The Wolf Point herald. (Wolf Point, Mont.) 1913-1940, 1930-12-12
DEPRESSION cANNoT LONG CONTINUE

tom Stout In Democrat-News, Lewistown)
In connection with the situation through which we are
passing at the present time it is well to keep certain facts
always in mind. The total wealth of the United States of Amer
lea is estimated at approximately $4,000 100000. The annual
income of our people runs between $4,000 100000 and s90,OO0t
100000. Our population is about 122,OOOOOO. We have the most
efficiently organized industrial establishment in the world. We
have a stable, Loyalty supported governmental system.
At least 1OOOOOOOO of our people are living better and IT
more secure in their prospects for future weH-being than IRE
any equal number of people on the face of the globe. The needs
of such a great group of people who live as these are living and
intend to live constitute the most prohtable market IN the wond.
We are dependant upon outside countries for few either of the
necessities or Injuries of modern existence. With such con
didons governing our AFFAIRS. a iong-contlnued industrial epreS
sion is exceedingly improbable if not impossible.
We have not taken any stock of most of the
prosperity" propaganda which has been s. widely dis
seminated during the past seven or eight months. The
frequent statements of important people that we are about to
turn the corner has seemed to US worse than foohsn. from a
careful reading of sane reviews of the general situation we are
thoroughly convinced, however, that the process of recovery is
about to begin and will continue slowly but steadily untli we
have again attained a reasonable state of general wellbeing.
Despite a number of bank failures in the south, the financial
structure is sound and no financial panic is possible. The federal
reserve system is in splendid shape to prevent any serious
trouble and that is always an anchor to windward in times such
as these.
For a year now, people have been living meagerly and there
must soon come a demand for many of the necessities of life
which will strengthen trade in all directions. Stocks of mer-
chandise are getting very low and must be replenished. Once
the tide of buying is started it will gradually gain momentum
until the entire country will feel its beneficial effects.
OF considerable comfort is the fact that most of our leaders,
both financial and political, have been brought to a sober re-
aizaion of facts and are working together for the common vel
fare. We imagine that President Hoover now sees how futile
were his gestures in the early days of the panic, gestures which
were dictated in no small measure by political expediency, and
will now set himself to a task for which he is well fitted, that
VI Cu6lhChA Jul uOm NOnullLOu liz laying pAduo hl q
long period of measurable prosperity. The efforts of congress
will have to be scrutinized carefully since It seems impossible for
many members of that body to divorce their best efforts from ul
terror partisan motives.
The hopes of the section of the country in which we live
rest largely upon a rise in the prices of farm products, especially
of wheat, and conditions seem to warrant the belief that this
will be brought about. Our stockmen and farmers have fed
or will feed probably as much as 1OOOOO,0OO bushels of our wheat
surplus. thus bringing the supply of that staple within sight Of
our domestic needs.
The we'll know adage that the Lord "tempers the wind to
the shorn lamb" finds confirmation here in central Montana,
where we are having the most open winter season of many
years. The absence of any great quantity of snow or very Sc
we're weather has been a boon not only to our stockmen, but to
our less fortunate people as well.
We think that we should now stop our complaining and pro-
coed theoretically with out affairs under the assumption that
times are due to improve, Experience tells US that when matters
begin to mend they become better almost as quickly as they be-
came bad. People who live in comparatively new and sparsely
settled countries such as ours have a n advantage in that recess
sions are not uncommon with them and so they are better pre-
pared than many others to take advantage of any favorable wind.
Within the next three weeks a very large sum of money will
be spent by holiday shoppers. The aggregate of thousands of
Christmas funds in the banks of the country is in excess of 600
million dollars. The spending Of this huge sum will in itself
provide a most healthy stimulus to business everywhere.