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Show Hoarding of Money Claimed Selfish, Unpatriotic By Progressive Americans Through their national organizations, organiza-tions, twenty million American citizens citi-zens have pledged their support of the nation-wide movement to end hoarding. State committees are already al-ready being formed in practically all states and a national campaign is being be-ing formulated to acquaint all people with the facts which mark hoarding of money not only as unpatriotic but as an injury to the personal and community com-munity welfare of American citizens. The state committees are being appointed ap-pointed and representatives from each of the national organizations participating partici-pating in the movement, such as the Federation of Labor, the American Legion, Lions, Rotary, Kiwanis clubs, farm and fraternal organizations, banking orpanizations, womens' organizations or-ganizations and many others, are to be selected. The state committees will work closely with local commjUw s throughout their respective states. The national campaign will employ the use of all educational agencies to roach the American public; the public press, platform speeches, the radio,, the pulpit, and where necessary a house-to-house canvass will be made and personal contact used. The local application of the campaign cam-paign against hoarding is the direct objective of the movement, and has already been worked effectively in many communities, and to a large extent the associations participating will exercise their own initiative and formulate their own plans to meet particular local situations. Lions clubs through a reconstruction plan known as the Aurora Plan, have been able to salvage the financial . si ruc'tuni (Continued on last poge) Hoarding Money Selfish, Unpatriotic (Continued from page 1) of many communities when the entire club membership has acted promptly to ga'n the support of every resident of the community in the adopted plan. Many cases of hoarding of an extreme ex-treme nature have been brought to light, one involving the sum of $800,-000 $800,-000 which was withdrawn from account ac-count and placed in a safety deposit vault on a moment's notice. Another case concerns a school boy who became be-came the subject of investigation because be-cause he kept up a continual squirming squirm-ing at his school desk. It was discovered discov-ered that his parents had sewn $8,-000 $8,-000 in bills to his underwear. The first material evidence of the gathering momentum of the anti-hoarding anti-hoarding sentiment was received at the White House immediately following follow-ing the conference during which the campaign was initiated and came in the forrn of a telegram reading: "First effort to stop hoarding reported report-ed from Tottenville, . Staten Island. Yesterday John Massey digging clams on beach unearthed a, case containing contain-ing twenty-two silver dollars and deposited de-posited them in Tottenville National Bank." The case was reported by the South Shore, Staten Island, Lions club, and although in a' lighter vien, gives a glimpse of the extent to which hoarding has gone. According to government estimates at this time $1,250,000,000 is in hoard-;ng hoard-;ng at the present time. For some time prior to the moratorium, seventy seven-ty million dollars a week was going into hoarding. When the moratorium was declared hoardmg was stopped for a time, but later it began again, and $250,000,000 a week began to go into hoarding. Then the National Credit association was established, and the money taken out of circulation circula-tion by hoarders has now fallen off. However, the money which, went into hoarding has not been coming out, snd for every dollar that is kept in hoarding, it takes approximately ten dollars out of circulation. According to Frank Knox, chairman of the national campaign, "Selfish interests in-terests are a natural tendency at all times. But the people must come to realize that the local bank is not a private institution but a' trustee, in part, of the general welfare of each community.'. Whether the people like the local bankers does not alter the fact that without a bank local business busi-ness is impossible. The bank is as much a social factor in any community commun-ity as its water works or other public ut-'lity." |