The Ordway new era., 1922-11-03
BY ARTHUR CAPPER


American solidarity during the
rar hardly any was more awaken
,s .han the subscriptions to the
harty Loans. The country had not
aspected the potential capital fund
the American people. 1t was
mazed by the response of the people
4 the appeals OF the government for
unls. And this establishment grew
one great loan drive followed an
Ither in swift succession. There
eemed to be no bottom to the pop-
lar purse, as there was no faltering
popular patriotism.
More than 81 million subscribers
piiered nearly Z billion dollars for
he government bonds. This was the
Elimination. The fifth loan was for
smaller amount. which was over
lhscrioed, like Ill its predecessors.
Here. ont of the income of two
ears, u minimum of 81 million per-
lldii nufH'l ifti lpl Sollt = W.
Ions OF war loans.
Only Books Showed
Until this exhibit OF the potential
|hvngs or capital fund of the people
be only concrete Indication of this
ahd was the books of the savings
anks. which prior to the war showed
pvards of IL million depositors
th balances of above billion doll
.. And it may be remarked incid-
tntally here that three years after
he war. not withstanding the huge
liberty Bond payments. savings dep
pits not only have not declined hut
lsve increased by a billion dollars.
Plth an increase net of 900 depos-
kOis.
The effect produced by this extra
fdlnary demonstration of the saw
hgS capacity of the people is seen in
eyeral organizations. governmental
md private. since formed to promote
aVlhg and thrift by publicity propa-
anda. The Treasury Department
oAducts such n publicity campaign.
ne Reserve Banks also and one or
wo private organizations, all uvg-
ls The people to save.
Campaign Is Needed
while the government and other
sehcies are very active in endeavor-
ls to induce people to save, it is evil
tn' that such a campaign is direct
10 the non-savers, and the only
Fa9Matic campaign to help the
la'ers to preserve their savings by
laaicious investment is a constant
rmpaign in behalf of Treasury
''es. short-time investments.
oh the other hand, there is unin-
bombardment of savers by
|*haiing stock promoters and an
zen more injurious crusade by we'll
eahihg but ill-advisel promoters of
|aw enterprises. wholly untried. usu-
t'y undercapitalized. In such specu-
r"ohs az oil and mining and similar
|entures.
al 4 hearing before the Judiciary
f'mmittee OF the House in the pres
I'' session of Congress the Federal
'serVe Board asked for additional
fsSlation to protect savers from
"'naiiag stock jobbers. the board
A"'hg the statement that in the last
raf 'hese swindles had taken from
e american people more than half
ol'iion of their saved capital. Prob
Ivy ih1udicious speculations took a
Try much larger sum.
rfiVate institutions engaged in le-
innate bond. mortgage and other
'es'ments. it seems to me. should
.ake , to the duty OF educating the 81
'h savers of capital in the
"'ef states in caring for their cap
- ohce saved. The people need
%pa'gn of primary education on
""t capital is. and what investment
I lhey unstingly deny themselves
"aries In order to save, and billions
|a,' .n'S saved capital. of incalculable
Is. ue to the nation and all its ind
".es' regularly are wasted in spec
Many Are Ignorant
STUDENTS Of this subject report
~ 1t is not the unframed mechanic
artisan alone who is ignorant OF