Evening star., 1923-01-01
GREATER SAVING
URGEDBy MELLON
Treasury Secretary Warns 1t
Would Be ''Calamity" to For
AL Wars Thrift Lessons.
NEED STILL AS GREAT
/ Il
80 IS to Administrations Record
as Example to All Citi-
zens Of the Nation.
NEED STILL AS GREAT

" FER saving among the American
Ibpte is recommended by Secretary
Iellc' / his New Year message to-
Iay, 10 II ther with the warning that
It would be little short of a national
alamity If the lessons of thrift and
found investment, learned during the
war. should be lost in these days of
reconstruction, when the need of
avoiding waste and extravaganza is
rs great as ever"
Let us make 1928 a better and
more prosperous year than 1922"
said Secretary Mellon. "It can be done
if all of us will unite to save more
and waste less. The federal govern
ment will take the lead in saving
1t is cutting expenditures to the limit
in order to balance Its budget and
reduce the burden of taxation. For
the last completed fiscal year it
shows 4 reduction of about one bill
lion dollars in the gross debt a
balanced budget and successful re-
funding operations which have re-
duced the early maturing debt to
manageable proportions.
Have Big Sums to Pay.
But much still remains to be done.
on January 1, 1923, about S625,O0O,-
900 of 1918 war savings stamps come
due and must be paid or exchanged
into other government securities; and
ON May 20, 1928, the remaining vic
Tory notes, amounting to about $780,
100000, will become payable, while
victory notes, called for redemption
on December Is, 1922, still remain
outstanding to the amount of about
100000. 1t is matter of the
first Importance that these great ma
turtles, representing largely the saw
ingS of the people. should not be dis
Sipated in idle or wasteful eXpendi-
ture or in worthless securities. and
the Treasury IS accordingly bending
every effort to encourage the rein
Nestment of these funds in sound Sc
"urities. particularly those of the
government itself
''As of special interest to holders
OF maturing war savings certificates
r is Offering the new Treasury saw
.ngS certificates on an attractive
itasis. in the belief that those who
saved during the war will wish TO
Eeep their money invested in gov
ernment securities of the same gener-
II character but in more convenient
form.
ISSUES w aFn1nS.
The new certificates are issued in
denominations small enough to meet
the demands of all classes of in
Nestors; may be purchased up to
$1,000 maturity value of any one
series by any one person; yield an
attract' se rate of interest and are
Exempt from the normal federal in
come tax and from all state and
local taxes Except estate and inherit
anCe taXeS).
During the world war we learned
10 save, and the liberty loan and war
savings campaigns created a great
body of investors in government
securities 1t would be a little short
of a national calamity if the lessons
of thrift and sound investment
learned during the war should be
lost in these days of reconstruction.
when the need of avoiding waste and
extravaganza is as great as. ever
Treasury savings certificates will
help the government to finance the
debt left by the war. But they will
do more than that; they afford an
opportunity to the people of the
country TO save from their income
and, by investing regularly in gov
"rnment securities. to build the
foundation for future financial in
dependence and success