Evening Republican, Volume 14, Number 117, Rensselaer, Jasper County, 17 May 1910 — NOT SO MUCH EXTRAVAGANCE. [ARTICLE]

NOT SO MUCH EXTRAVAGANCE.

Bank StatlKtic* Show That People Still Save Money. James J. Hill, when he charged that much of the higher cost of living was in part the Result of reckless extravagance on the part of the American people and their inclination to riotous Indulgence in all sorts of luxuries, could not have had before him any statistics relating to the savings of our thrifty masses. Otherwise Mr. Hill would have surrounded his admonition to the public with the reservation at least of confining this wasteextravagance of the newly rich, of whom it is quite safe to say our county hastits share. Statistics published this -weeK, by the American Banking Association will at least relieve the great mass of the people of the indictment of extravagance. They have stowed away in the savings banks the enormous sum of $5,678,735,379. This is 40 per cent of all the accumulated savings of the world. The average deposit is $381.28. In the rest of the world the average deposit is but $101.66. One out of every six Americans has a nest egg saved up for a rainy day, whereas one out of every eight is the average in all of the rest of the civilized world, Including France, which country is often referred to as a nation where thrift has been reduced almost to an economic science. These figures Indicate that the simple life and frugality are still the dominant traits of the average head of an American family. They also bring assurances that the foundations of our national wealth hav& not been Impaired In the least degree. Much of the extravagance we hear so much about is more or less suiierficial. —Financial World.