Evening star., 1932-03-09
DRIVE ON HOARD|NG|
|. BRINGING RESULTS.
Campaign to Put Idle Dollars
to Work Everywhere Is
Gaining Support.
Continued From First Page, ,

banks and into the Governments new
baby bonds" Recent Federal recon-
struction legislation, he said. had great
ly strengthened the banking system of
the country.
Dangers Of boarded money were
called to the attention of the radio
audience by Samuel H Kaufman from
Station VOL. The tendency toward
boarding has already been greatly re-
duced," he said, "and idle money is
again returning to useful circulation.
but the efforts to accomplish this must
continue until every last dollar has left
the ranks of the unemployed and is
back on the job as useful citizen"
Endorsed by Business Men.
The Federation of Business Mems As
sociations came forward with hearty
Endorsement OF the campaign. At its
last meeting the federation, according
to Arthur Clarendon Smith, president,
formally passed resolution of approval
This association is composed of !, 400
business men of Washington" said Mr..
Smith, 'and we are glod to give what
ever service we can in this matter"
Three citizens associations last night
took favorable action. The Sixteenth
Street Heights Citizens Association
meeting in the Northminster Presby-
terian Church, adopted resolution in
troduced by H. M. Phillips, following
the reading of a letter from Chairman
Noyes of the Campaign Committee.
The Takoma Park Citizens ASsocia-
tion at meeting in tie Takoma Park
branch Of the Washington Public Lii
YNiY
tion presented by DR.. w. A Hooker.
urging the community to support the
proposition and act accordingly in the
purchase OF bonds and investment Of
idle funds President S. E. Blasting
ham accepted appointment on the COM
mittee at the invitation of Chairman
Noyes.
The campaign also was approved by
the Burleith Citizens Association meet
ing last night at Gordon Junior High
School. The matter was explained and
recommended by J. S. Gorrell, presi-
dent of the association, and a member
of the anti-Hoarding Committee.
Meantime further response came to
The Stars anti-hoarding campaign, for
letter writers, which is offering prizes
for the best letter, second best and
third best letter on the subject of
returning idle funds to use.
Appeals to Hoarders.
Explaining the serious effects hoard
ing already had brought upon the Ma
ton, Mr.. Noyes in his radio ad-
dress appealed to the average hoarder
in the National Capital to return
to circulation the idle money, esti-
mated to have been stored in this city
to the total Of from S2,000,000 to
S., ,OOO, ,O00
Nobody is being urged to withdraw
funds from savings or checking accounts
to invest them in special Government
ISSUE" Mr.. Noyes declared. The sole
appeal of the compaign is to those who
are boarding dollars to put them back
to work again.
The way to do this is simple" he
explained. Go to the soundest busi-
ness man you know. Talk the matter
over with him. He will suggest one of
four courses for the unemployment of
your dollars-wise and sound expendi-
ture for necessary n nerchandise or home
Improvement; their deposit in sound
bank; their investment in sound securi-
ties. and, If none of these appeal, the
purchase Of one or more of the new
United States baby bonds which are
in very truth Understanding dollars
and are available at every bank in
Washington
The speaker explained how "Bill
Smith" the average hoarder. had prob
ably hidden his money, and with what
result THE billion and half dollars
was withdrawn from circulation. Now,
a dollar Of currency is estimated to be
the basis of about $40 worth of credit"
said Mr. N0yes. Fifteen billions of
dollars worth of credit was conse-
quently frozen. Credit is the life blood
of American industry. With fifteen
millions made unavailable. the wheels