The Mena weekly star., 1921-11-10
By Arthur Capper.


 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- imitation. The fifth loan was for a smaller amount, which was over subscribed, like all it's predecessors.
 Here, out of the income of two years, minimum of 21 million per- sons had subscribed for some 22 bil- 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 extra ordinary demonstration of the sav- ings capacity of the people is seen in several organizations, governmental and private, since formed to promote saving 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 campaign is direct ed to the non-savers, and the only systematic campaign to help the savers to preserve their savings by judicious investment is a constant campaign 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 even 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 hearing before the Judiciary Committee of the House in the pres- ent session of Congress the Federal Reserve Board asked for additional lgislation to protect savers from swindling stock jobbers, the board making the statement that in the last year these swindles had taken from the American people more than half billion of their saved capital. Prob ably injudicious speculations took a very much larger sum.
 Private institutions engaged in le- gitimate bond, mortgage and other investments, it seems to me, should awake to the duty of educating the 21 million savers of capital in the Unit ed States in caring for their capital, once saved. The people need a cam paign of primary education on what capital is, and what investment is. They unstintingly deny themselves luxuries in order to save capital, of incalculable value to the nation and all it's industries, regularly are wasted in speculation.
 Many Are Ignorant.
 Students of this subject report that it is not the untrained mechanic and artisan alone who is ignorant of the A B c of investment, but among the victims of promotion are merchants, professional men and even bankers.
 Billions of dollars wisely invested every year which heretofore have been dissipated in speculation will evidently have capital effect in nit igating panics, business depression and unemployment. An increase, such as it seems there is an oppor- tunity to secure, in the annual incre- ment of saved capital that will be permanently saved by sound invest ment, will by steadily enlarging the national capital fund at a greater rate than heretofre lower the cost and price of capital. give to every kind of legitimate enterprise great CT sense of security and courage, tend to steadier employment of la- bor and to lowered price level and cost of living, consequently a higher standard of living.
 The country should not permit the opportunity to slip by which the Liberty Loan experience opens to it of adding yearly to the capital fund the great savings of the people. A systematic. intelligent. organized att tempt should be made to counteract the propaganda of promoters, not merely in the negative way of legis- lation against criminal practice, but by positive propaganda setting forth the superior attractions setting forth the superior attractions of Safety First in investment.
 Beware Promoter.
 It is a large undertaking to get to the people the Safety First idea, but worth whatever effort is necessary. The promoter appeals to raw cupid ity, to that propensity to speculate. tQ accent a chance tn ua u4hfa e.f. 4Ea