THE CREDIT■ UNION
The habit of thrift is acquired b^r credit
union members—certainly a stabilizing in
fluence on any payroll. A noro charitable
tolerant and syr.ipathctic understanding of
follov; workers is another important by-pro
duct that accrues to the employee’s benefit
by the banding together of employees in'^on
effort to solve their noro immediate econ
omic problems.
Despite a rapid growth and the record of
satisfactory achievement that continues to
pyramid every year, thousands of employees
for one reason or another arc without the
opportunities available through credit
union groups.
To tho management of companies rhose co
operation in the formulation of such a
credit union nay be requested, I earnestly
commend your very thoughtful and serious ■»
consideration of their uishes# A11 of the
influences of credit union operation—
thrigt, credit, co-operation, to mention
a four—tend to make better employees#
In conclusion I should say that if credit
unions have a fault it is their modesty#
All too little is said uithin a plant about
tho service available to coomb or s. There
are in any group a small percentage mho
mill inform themselves, but the vast ma
jority must be subjected to the many mer
chandising devices available ^featuring tho
printed uord# Interesting factual stories
about credit union abtivitics told through
tho employees’ paper, circulars and even
advertising can bo used uith telling effect!
Enthusiasm for credit unions implies no
hostility to other lawful lending agencies.
Each fom of lariful agency has its om
peculiar field, otherwise it'does nosur
vive# The credit union docs,' houovcrjservo
in the field of small character loans. In
attracting savings for investment they al
so create the habit of thrift. In our
many years of experience observing the ac
tivities of our enployoos’ credit unions, :
Jca must conclude that the activities of
those groups have a uholosomc and stabilize
ing influence on our employees'generally•
Prom the — C r e d i t Uni on Dige st, pub 1 is he d
by California Credit Union League.Hritten
by Gail E. Spain.
SPECIAL SESSON OF LEGIS
LATURE CALLED
To copo rith tho unprecedented financial
crisis nov facing tho Territory,! ort M,
Villi<ans, Acting Governor of Alaska, upon
the advice of Governor Gruening, has issued
an official proclamation summoning tho
Legislature to meet in Juneau at ten A.M.
on January six next for an Sjrtra-Ordinary
cession uhich uill last for seventeen days.
This special sossion prededing the regular
session is being called under the authority
granted’the Governor by the Organic Act,as
amended.
Tho Session is being called specifically
to enable the Legislature to consider and
pass such revenue measures as uill be re
quired by the Territory to correct the dis
tressed condition of the Treasury, pa2r the
claims non in arrears for school, uelfare,
healthe and other authorized purposes and *
do fray the costs of territorial government 0
Tho governorfs reasons for calling a Snecia'
Session and not uniting for action at'the
regular session arc as follons: First, the
present situation under uhich three quarter
of a million dollars north of legitimate
claims against the Territorial Treasury go
unpaid because of lack of revenues is cer
tain to become norse if action on revenue
measures is allonod to be deferred, as ex
pcriencc indicates it always has been, un
til the very end of the regular session in
March; Second, the individuals, business
concerns, municipalities and school dis
tricts having claims against the Territory
will in many instances faco extrono hard
ship if payment is not forthcoming quickly
as is testified by numerous telegrams and
’letters received by the Governor’s office
daily! Third, the public-spirited individ
uals and companies which advanced loans
without interest to the University of
! Alaska to permit its operation deserve to
be roppid as promptly as possible;Fourth,
because of the emmediate need for revenue
a start should be made as early as possible
on the withholding from salaries and wages
of a Territorial Income Tax if that method
!of Taxation which has been proposed should
[be adopted by the legislature; Fifth, the
^taxpayers of Alaska should be informed as
oarly as possible in the year of the new
tax payments r:hich will be expected from
^cn Cent, on page 11