Show GIVES NATIONAL ECONOMIC PLAN By ROME C. C STEPHENSON Former President American Bankers Banker Association E hear much of future economic W WE planning to save the nation from a repetition of at depression and promote more stable business a activity c tI v it y I Ip I. I p know no better plan to suggest hr to insure future fu ft t ture u r e better times than that every wag wage e earner every family a and nd every business throughout the c country 0 u n try la lay Y YR R R. R c. c STEPHENSON down as soon I as they are able ble a program of ot proper savings as I Ithe the foundation of their financial policy I know of no better plan than this to build for the nation as a whole a stronger economic situation situa situa- tion that tion-that that Is through a common structure of individual working earning and saving And I know litno of lit no better beUer VI plan an to revive activity In Ina Ina Ina a dev depression than to spend a proper volume of past vast savings to keep the momentum ot of business going But unless there are arc savings savins in prosperity prosper ity there cannot be lc spending during durin depression Those who practiced this plan during the past period of prosperity have a security and a protection against present adversity that could be provided in no other way Those who did not are the ones who are arenow arenow arenow now most dependent ent upon others If there had been more preaching of ot this doctrine when it was more feasible to put it Jt into effect than it itIs itla la Is now there would be less depression depression depres sion slon and less financial insecurity However while there should have been more emphasis on savings durIng during dur duro ing prosperity a measure measure measure- of ot the emphasis em today might properly be the theother theother tho other way way way-at at least to the extent that those who can safely do so BO BOmay may well Increase their spending Instead of ot overdoing their saving While many have seen their earnings earnings earn ings fall fail there are millions who have not suffered so seriously in respect to the real purchasing power of their incomes If It we listened to all the scare stories of ot the day one might get the tho Impression that everybody was out of ot a Job and nobody's business was earning any thing Many of ot our people who are able to continue a normal program of ot prudent buying are curI cur cur- I j tailing their expenditures beyond reason A Business Stimulus T The e sum total of this unreasonable curtailment of spending is an n economic economic economic mic influence contributing to the stagnation of trade By the opposite token I bell believe eve the resumption of ot normal spending on the part of those who are able to do so would I be an Important tonic toward the stimulation of ot trade I do not mean i by this that we should have Indiscriminate In discriminate spending merely forthe forthe for forthe the sake of ot spending but the very motive power of our economic life lire is the interchange of goods and unless we have that we cannot have prosperity I strongly believe that wo we are at that point In the depression stage staRe of the business cycle that any sound Bound stimulating influence will start a areal areal areal real movement in tho tha direction of ot ofa ofa a n return toward prosperity So much of ot the weakness of at the old state of at affairs has been liquidated BO so many maladjustments corrected and such large volumes of at our consumers consumers' con can I sumers' sumers goods have been used up or worn out that tho the pressure of necessitous necessitous purchases must sooner or later be felt When that time Ume definitely comes we may consider it the first impulse of ot a new era of ot normal nor business |