The Powder River County examiner and the Broadus independent. [volume] (Broadus, Mont.) 1919-1935, 1922-06-02

AAC0 ANOUWANCB AID TO SAVINGS
-DxECUTlvE AssERTs THRIFT
TAUGHT ny INSURANCE. INVEST
MENT OFFERS GOLDEN REVIVAL Ds
BY EDWARDS A. WOODS.
Editors Note.-Edward A. Woods ia
general agent for the Equitable Life
Assuranhe companies. While his Of
fices are located in Pittsburgh, he ID
known from coast tc' coast by :reur.
ance men Of all companies az one of
the most progressive and tireless
workers in the profession. with q
broad but comprehensive belief in a
future state which will see life insure
ance as universal in sustaining life
and happiness.
The primary idea of life insurance
Of course. Is protection. But, because
In this respect life insurance only will
do something that nothing else can.
another important by-product CT life
insurance has often been overlooked,
which alone would Justify this great
American institution-that is. it's in
fiuence in promoting systematic thrift.
Badly as thrift IL needed even in
rich. prosperous America, there are
comparatively few institutions for
promoting regular, systematic thrift.
One will say at once-there are the
savings banks. building and loan as
sociations. life insurance companies.
bond houses. OF course, these are
among our most important and most
prosperous institutions. But the saw
ings banks, for example. have not yet
worked cut plan under which a sys-
tematic inducement il offered for saw
ing, money week by week, month by
month. or year by year. Savings banks
are local institutions. conveniently sit
uated-more accessible than most life
insurance offices-dcing excellent adj
vertising, with able directors locally
known. giving the banks standing
and they offer excellent facilities to
those desiring to save oney to do so.
But they do seem tc fall short in Of
fering the detectives they should for
forming habits of thrift.
II a man desired to encourage his
son to save money regularly, the saw
ings banks does offer facilities fer do
ing so-if the son wishes too. Sup
pose, for example. a father does per-
suade his son that he should put by
SO month in a savings bank-the
bank will accept his deposit, take
good care of his money and return
it to him with good interest. But how
about the next m nth. and the sue
ceeding months-will he continue his
deposit?
When one begins to inquire as to
what other institutions there are that
tend to form thrift habits-which can
be defined as "a practice of saving
money systematically. month by month
or year by year-is not enc surpris-
ingly limited to very few instftu-
tions? Theer are some-the building
and loan associations do it. There are
local institutions in Massachusetts, and
some other states that dc 1t. Bonds
may be bought upon the instalment
plan. Real estate may be bought and
paid for by systematic payments. But
these are relatively little used COM
pared to the total population of the
country who should be saving.
Life insurance is one institution
that systematically encourages man
to set aside a certain amount of
money at a regular date for a reg
ular period. A man who takes life
insurance policy. whether he pays for
it monthly. quarterly. semi annually
or annually, practically commits him.
self to a plan Of laying by
amount Of money to be paid at a def
mite time and for certain period, a
ong time ahead-for twenty years.
thirty years or lifetime. What an
effect this habit has had upon the
5O,0OO.0OO people who are utilizing 1t.
is hard to conceive. But when we
speak Of extravagant and shiftless
Americans. there is satisfaction in
feeling that through this institution.
which has been developed in America
to an extent exceeding all the rest of
the world put together. the majority
Of the population are lin this way at
least) cultivating and actually prac-
ticing thrift in its best sense.
There are at least l34 kinds Of in
surance that one can secure through
an incorporated insurance organiza-
tionn. In all Of these. with the single
exception Of life insurance. the amount
paid must be charged of as an ex.
|pense-automoble fire. marine. plate
glass. burglary and other insurance
that one buys.
Life insurance 10 money saved. Just
40 surely 40 death 10 certain. life In
surance should be considered al none,
saved, not spent. In ones ledger. ont
should charge CT the premiums pait
for all these other forms Of insurance
for nothing 10 received on them .un
less q loss occurs. Only the loss o.
life 10 certain.
The influence Of life insurance II
encouraging. young people, men an,
women. to cultivate the habit Of thrift
perhaps alone justifies its existence
America needs such institutions-the!
must increase. Banks must discove
some way Of encouraging continuous
regular. monthly or weekly depcsit
for . period OF years. The Christina
savings clubs are one illustration o
how t can be done-but this 10 reall
money saved to be spent At the en-
Of . years time. The young ma
who plans to save money for . lon
period ahead II certain to be q bette
citisen. . more prosperous. . thirftie
and . better man for the communit!
The late James J. Hill. and the lat
A. Bartin Hepburn said two thina
- - a.