A " SPEND MORE " ECONOMIST.
The philosophy of Samuel Smiles and Benjamin Franklin does not commend itself to Dr. Harold F. Clark, Professor of Economics of the Teachers' College, Columbia 'University. Professor Clark deplores " thrift week " campaigns and the inculcation of thrift maxims in our schools. Such bits of out- worn wisdom as " a penny saved is a penny earned," he declares, simply encourage hoarding, over-production in industry, and business • depression. Americans have always been accounted " good spenders," and Professor Clark would hive them spend more and save less. In this he is a good disciple of Mr. Henry Ford. And the American people appear to have been taking the advice, for, as the American Bankers' Association pointed out in a report which, by a coincidence, appeared on the same day as Professor Clark's pronouncement, while the stock market was booming the nation's savings, deposits were going down for the first time in twenty years. In the twelve months ended. June 29th this year the total savings deposits in banks and trust companies in the United States declined by $195,305,000, instead of increasing, as they had done in the previous year by $2,300,000,000.
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