that cannot be left to our children (though the debts incurred in
securing the credits may be) is the problem of finding every day over
$30,000,000 worth of material and labour for the struggle. War savings
among the people is not only essential to secure the money needed--it
is far more essential from the point of view of securing the cutting
down of the consumption of goods and labour by our peoples.

Economists in peace time argue over what is termed "luxury"
expenditure, the wasteful expenditure of peace. War expenditure may
be correctly termed wasteful to a very great extent, and no country
can carry both of these expenditures and remain solvent. Luxury
expenditure should be entirely eliminated and the material and labour
which was absorbed by it should go into the war. If this could be
done completely, little damage would be done to the nation's economic
position. The thing to be clearly realized is that all the productive
effort of the nation is needed for three things--the carrying on of
the war--the production of necessaries and the manufacture of goods
for export. Every civilian who uses material and labour unnecessarily
makes these tasks harder and goes into the markets as an unfair
competitor of the Government. Every man and woman who saves five
dollars and lends it to their country give their country what is far
more important than the five dollars. They transfer to the Government
the five dollars worth of material and labour they could have used up
if they had spent it on themselves and that is its real value. This
means the needful purchases of the State are substituted for, instead
of added to, the purchases of the civilian.

Further, the influence of economy in preventing undue inflation of
currency and consequent high prices should be realized. A certain
amount of high prices in war is inevitable but if civilians buy