Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-04-07
Thrift: An Interpretation
BY Frederic J. Haskin
EW YORK CITY, April 2.-That the
II United States is one of the most thrift


average American is incompetent and reckless
in the spending Of his cash, are two disagree
able facts recently emphasized by New York
banking concerns 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. Instead of being the
mos sagacious people in the world as we
have thought, it seems that almost any little
European nation. like Belgium or Switzerland
can give us cards and spades in matters of
economy.
Without budget system, our government
squanders money wherever and whenever the
whims of congress direct it, without even
bothering always to keep strictly itemized &C
counts, and we the taxpayers, good-naturedly
foot the bills. 1t finances the building Of re-
mote bridges and village postoffices with
amazing lrodigality, and scrimps on appro-
priations for education and public health. 1t
pays out immense sums in war pensions: but
makes no provision for it's superanuated civil
employees. According to the bankers, no Eu-
ropean nation would support such slipshod
financial system
And ou- national waste is faithfully initial
ed by the individual. The majority of Ameri-
can homes have no budget jystems. House
hold expenses are regulated by the whims of
the family, and the bills are considered after
ward-usually, long afterward. Very little
preparation is made for the hazards Of the
future. The uneducated immigrant who
dwells so numerously in our midst generally
exhibits much create" skill in spending and
saving his earnings than does the American
born citizen. Thousands Of the former
class return to Eulop5 every year, with small
fortunes to ease their declining years, while
thousands of the latter enter homes for the
INDECENT.
The following statistics, quoted from pub
LEGATION Of the American Bankers Associa-
ton, show how pitifully few Americans ever
achieve a well-provided for old age:
Your Chance of Success
cat the age of twenty-five we find in this
country 100 men are all strong and vigorous.
They have started life physically fit and on
plane of equality.
"Ten years later, ten are wealthy, ten are
in fair circumstances, forty have moderate
means, while thirty-fve have saved nothing.
cat the age of forty-fve, tle number OF
wealthy persons has fallen to 8, IS are merely
supporting themselves, while 16 have passed
into the discard. They are no longer self
supporting.
cat the age of SIS, 20 men have died, only
one is very wealthy, only are self-support-
ing, while "a are dependent upon their chill
dren, upon relatives, or upon charity for sup
port.
| eat the age of rs, note what has happened:
63 are dead OF these so left no property at
all; are well-to-do "a are dependent upon
port; 95 Der cent of these will not have suf
icient means to pay their funeral bills
One of the reasons why Americans are less
thrifty than Europeans is that they have been
nourshed on an old-fashioned and no longer
practical theory-the theory that this country
possesses boundless resources, that there is
plenty for everybody, that to everyone comes
the opportunity to be wealthy. This may have
I.been true in the old days when the population
was thinly scattered over only a small por-
tion of the land, and virgin wilderness re-
NAMED for those who would claim it. Then,
perhaps, it was only natural that the term
thrift should be ANONYMOUSLY associated with
parsimony, stinginess and miserliness.
But today )ndi1ions are obviously differ
emit. We have tremendous population in pro-
portion to which our resources do not seem
SO infinitely boundless. furthermore, these re-
sources, as the bankers have shown, are now
controlled by few-the per cent who are
well to do-end opportunities for the rest
have become limited Thrift may now be
said to be an unrecognized necessity.
The bankers, however, are now doing what
they can to see that it is recognized. They
are endeavoring to have thrift courses intro
dGced into the public schools; they are at
tempting by circulars and by personal advice
to introduce the budget system into the
American home, and they putting out
some worthy propaganda concerning the ad-
visa bility of caution in spending money and
making investments. The bankers do not
claim to be motivated by philanthropic
feeling in this. Their business is to handle
money; therefore it is to their interest to
promote individual savings accounts.
Spend Wisely
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 it wisely. They do not
applaud saving at the expense of health or
education or other necessities for the develop
ment Of the individual. "The weekly wage,
properly spent is thrift they say, "even
though not penny may have been put into
savings account or into the purchase Of a
home.
"The thrifty person will spend his income to
meet certain definite needs in about the fol-
lowing order:
First, he will provide for himself and his
family the necessities of life and such COM
forts and luxuries as will sustain himself
and his family in the best physical condf-
ton, and will take advantage OF opportunt-
ties which will increase his competence.
Second, he will look after the health and
moral welfare of himself and his family
and expend such sums VIII safeguard
them against physical and moral decay.
Third, he will provide against the calam-
tiles of life, ramely. unemployment, acct
dents, sickness, old age and dependency of
his family in the case Of his death.
Absolutely nothing should be spared
from the first necessity. To 5ustain the
working power of the individual and the
physical welfare of the family is paramount
| to every other consideration.
Thrift substitutes a plan, based upon
| foresight and a comprehensive study Of ones
9lI-nOnSIGAr6d