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Show POWER OF THRIFT IS SHOWN t Governments of Europe Have Financed Great War Largely by Means of. People's Savings. ' Fundamentally, the cause for indus-I indus-I trial and commercial progress lies In individual effort. Industrial effort depends de-pends in the main upon man's de- , sire to acquire, and accumulation is j the result. Thus accumulation be-I be-I comes potent in turning the wheels of I universal progress. Thrift is but the expression of ra-, ra-, tlonal saving of consistent accumula-j accumula-j tion. j It is manifestly important that a I nation's people acquire the habit of , saving, of conservation the elimination elimina-tion of waste -of thrift. I In these days of expending huge sums for destructive as well as con-j con-j structlve purposes there is an in-. in-. creasing need of inculcating in the ; mind of the people habits of thrift. , National efficiency cannot be secured , without first obtaining the assurance , of financial assistance, j During the perilous times of the Civil war, Jay Cooke was the one man , who knew the power of thrift. He called upon the people for their sav-. sav-. ings, and out there poured into finan-. finan-. cial coffers one billion dollars in the , aggregate. The governments of Europe have, called again and again upon their peo-; peo-; pie for assistance to finance the war, thereby recognizing the tremendous 1 value and the power of individual thrift. The chancellor of the exchequer's ex-chequer's committee on small war ! loans testifies to the fact, for In every i post office In the kingdom an agency I 18 maintained and people Invest in the government securities, j When the war broke out approximately approxi-mately 24,000,000 persons in Germany , had on deposit in public savings banks $5,500,000,000, an average of about $229, and It Is safe to assume that during dur-ing the first yoar of the war this amounted to more than six billions. , Of the first two war loans, amounting amount-ing to more than three billion dollars, E thf German savings banks for them-, them-, selves and acting for their customers, subscribed a little less than 21- I fnt, of I"" total. And of the total of these subscriptions amounting to $715,250,000, depositors were credited with 56 6-10 per cent on he first loan and 75 9-10 per cent on A Iho second lean. w -J',! ",Tr k! lhr'ft d,1''1S u he most humble citizen. |