The Powder River County examiner and the Broadus independent. [volume] (Broadus, Mont.) 1919-1935, 1921-12-09

with stock schemes and blue-sky sales
and thousands ct them wrote to the
editor and publisher, asking his ad-
vice. In the following, he gives that
advice to all who care to read and. as
Senator Cappers entire life is indica-
ton Of careful advancement, superior
business Judgment and the confidence
of his fellow citizens, what he has to
say may be accepted without hesita-
ton 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 Leans.
The country had not suspected the po-
tential capital fund Of the American
people. It was amazed by the response
OF the people to the appeals of the
government fer funds. And this as
constituent grew as one great loan
drive followed another in swift sue
cession. There seemed to be no bot
tom to the popular purse, as there
was no faltering in popular patriotism
More than 81 million subscribers Of
fered nearly seven billion dollars for
the government bonds. This was the
culminaticn. The fifth loan was for a
smaller amount. which was oversub-
scribed. like all it's predecessors.
Here, out OF the income of two years,
a minimum of ~ million persons had
subscribed for some % billions Of war
loans.
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 five bill lion dollars.
And it may be remarked incidentally
here that three years after the war,
notwithstanding the huge Liberty bend
payments. savings deposits not only
have not declined but have increased
by billion dollars. with an increase
net of 100000 depositors.
The effect produced by this extra
ordinary demonstration of the savings
capacity Of the people is seen in sew
eral organizations. governmental and
private. since formed to promote saw
ing and thrift by publicity propa-
Eanda. The treasury department con.
ducts such publicity campaign. the
Reserve banks also and one or two
people to save.
While the government and other
agencies are very active in endeavor-
ing to induce people to save. 1t is evil
dent that such campaign is directed
to the non.savers. and the only sys-
tcmatic campaign tc, help the savers
to preserve their savings by judicious
investment Is constant campaign in
of 81,
Investments.
On the other hand. there is uninter-
rupted bombardment of savers by
swindling stock promoters and ar
even more injurious crusade by wei
meaning but ill-advised promoters Of
new enterprises. wholly untried. usu-
ally undercapitalixed in such specula.
tions as oil and mining and similar
ventures.
At hearing before the judlciar.
committee Of the house in the pres.
emit session Of congress the Fedora
Reserve board asked for additional
legislation to protect savers from
swindling stock jobbers. the boart
making the statement that in the las
year these swindles had taken from
the American people more than half I
billion of their saved capital. Prob
ably injudicious speculations took {
very much larger sum.
Private institutions engaged In le
ultimate bond. mortgage and other in
vestments. 1t seems to me. shoull
awake tc' the duty Of educating the 9
million savers OF capital in the Unite,
states in caring for their capital. onc'
saved. The people need campaigl
OF primary education on what capita
il. and what investment is. They un
stintingly deny Themselves luxuries Il
order to save. and billions OF Thu
saved capital. OF incalculable value 4
the nation and oil its industries. reg
ularly are wasted In speculation.
Students Of this subject report tina
it 10 not the unframed mechanic an
artisan alone who II ignorant Of tn
A &c Of investment, but among til
Victims OF promotion are merchant,
profsesional men. and even bankers.
Billlons Of dollars wisely investe
eves3 1eer Whiph, hsystoforsa have BE-
di1taosesA In sIecalation viii eviAsat
II hHye -canital 'effkct In miti9atin