ITS LESSONS AND ITS WARNINGS 89 



" Unfortunately the idea of investment in Govern- 

 ment securities, or in fact investment at all, is foreign 

 to our working classes ; but they are in a receptive 

 mood, and every effort should be made to convince them 

 of the very cogent reasons for thrift." 1 



Eeferring to increasing our paper currency, 

 and after stating that in all other belligerent 

 countries specie payments are suspended, 

 " Banker " in his letter states : 



" Excessive increase in such currency is a very 

 attractive means open to a Government for meeting its 

 internal indebtedness. The note circulation of Germany, 

 Austria, France and Russia has increased since the 

 outbreak of the war by hundreds of millions sterling. 

 Our note issue is 40 or 50 millions sterling." 



In urging the necessity for economy, both 

 public and private, " Banker " goes on to say : 



" We are brought then to the paramount necessity 

 to our country of economy, such economy as is being 



1 " Banker " and others should remember that upon 

 the Continent habits of thrift are the outcome of the 

 peasant proprietary system. The peasants are prosperous 

 and invest their savings in Government securities. The 

 peasants of France and Germany who own and cultivate 

 the land are the largest holders of Government stocks. As 

 stated by an eminent French statesman, they are " the 

 financial stay of our nation." 



