Evening star., 1932-03-13
The Campaign Merely Begins.

Washington's "anti-hoarding cam
paiRn" is ended But in the larger
sense 1t has only begun. We have wit
messed in the last week, in this city, an
intensive effort to center public thought
on the elementary economic aspects Of
a state of mind that. if unchanged,
could easily account for an incalculable
amount of damage. The effort has
taken form in that characteristically
American activity known as drive"
or q campaign" There has been a
muster of speakers who have touched
on the known facts and figures con-
cerning boarding. and the newspapers
have contributed space for the exposi-
tion of other phases of the problem.
The President and the director Of his
Nationwide organization, Col. Frank
Knox of Chicago, have contributed to
the appeal and have noted the tangible
results so far obtained More money
has been added to circulation during
the past week than during any like
period since boarding reached its dam
gerous peak toward the end of January.
Some 1895 separate communities have
conducted anti-hoarding demonstra-
tions. The sale Of the Treasury's baby
bonds" has been successful in bringing
an additional amount of money out Of
hiding. Here in Washington the sale
Of the bonds was relatively small, in
dicating, in the first place. that the
local investor has not lost confidence
to the extent that he is willing to sac
riflce sound interest Of three and more
per cent for the lower interest yielded
from these bonds, and showing, in the
second place, that boarding in Wash
ington has not reached the extent re.
ported in some other less fortunately
situated communities.
But if this part of the campaign has
been successful merely in ceptering
public thought, for the moment, on the
short-sightedness of boarding, as far US
the individual Is concerned, and upon
the real menace of boarding. as far as
large number of individuals is con-
cerned, it has served its purpose well.
And If today marks the end Of this pre-
liminary drive" it marks only the start
of an effort that should continue until
the Nation ceases to regard boarding
as Of real concern and looks back upon
IL as one Of the queer elements in
period Of business depression that will.
for a long time to come, provide the
historian Of economics with plenty Of
writing material
There always have been and there
always will be a certain number of
people who hoard their money. But
the practice has usually been associated
with ignorance or with miserliness. 1t
Is only when large number Of people
simultaneously succumb to a nameIess
fear and, panic stricken, hide their gold
against the coming Of some hazily de-
fined eventuality, that the practice
assumes proportions that are dangerous,
II boarding Is due, and 1t is, to a
state Of mind, we must end boarding
by changing that state of mind. What
we need is new outlook on the future.
a philosophy that counteracts the in
coherent dread Of some fanciful day of
reckoning when balance is to be
struck between monetary debts and
credits and everything is to start over
again. 1t is this fear, and the belief
that few dollars stuck away in a sock
somewhere will come in handy. that
accounts for boarding and contributes
TO the evils attendant on boarding,
What the people of this country must
realize is that If the ship sinks every.
BODY, more or less, will sink with IL
Instead Of boring holes in the hull as
a possible exit in case Of emergency.
the job is to make the ship keep SAIL
ing along as it has done for MANY more
years than this depression has, or will,
last.