Numbers of people have an impression that Governments can find money.
They can, to a certain extent, but only in a very limited way, without
great harm. There is in this creation an addition to the buying power
of the community, but if everybody goes on spending no addition to
the productive power, so it only creates high prices and hardship. The
inflation of currency caused by it is a risk and an evil. The sound
way is to get the money by taxation, from resources and in real
voluntary loans.

America's burden is very much the same as our own, and the need
here also of voluntary saving and lending to the extent of more than
half the expenditure is clear. America, like ourselves, is very
wisely trying to democratise its war loans. Nothing is wiser or
sounder or more calculated to make progress, and the changes after
the war which will come, sound and steady than widely-spread,
democratically-subscribed loans. These vast debts will have to be
paid by the ability, productiveness and work of all, so it is in the
highest degree desirable that the money and interest to be paid back
should go out to every class of the community--and not only to small
sections. It is well to remember, too, that the country that goes
to the peace table financially sound is in a position to make better
terms.

[Illustration: ONE OF THE POSTERS RECENTLY ISSUED BY THE NATIONAL WAR
SAVINGS COMMITTEE]

But the purely financial side of war savings is not the most important
one. We talk in terms of money but the reality is not money but goods
and services. The problem before our Governments and the problem