The Powder River County examiner and the Broadus independent. [volume] (Broadus, Mont.) 1919-1935, 1922-11-10
BY ARTHUR CAPPER.

VICE TO NEW INVESTOR.
| BY ARTHUR CAPPER.
| Editors Note.--Senator Arthur Cap
per Of Kansas was for many years
head Of a string of papers, both daily
and weekly, the latter farm papers
with immense circulations. Thousands
Of his subscribers fell victim to men
with stock schemes and Dlue-sky sales
and thousands Of them wrote to the
! editor and publisher asking his advice.
In the following, he gives that advice
| to all who care to read and. as Senator
| Capper's entire life IL indication Of
| careful advancement, superior business
judgment and the confidence Of his fell
lw citizens, what he has to say may
be accepted without hesitation as the
| advice of one who knows.
+.>
Among all the impressive videbcs Of
American sllidarity during the war
hardly any was more awakening than
the subscriptions to the Liberty YA1ens
The country had not suspected thu po-
| tential capital fund OF the American
people. 1t was amazed by the response
of the people to the appeals Of the
government for funds. And this aston
followed another in swift succession.
There seemed to be no bottom to the
popular purse. as there was no fall
tering In popular patriotism.
More than Fl million subscribers Of
fered nearly seven billion dollarsa for
the government bonds. This was the
elimination. The fifth loan was for
a smaller amount. which was oversub-
n>,{h nod III 60
Here out Of the income Of two years.
a minimum Of Fl 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 or the savings
banks, which prior to the war showed
upwards of II million depositors with
balances of above six billion dollars.
And it may be remarked incidentally
here that three years after the war,
Notwithstanding the Nuse Liberty bond
payments, savings deposits not only
have not declined but have increased
by billion dollars. vita an increase
net of 100000 depositors.
The effect produced by this extraor-
binary 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 propaganda.
The treasury department conducts such
a publicity campaign, the reserve banks
also and one or two private organiza-
tions, all urging the people to save.
While the government. and other
agencies are very active IN endeavor-
ing to induce people to save. it is evil
dent that such caNipn,gn Is directed
to the ron-savers, ana the only syste-
matte campaign to help the savers to
preserve heir savings by judicious in
vestment is constan. campaign In
behalf of treasury no;es. sh"rt-titne In
vestments.
On the other hand. Their is ,.nin-
terrupted bombardmant Of savers by
swirdling stock promoters aud an
even more injurious crusade by well
meaning but ill-advised promoters OF
new enterprises, wnuHg untried. usu-
ally undercapitalized. in such specula-
lions as oil and mining ana similar
ventures.
Aa hearing before the judiciary
committee of the house in the session
of congress the federal reserve board
asked for additional Legislation to prc-
tect savers from swindling stock job
beers, the board making thr STAT
that in the las year mes
taken from the American people wore
than half billion of their saved cap
|ital. Probably injudicious speculations
took a very much larger sum.
Private institutions engaged in le-
Ultimate bond. mortgage and other in
vestments. it seems o me, should awake
to the duty of educating the q mil
lion savers of capital in the United
States in caring for their capital. once
saved. The people need campaign OF
primary education on what capital is
and what investment is They unstint-
ingly deny themselves Injuries in Or
der to save, and billions of this saved
capital of incalculable value to the
nation and all it's industries. regularly
are wasted in speculation.
Students Of this SUBJECT report that
it is not the unframed mechanic and
artisan alone who is ignorant of the
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 heret ofore have been
dissipated in speculation will evident
ly have capital effect in mitigating
panics. business depression and unem-
ployment An increase. such as it seems
there is an opportunity to secure. in
the annual increment of saved capital
that will be permanently saved by
sound investment. will by steadily en-
lareing the national capital fund ct a
greater rate than heretofore lowe" the
cost and price of capital, give to every
kind of legitimate enterprise a greater
sense of security and courage. tend to
a tseader empl oyment Of labor and to
lowered price level and cost Of liv-
ing. consequently higher standard Of
living.
The county should not permit the
opportunity to slip by which the LIB
erty Loan experience opens to 1t OF
adding yearly to the capital fund the
great savings of the people. sys-
tematic. intelligent, organized attempt
should be made to counteract he prop
-