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Story
November 22, 1921
The Public Ledger
Maysville, Mason County, Kentucky
What is this article about?
Vice President Calvin Coolidge, in a message to a Minneapolis thrift campaign, extols saving money as essential for modern civilization, personal character, employment, and good citizenship, while decrying spendthrifts.
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VICE PRESIDENT SEES IN THRIFT
HABIT SIGN GOOD CITIZENSHIP
Saving of Money, He Says, Is Foundation
of Character-Spendthrift Is
of No Value to the Community.
One of the banks of Minneapolis recently conducted a thrift campaign to encourage the people of that city in the practice of systematic saving of money and wise investment. Newspapers of the city devoted much space to the subject, and considerable publicity was given to a message from the Hon. Calvin Coolidge, Vice President of the United States. The Vice President said:
"The conveniences of modern civilization have been secured solely by means of the accumulation of capital. Modern conditions have been established by saving of money. It is this which has built great cities, laid out spacious avenues, established railroads, provided gas and electricity for daily use, and developed the whole economic system of modern society.
Money is not to be saved for its own sake, but by reason of the additional power or service that it gives to its possessor. The combined savings of the people are the only support of modern civilization.
"There is another reason for saving money and that is because in most cases it is likewise the foundation of character. It is the result of self-control, in the first instance, and of the use of sound judgment. A spendthrift is of no value to himself or to the community in which he lives. The dissipation of capital is the dissipation of the power for public service. The accumulation of capital is the accumulation of power which results not only in serving one's self but in the promotion of the public welfare.
Where there is more capital there is more employment and higher wages. Among the real benefactors of the race have been those who, by self-control and organization, have accumulated capital which has been put to the service of their fellow men in the ways already mentioned.
"Saving is representative of good citizenship. It is difficult to imagine a thrifty man who is a bad citizen. There is nothing that so contributes to the stability of society as the general ability to own a home, which results from saving."
HABIT SIGN GOOD CITIZENSHIP
Saving of Money, He Says, Is Foundation
of Character-Spendthrift Is
of No Value to the Community.
One of the banks of Minneapolis recently conducted a thrift campaign to encourage the people of that city in the practice of systematic saving of money and wise investment. Newspapers of the city devoted much space to the subject, and considerable publicity was given to a message from the Hon. Calvin Coolidge, Vice President of the United States. The Vice President said:
"The conveniences of modern civilization have been secured solely by means of the accumulation of capital. Modern conditions have been established by saving of money. It is this which has built great cities, laid out spacious avenues, established railroads, provided gas and electricity for daily use, and developed the whole economic system of modern society.
Money is not to be saved for its own sake, but by reason of the additional power or service that it gives to its possessor. The combined savings of the people are the only support of modern civilization.
"There is another reason for saving money and that is because in most cases it is likewise the foundation of character. It is the result of self-control, in the first instance, and of the use of sound judgment. A spendthrift is of no value to himself or to the community in which he lives. The dissipation of capital is the dissipation of the power for public service. The accumulation of capital is the accumulation of power which results not only in serving one's self but in the promotion of the public welfare.
Where there is more capital there is more employment and higher wages. Among the real benefactors of the race have been those who, by self-control and organization, have accumulated capital which has been put to the service of their fellow men in the ways already mentioned.
"Saving is representative of good citizenship. It is difficult to imagine a thrifty man who is a bad citizen. There is nothing that so contributes to the stability of society as the general ability to own a home, which results from saving."
What sub-type of article is it?
Historical Event
What themes does it cover?
Moral Virtue
Social Manners
What keywords are associated?
Thrift Campaign
Saving Money
Good Citizenship
Capital Accumulation
Self Control
Public Welfare
What entities or persons were involved?
Calvin Coolidge
Where did it happen?
Minneapolis
Story Details
Key Persons
Calvin Coolidge
Location
Minneapolis
Story Details
In a message to a Minneapolis bank thrift campaign, Vice President Calvin Coolidge argues that saving money builds modern civilization through capital accumulation, fosters character via self-control, promotes public welfare with more employment and wages, and exemplifies good citizenship by enabling home ownership and societal stability.