The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1922-04-14
BUSINESS DEPRESSION
Subject Discussed Last Night 3.
Social Science Club.


Social Science Club.
Business Depressions, TIL cir
Causes and Remedies" was the sub
ject discussed at the meeting of the
Social Science club last night. o. M.
Hatcher was the leader for the eve
ming, and Judge Lorin Cray had the
discussion paper Mr.. Hatcher stat
ed in beginning his address that a
rough division of all human beings
may be made into workers and
drones. The worker must not be
confined to producers only, for the
matter of service is equally impor
tant.
During the past thirty years,
within the recollection of everyone
a power has grown UP in this coun-
try that is greater than the govern
ment itself. 1t is the power that
Abraham Lincoln warned against,
and that Theodore Roosevelt called
the invisible government. It is the
power of great wealth, lodged in the
hands of the few, welded for their
benefit and against the interests of
all the people, During this period
there has been a total of I'VE hun
dred and fourteen families in our
country, who control about one
tenth of our entire national resourc-
es. This does not take into consid
Grafton families with holdings of less
than twenty million dollars each,
but there are several thousand more
classed as millionaires. A reliable
authority states that less than FIVE
per cent control more than ninety
five per cent of our nations wealth.
1t will therefore be seen that wealth
accumulated during the past sew
enty years at rate of more than
five per cent annually compound
interest, is at greater rate than
the average. In order that the more
favored ones have been able to en-
JOY the greater earnings. the less
fortunate have been obliged to con-
tent themselves with comparative
ly smaller earnings.
High money rates during boom
period is the first sign of the COM
ing depression, followed in turn by
decreasing prices of bonds, stock,
order in which they are named. If
we had no booms, we would, have
no depressions.
No man can earn legitimately more
than certain sum in a lifetime, and
he is worth no more than a certain
sum to society. He should not be
permitted to have enough to inter
fere with the welfare of his fellow
beings. His value to society and the
legal limit of his possessions can
best be determined by the genera
ton in which he lives.
In closing Mr.. Hatcher stated: eff
true to its professions, the church
can assist in solving these prob
lens. Christ drove the money
changers from the temple. Too
many of our modern churches ac-
cept donations instead. There are
many denominations to be destroyed.
Do our churches accept or ostracize
those who practice them? Shall it
teach that earthly life is meaning
less and that the poor and weary
should look for their reward in the
hereafter, or shall it refuse to be
bluffed or bullied and take such a
stand for the right solution of prac-
teal day problems that a member
ship in its organization will be worth
par as certificate of business hon
or and integrity"
Judge Lorin Cray, who had the
discussion brought out that some of
the principle causes for the business
depression were losses and expendi-
lures resulting from the war. Also
extravaganceS in government expen-
diture and in municipal, county, city
and school and private life. He
brought out in detail how there has
been a great waste of money in diff
ferent departments of the govern
ment, and an immense amount Of
money used in wars since the United
States has been a nation. He sug-
gested that as a prevention of these
depressions, the national differences
of nations should be disposed of
without wars. Also the nation
should cut down extravagances of
all political unites and individuals
as well.
Those taking part in the discus
sion were F. J. Sperry, e. S. Selle,
and B. A. Morris.