Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1925-03-26

vi COuIot, Ihc Coiiipiiihdoi vi
all these factors has had a lot To
do with it; but the real cause lies
much nearer at home. 1t lies
with ourselves. We created the
conditions that made it possible
for the other factors to operate
to our detriment.
During the last year of the
war and the one following we
country folks lost all conception
of values. We went wild. Every
one that there was any get in ESQ
it seemedD made money buying
and selling things. 1t did not pay
to work for a man with brain
The few conservative people that
did tend to their business in the
usual way and refrained from
taking part in the wild orgy,
we're looked upon with pity and
scorn. Their savings and their
holdings looked very insignificant
and measly to us, and we who
we're in the avalanche felt sorry
for them. so much so that some of
them, themselves, began to feel
that they really were billiards,
and so they got busy and joined
in the race with the rest Of us
in buying farms, oil stock, gold
mines and a hundred other kinds
Of stocks and shares yielding FAC
cording to the prospectus) about
200 per cent annually on the in
vestment. All of us, some by
patriotism others by coercion,
were the owners of Liberty bonds
which were rapidly decreasing in
value and which were only yield
ing a meager income of from 3
to 5 per cent. II was plainly a
bad investment. So we hurried
to get rid of them. In the mar
ket they were quoted from $1,000
down to $500; but the statesmen
with the high class stocks and
shares ESQ we were told) very
magnanimously offered to accept
them in trade at par. We were
certainly tickled to get rid of
those government bonds, and for
the balance due on the high
class" securities bought, we were
glad to sign a promissory note
bearing interest at the rate of 10
per cent per annum.
And so it went wilder and wild
er day after day, all of us making
big money Ton paper). We
bought Fords and automobiles.
pianos and talking machines,
lightning rods and easy chairs
for our imaginary profit, all of
which we paid for with more
|. o. US, until finally the crash
came, and we realized that all
our imaginary accumulated
wealth was lost or had never ex-
listed, having nothing left but
shares in industries that only ex-
listed on paper and worthless
stock certificates and promissory
notes of doubtful value. Our own
property, real and personal, had
in the meantime been covered
with mortgages up to its full
value or more. We now realized
that something was wrong and
tried to work out of it but the
task was impossible with the low
cred values and the huge debit
balances. II couldn't be done,
and so we started to blame the
other fellow. That is, some of us
did. But it is not the whole
story, There were good many
farmers that did not lose their
heads, but kept right on planning
and working as before the war.
| met one Of them couple of
years ago on visit to Iowa. We
were talking about the depres-
sion and its general effects. He
said:
Well, | have lost about $780,
10000 the last couple years, that
is, have the same amount of
property and do not owe any
more on it than before; but the
value of it is that much less than