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Show I KANSAS SENATOR URGES I EDUCATION IN INVESTMENTS H Learn First, Spend After, Is His H Advice To Investor. jH By Arthur Cnppor. H (Editor's Noto. Sonntor Arthur MM Cnppor of Kansas was for many H years head of a string of papers, H both daily and weekly, tho latter H farm papors with Immense clrcula- tlons. Thousand!) of Ills subscribers H foil victim to men with stock schomes MM und bluo-Bky salos and thousands ol KM them .wroto to tho editor and publish- cr asking his ndvlco. Tn tho follow- MM Ing ho glvos that ndvlco to all who Mm caro to rcni1 nmIi aB Senator Cappor's MB ontlro llfo Is Indication of careful ad- Mm vnncemont, superior huslnoBs Jmlg H niont and tho confldcnca of his fellow citizens, what ho has to say may bo accepted without hesitation oh the H advlco of ono who knows.) Hj Among nil the improsslvo ovldoncc MM of American solldnrlty during the j war hardly afly was inoro awnkunlng MVJ than tho subscriptions to tho Liberty J loans. Tho country had not suspoc- J ed tho potential capital fund of the J Amorlcnn pooplo. It was amazed by j tho rcBpoiiHO of tho pooplo to tho np- j peals of tho government for funds. J And this astonishment grow as one HH groat loan drlvo followed another In j Bwltt succession. Thero Boomed to bo no bottom to tho popular purso, J as thoro wan no fnltorlng in popular J patriotism. BVfl Moro than twonty-ono million sub- J Bcrlbors offorod nearly soven billion J dollars for tho government bonds. This was tho culmination. Tho llfth loan wna tor a smaller amount, which was ovorsuhscrlbcil, liko all its nrcdo-coBsors. nrcdo-coBsors. Horo, out of tho Incomo of two yonrn, a minimum of twonty-ono million mil-lion parsons hud subscribed for aomo twenty-two billions of war loans. Only Dooko 8howed. Until this exhibit of tho potontlal savings or capital fund of tho pooplo thu only concroto Indication or this (und was tho books of tho savings bunks, which prior to tho war showed upwards- of cloven million depositors with balances of nbovo Mvo million dollars. And it may bo remarked in-uldeutly in-uldeutly horo that throo years after tho war, nothwllhutnndlng tho huge lilborty bond payments, savings deposits de-posits not only havo not declined but havo Increased by u billion dollars, with an Incroaso not of 300,000 depositors, de-positors, Tho effect produced by this extraordinary ex-traordinary domonstrutlon of tho savings capacity of tho pooplo is scon in sovcrnl organizations, governmental governmen-tal nnd private, since formed to promote pro-mote saving and thrift by publicity propaganda. Tho treasury department depart-ment conducts such a publicity cam pnign, tho rosorvo banks also nnd one or two private ' organizations, nil urging tho pooplo to save. Campaign Is Needed. Whllo tho government and other agenclos aro very actlvo in ondonvor-Ing ondonvor-Ing to lnduco pooplo to buvo, It Is ovidont thnt such a campaign is dl-rcctod dl-rcctod to tho-nou-savors, nnd tho only systomntlc campaign to help tho savors to prosorvo their savings by Judicious Invostmont is a -constant campaign In bohalf of treasury notos, ohort-tlmo Investments. On thu othor hand, thoro Is uninterrupted unin-terrupted bombardment of savors by swindling stock promoters and an ovon moro injurious crtiBado by well meaning but Ill-advised promoters of now enterprises, wholly untried, usu-ally usu-ally undercapitalized, In such speculations specu-lations as oil and mining and similar stocks. At a hearing boforo tho Judiciary commlttoo of tho houso in tho present pres-ent session of congress tho fodoral rosorvo board askod for additional legislation to protoct savers from swindling stock Jobbers, tho board making tho stntomont that in tho last yoar Hiobu swindles hnd taken from tho Amorlncn pooplo more than half a billion of thotr saved capital, Probably Prob-ably Injudicious speculations took a very much larger sum. Privato Institutions engaged in legitimate le-gitimate bond, mortgage and othor investments, it osoms to mo, should nwako to tho duty of oducattng tho Investments, It scorns to mo, should In tho United States In caring for tholr capital, onco saved. Tho people need a campaign of primary education educa-tion on what capital is, and what Invostmont In-vostmont Ih. They unstlntlngly deny thomsolves luxuries In order to save, and billions of this saved capital, of incalculable valuo to tho nation and nil Its Industries, regularly aro wasted wast-ed In spoculatton. Many Are Ignorant. Students of thin subject roport that It is not tho untrained mechanic nnd artisan alono who Is Ignorant of tho A, P., C of investment, but among tho victims of promotion nro mor-chnuts, mor-chnuts, professional men and ovon bankers, Ullllons of dollars wisdly invostod ovory year which heretofore havo boon dissipated In speculation will ovldontly havo a capital effect In mitigating miti-gating pnulcs, business depression and unomploymont. An incroaso, such us It Hooms thoro Is nn opportunity oppor-tunity to Hociiro, in tho annual In-rrqmont In-rrqmont of saved capital that will bo pormuhontly navod by sound investment, invest-ment, will by stuadlly enlarging tho national capital fund nt n groator rato thnn horotoforo lower tho cost nnd prlco of capital, glvo to ovory kind of logltlmnto cnterprlso n greater sense of socuiity und courage tend to a Btondlor employment of labor and to a lowor prlco lovol and cost pf living, consoquontly n higher stnndnrd of liv Ing. Tho country should not pormlt the opportunity to slip by which tho Liberty Lib-erty loan experience opens to It of adding yonrly to tho fcapltal fund tho groat savings of tho pooplo. A systematic, sys-tematic, Intelligent, orgnnlzod at tompt should bo mndo to counteract tho propaganda of promotors, not moroly in tho nogntlvo way of legls latlon ngnlnst criminal practlco, hut by posltlvo propaganda sotting forth tho suoprlor nttratclons of snfoty first In Invostmont. Deware Promoter. It is a largo undertaking to got to tho poqplo tho snfoty llrBt Idea, but worth whatovor effort is nocos-sary. nocos-sary. Tho promotor nppoals to raw cupidity, to that propensity to speculate specu-late to nccopt n chnnco, to gamblo on ho future, which Is Instlnotlvo in nil of us. Ho Is no moan hypnotist nnd ondenvors to put caution to sloop and by suppression of nil conflicting Impulses and Idons Intensify tho passion pas-sion for quick gnin. His propaganda Is alluring, but thero Is ontlcomont also In othor Instincts, In solf-pros-orvatlon, In socurlty, In retaining what ono has. Thoso nro also primary pri-mary human Instincts nnd aro capable capa-ble of bolng played on effectively, If ono can got tho knack of It. |