks, which prior to the war showed
upwards of II million depositors with
balances of above billion dollars.
And it may be remarked incidentally
here that three years after the war
notwithstanding the huge Liberty
Bond payments, savings deposits not
only have not declined but have in
creased by a billion dollars, with an
increase net of 100000 depositors.
The effect produced by this extraor-
dinary demonstration of the savings
capacity of the people is seen in sew
eral organizations, governmental and
private, since formed to promote ,av-
ing and thrift by publicity propa
ganda The Treasury Department
conducts such publicity campaign
the Reserve Banks also, and one or
two private organizations, all urging
the people to save.
Campaign is Needed
While the government and other
agencies are very active in endeavor-
ing to induce people to save, it IS evil
dent that such a campaign is direct
ed to the non-savers, and the only
systematic campaign to help the saw
ers to preserve their savings by ju-
dicious investment is a constant cam
paign in behalf of Treasury notes,
short-time investments.
On the other hand, there is unin-
terrupted bombardment of savers by
swindling stock promoters and an ev-
en- more injurious crusade by well
meaning but ill-advised promoters of
new enterprises, wholly untried, usu-
ally undercapitalized, in such specu-
lations as oil and mining, and similar
ventures.
AT a hearing before the Judiciary
Committee of the House in the pres
ent session of Congress the Federal
Reserve Board asked for additiona1
legislation to protect savers from
swindling stock jobbers, the board
making the statement that in the las
year these swindles had taken from
the American people more than hal
a billion of their saved capital. PROB
ably injudicious speculations took ;
very much larger sum.
Private institutions engaged in lie
gitimate bond, mortgage and othe
investments, it seems to me, shoul
awake to the duty of educating the 2
million savers of capital in the Unit
ed States in caring for their capita
once saved. The people need a cam
paign of primary education on wha
capital is, and what an investment i
They unstintingly deny themselve
luxuries in order to save, and billion
of this saved capital, of incaleulabl
value to the nation and all its indus
tries, regularly are wasted in specr
lation.
Many are Ignorant
Students of this subject report ths
it is not the unframed mechanic ar