The Waterbury Democrat., 1943-11-10

In the interest Of national thrift
and the success Of the governments
financing plans for victory and
economic sterilization George j.
Bassett Of New Haven, president Of
the National Association Of Mutual
Savings banks has issued q timely
statement Of national interest. The
modest savings Of the average In
dividual are glorified in the picture
Mr.. Bassett presents Of funds for
victory and funds for the greatest
prosperity ever bestowed on Amer
lea.
Mr.. Bassetts statement on SAY.
ing the Vital Force for Victory" Is
as follows:
Saving today constitutes the
principal source Of funds for VIC
tory and equally provides our
strongest bulwark against initiation.
Those are the immediate results.
Beyond them, looking to the future,
present saving upon its unprece-
dented scale will upbuild greater re-
sources than we ever possessed for
the days to come. Despite our huge
spending and the unmeasured DOS
Sibilties of the national debt, 1t
now becomes possible to say that
the American economy has a sound
er basis than We have known in
recent years. Our economy of the
S0's largely sprang from conceptions
Of restricted production to raise the
lowered prices; shortened hours, to
create work for the largest possible
number Of workers: and the setting
up Of agencies Of government which
would fortify the individual against
the hazards Of life - as a substi-
tute protection for the fashioned
principles of independence won by
work and frugality.
Coupled with those conceptions
was the disbursement of saving,
the supposition being that the &C.
emulation of small capital served
to bind up the national economy.
Now, in contradiction to those con-
ceptions, We find ourselves in the
midst Of new economy based al
most entirely upon the theory that
the savings of today can be made
to produce the prosperity of to-
morrow. This Is q sound thought
and really carries us back to an
older America. In those days the
citizen Of moderate means could
see but one way to achieve q meas
ure OF protection for himself and
family. That method included only
the simple principles Of work and
save" and safety of capital There
fore, 1t would seem that we have
turned back the clock, and, by so
doing, stand upon solid ground.
Whatever the causes Of the de-
preston years, the primary result
was to stop the wheels. All of us
know the results that followed
idleness, encouragement, expendi-
ture OF savings, plus the evils of
artificial work and the maintenance
OF millions of the population at
public expense.
OF course, every one will join in
the wish that reversal Of these Con-
ditions should have come about
from another reason than war. But,
we became embroiled in q world
situation not Of our making, g
whirlpool that swept US into its
clutch. We have been called up
on to make utmost efforts toward
the production Of every product OF
farm and factory. Again the
wheels are In swift molten, turning
at an unequalled rate Of production.
We have gained the Roadway that
we lacked and 1t should be our
most earnest effort to maintain
this high rate of turnover, not only
under war conditions but especially
when peace comes, as 1t surely will
come, a definitely victorious peace.
The power Of dollars saved now will
be available then. We shall have
an era of reconstruction unmatched
in any previous time. But let
us guard against over-expansion
within too limited a period, whrich
would produce disastrous initiation