Belington progressive. [volume] (Belington, W. Va.) 1912-1927, 1924-01-31
INDIVIDUAL PROSPERITY
AND RETRENCHMENT
BY Andrew W. Mellon,
Secretary of the United States
Treasury

(Special)-f the prosperity which
the country as a whole is enjoying
today is to continue through the year
1924, a program Of economy must
rule both private and governmental
expenditures.
belive in saving, and it is my con-
viction that saving nation will be a
prosperous nation; that thrifty peo-
pde win be successful people. 1t is,
therefore, the responsibility of each
Of us to help maintain good times
and bring the greatest benefit to the
greatest number during the coming
year.
We must face the fact that while
the people acquired habits during the
war which can only be described as
extravagant and INDUCED in alarm
ing and unprecedented spending, the
salvation of our commercial and in
dustrial integrity today depends
principally on the elimination of I'M
necessary expenditures.
However distressing conditions are
in other parts Of the world, the Unit
ed States is back on its feet, and the
money madness of wartime is over.
There is but one way for this nation
TO prcspar and that is for it to pay
its debts, eliminate needless expense,
and to add to its surplus in money
and resources. We must decide now
that the only sensible and logical
way to prograss and maintain nation
al and individual prosperity is s5
live within our income, and save
part of our earnings.
The lead has been taken by the
government of the United States.
The administration is doing every
thing possible to achieve constantly
greater economies and added efficien-
cy in every branch Of its service. AS
has recently been pointed out to Con-
gress, revenues exceed expenditures
by $309, 657, 460 at the end of the ifs
cal year 1928, and the indicated sur
plus for the fiscal year 1924 is esti-
mated at about 1928, 100000.
The government has adopted pro-
gram of retrenchment, and with the
further reductions planned for the
coming year the nations financial
outlook is most encouraging In or
der that we may derive the greatest
benefit from national economies, in
aividuals must shape their own ex-
( penditures to meet their incomes,
and leave an amount above and be-
yond all expenses which can be set
"A side for investment. Ii our peo-
pie will do this financial security and
personal happiness will be maintain
ed not only in 1924, but for years to
come
Having succeeded in accomplishing
aational economies the government
is now turning its attention to a pro-
gram which will help millions of in
dividuals to save more from what
they earn The recommended re-
duction in income taxes will permit
of greater savings by the average
wage earners.
Further than that the government
, has established a savings system of
its own which gives to every one an
opportunity to save Systematically
by the investment of amounts as
small as $40 and $50. refer to the
new Treasury Savings Certificates,
by means of which about $175,000,-
600 have been saved in 1928. | was
recently asked what considered the
best method of saving money insmall
sums, and at present know of moth
ing that is any better than deposits
IN Savings Banks or the purchase of
Treasury Savings Certificates.
There is no sucurity which is more
available to the masses than these
savings certificates for they are on
sale at over $4,000 post offices, and
may be obtained at many banks and
trust companies. The Government
Savings System has been maintained
for the benefit of those who wanted a
government security available at all
times in small amounts, and has UNI
questionably helped many people to
save and to invest their savings in
securities of abolute soundness.