The Waterbury Democrat., 1943-11-10
Savings Essential For
Victory, Future Plans
President George j. Basset of National Association
of Mutual Banks Presents Interesting Picture

II Government checks proved inef-
fective. 1t Is difficult to attempt
q forward look into the future when
we are confronted with the grave
problems of the moment, yet we
have an impressive object lesson In
the studies under way, conducted
by labor, industrial and financial
organizations, attempting to draw
pattern which may be our guide.
The most pressing issue Is to sup
ply steady flow Of funds into the
Treasury for war purposes. Results
accomplished to date truly are in
spirational. Not less than 20 mil
lions Of workers subscribe o part
Of their current earnings every pay
day for the purchase Of War Saw
ings Bonds. It Is likely that this
number can be increased by several
millions. Mutual savings banks are
cooperating to the extent Of their
capacity in helping the government
distribute War Savings Bonds. Every
mutual institution in the country
is participating, giving freely Of the
time of its personnel, OF advertising
appropriations, and the best efforts
of officers and trustees to direct and
encourage the public in assembling
even the smallest sums for the ulti-
mate purchase of War Savings
Bonds. Besides, mutual savings
banks have invested more than five
billions of dollars in various govern
ment securities.
The increase Of employment and
payrolls happily provides the people
Increased means to save, often q
large share of the pay envelope. We
shall have the greatest national
income this year in history, esti-
mated to run as high as lat billions
of dollars. A substantial part Of this
income should be and Is being In
bested in War Savings Bonds. Also
we note in mutual savings banks a
steadily rising tendency Of deposiaS
and number Of depositors, signi-
cant Of the public will to save.
Whether q saver makes direct In
vestment in Government bonds or
deposits his surplus dollars In o
savings account, the economic result
becomes much the samoa major
part Of every dollar deposited In our
banks is invested in Government
bonds. premier security Of the
world.
The saver who deposits his reserve
dollars has the advantage Of easier
liquidity, since he can make with
drawals at any time without the
formalities of cashing o bond. War
bonds never should be bought with
the idea of using them for current
needs. They are long-term invest
ments. Savings accounts offer read
lily accessible channels for the daily
use Of money. The fundamentals are
well understood by the public. At a
moment when mutual savings banks
have distributed more than one
billion dollars Of War Savings
Bonds. it is impressive that our
mutual institutions stand at their
all-time peak Of deposits, assets
and number Of depositors. These de-
posts OF liz billions OF dollars
are represented by 1874 millions
Of accounts, an average Of $7140$
per account. This imposing sum
amounts to one-eighth Of all AM
erican bank deposits and effectual-
ly demonstrates that 1t Is the typi.
cal trfifty citizens who sustains and
controls our economy. For 127 years
mutual savings banks have assisted
and served that same typical citizen.
helping him to acquire and preserve
his capital, with an unmatched
record of security. It will be our
effort in the years ahead to follow
those aims with the same fidelity.
Soivecmfwy