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I have to wonder, though, if this isn't more morale booster than an actual solution to a real problem.
You're probably right. The article does say that the post office had no power to stop the sale of lower denomination stamps to customers, should they want them, they were just trying to plant the idea into people's heads that the use of one stamp versus multiple lower denomination ones would be more beneficial to all.
Remember, the date of the news article is World War I (1917) and it was before postage meters were commonplace, so the stamp sales to businesses and high volume mailers of that day would have had more of an impact than just the stamps used on personal mail from the average citizen.
By the way, adjusting for inflation, a 3c stamp in 1917 had the same buying power as 53c today, so first class postage in 2012 is still a bargain by that standard.