Chapter Three: Thrift for a New Century: Public Discussions about Thrift in the 1910s and 1920s (Sara Butler Nardo)

Thrift became the most important virtue during WWI. Presidential speeches and campaigns revolved around the topic. The war was fought at home with thrift making it a symbol of patriotism. People envisioned thrift to be forward-looking and flexible, rather than rigid and reactionary. The government was not the only institution looking to encourage thrift, banks also wanted to encourage as many people as possible to save as much as possible. The American Bankers' Association ran several campaigns to teach students about thrift education. The YMCA and the NEA also both supported thrift education among and schools individuals. This new movement wanted to discuss the new-found prosperity of the era as well as ease the tension and apprehension the working class held towards the concept of thrift. Thrift was seen as a solution to poverty: instead of charity supporting their ways, thrift would encourage them to better themselves and gain independence. Because thrift was the solution, the problem was the temptation towards speculation, fast money schemes, and gambling and the ease of which people could waste money on things such as drinks. This is why thrift institutions blossomed throughout the nineteenth century. Various works of literature came out during this time period to support thrift. Among them were The Book of Thrift, The Value of Thrift, and The Development of Thrift. Thrift was thought to give individuals "poise, moral stamina, courage, ambition, independence and efficiency." Thrift proponents had to fight the ideas that thrift was strictly an economic virtue and that it was simply hoarding and greediness. S. W. Straus pointed out that there is a disparity between a miser and a spendthrift and that a thrifty man is far removed from either. An argument against the idea that thrift leads to stinginess is that only those with excess wealth are not only willing but also capable of sharing their wealth. Thrift leads to charity. Thrift is what makes man civilized. Women were thought to be at the heart of thrift. Men might bring home the money, but women direct its use and that is why by 1920, sixty-five percent of all savings banks account holders were women. A thrifty man is neither one who spends money frivolously nor is he one who never spends it; rather, he spends his money wisely. After the U.S. entered WWI, thrift was used to buy bonds and fortify the nation's economy. Wartime thrift involved conserving goods on the home front and raising goods for the war efforts - specifically funds. Liberty Bonds and War Savings Stamps became extremely popular. Unfortunately, for many Americans, thrift did not care over into their lives after the war. People began to splurge on things that they once went without. Thrift began to be taught in schools again and the American Bankers Association were huge advocates of such education. School savings banks became popular, existing in forty-six states for a total of over $9.5 million. The YMCA sponsored National Thrift Week. Today, the United States continues to struggle to promote thrift.