The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1921-04-08

Thrift: An Interpretation.

New York CitN April That
the United States 10 one OF the most
thriftless nations on earth, and
that the average American e In
competent and reckless in the
spending Of his cash, are two dis
agreeable facts recently emphasiI-
ed by New York banking concerns
after an extensive study Of thrift
IS it does not appear in this coun-
try.
II, ~ the bankers point out,
thrift does not consist Of hoard
ing resources, but In their wise
use, these facts really reflect upon
our native intelligence. Instead Ct
being the most sagscious people in
the world, Is we have thought, it
seems that almost any little Euro
,pean nation, like Belgium or Switz-
erland, can give 10 cards and
spades in matters Of economy.
Without . budget system. our
government sQuanders money
whel ever and whenever the whiIns
Of congress direct It, without even
bothering. always to keep strictly
itemized accounts, and We. the tax
payers, good-naturedly foot the
bills. 1t finances the building Of
remote bridges and village post
ofnces with Amazing prodigali!y,
and scrimps on appropriations fos
education and public health. Il
pays out immense sums in war pen
sions, but makes no provision for
its superannuated civil employees,
According to the bankers, NO Euro
pean nation would support such q
slipshod financial system.
And our national waste 10 faith
fully initiated BY the individual
The majority of American homes
have no budget systems. House.
hold expenses are regulated by the
whims Of the family. and the bills
are considered Internationally
long afterward. Very little prepa-
ration is made for the hazards Of
the future. The uneducated i'm.
migrant who dwells 30 numerously
in our midst generally exhibits
much greater skill in spending and
saving his earnings than does the
AmericAn-b bora citisen. Thousands
Of the former class return to Eur
ope every year, with small fortunes
ito ease their declining years, while
thousands Of the latter enter homcl
for the INDECENT
The following statistics, quoted
from a publication Of the American
Bankers association, show how
pitifully few Americans evel
achieve q well-provided-for Ole
age:
Your Chance Of Success.
AT the age Of Is We find in THU
country 100 men are all strong ant
vigorous. They have started Lift
physically fit and on a plane o
equality.
"Ten years later, 10 are wealthy
10 are in fair circumstances, n
have moderate means, while IS hav'
saved nothing.
"At the age of Is. the number
Of wealthy persons has fallen t.
3, IS are merely supporting them
selves, while 1e have passed int
the discard. They are no longel
self-supporting.
AT the age Of S., 20 men hav'
died, only one Is very wealthy. onl!
6 are self-supporting. while 81 ar,
dependent upon their children
upon relatives, or upon charity 70
support.
"At the age Of Is, note what ha
happened: So are dead; OF thes
so left no property at all; 3 ar
wen-to-do; "a are dependent upol
their relatives, children or Chart,
tor support; IS per cent Of thes
will not have sufficient means I,
pay their funeral bills"
One of the reasons why Ameri
cans are less thrifty than Euro
peans is that they have been nour
ished on an old-fashioned and n
longer practical theory-the theor.
that this country possesses bound
less resources, that there is plen
ity for everybody, that to every
one comes the opportunity to b
wealthy. This may have been tru
IN the old days when the popula
ton was thinly scattered over onl,
. small portion Of the land, and
virgin wilderness remained 70
those who would claim 1t. Then
perhaps, it was only natural tina
the term thrift. should be ignomin
iously associated with parstmony
stinginess and miserliness.
But today conditions are obvious
~ different. We have q tremend
Gus population in proportion &
which our resources do not seer
1