Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1932-09-29
Economy Talked By
Former Governor
Continued from Page -
Christensen Speaks.

III HIS OpculuS Sui 10
ttianson paid tribute to the late l. G..
Petersen, one of the founders of the
Askov community, and said that he
was glad to be here again, having
spoken in AskOv in 1925 at the park.
C. w. Colby of the Pine County Cour-
Ter, who was in the audience, was
then subjected to severe punishment
when the congressional candidate and
former GOVERNOR good Republican
said that while he did not always
agree with the AskOv American he
considered it one of the best rural
weekly newspapers in the state of
Minnesota.
Mr.. Christensen dipped back into
history and told of when Benjamin
Franklin had addressed his fellow
citizens and said: This is rising
and not a setting sum-" And so it is
today, $50 years later, said the for
mer governor, We must not think that
the sun is always setting, it is rising,
and there must be hope. courage, OPP
timism, and confidence. "All is not
we'll, there is no use of any one say
ing that all is WE'LL" continued the
speaker, Il am a realist, l want facts.
We should not see shipwreck all the
time. The old ship needs repair, and
it is the patriotic duty of all to do
their best and help our country
through these trying times"
The speaker went on to tell of the
assets and liabilities of the country.
citing the wastefulness of the people.
There is an abundance of natural re-
sources in this wealthiest nation on
the globe. Plenty of products have
been produced and the surplus crops
are crying for a market. Two-thirds
of the area of Minnesota was at one
time covered with virgin forest. This
nation produces nearly everything
man needs and wants, though coffee,
tea, rubber and a few other products
are not raised here and therefore
trade must be maintained with the
countries that do produce those COM
modities and other articles needed
here. America also has the inven-
tive geniuses but this country must
train itself to meet new conditions,
new machines, new technique.
Must Face Conditions.
There are big problems to solve in
America, said the former governor,
away from them, nor by hurting
names or epithets at one another.
There must be more light and less
heat. Folks must be intelligent as
citizens like they are as business
people and farmers. They must strive
earnestly. The speaker mentioned
that there are 100000 unemployed
walking the streets and that farmers
are not getting cost of production.
There are many would-be political
doctors who tell us of our ailments,
said Mr.. Christensen, but the remedy
is more essential. They tell us how
hard up we are, and so on This is
the United States. A waSherwoman
in Dawson, an oldfashioned lady who
had lived through more than one
such periods in the history of the coun-
try and calls it hard times, said she
did not mind the hard times so much
but with the depression added it was
pretty strong. This is the 18th time
America has gone down with fever
In 1897 there was broadcast specula-
ton when the west was building up
Folks bought, prices went up, and
there was continual buying and in
flation until the soap bubble of ex-
cessive prices burst. There was a
striking similarity of that in all the
other illnesses of the country in 1857,
1873, 1893, and in this depression
starting in 1929 with the stock market
crash. A depression was also due in
1913 but the war came along and
spoiled it, This time the agrarian
depression started in 1921. Corner
lots sold in Florida for $1,000 per
front foot and 100000 people played
the stock market. What goes up has
got to come down. U. S. Steel rose
to $500 per share, now about $40, and
was way down to $2O-more like it's
true value. A Rock county farm sold
for $500 per acre during the mad
rush-that was the agreed price, but
not paid The factories have the ca
pacity for building twice as many au-
tomobiles as the country will ever
buy.
The Most Serious Depression.
1t should be made impossible by
law to buy foreign securities in Amer
lea, said Mr.. Christianson. Twenty
billions of American dollars have
been sunk in European loans. This
is the most serious depression in the
history of America and the load of
debt previous to 1929 is the cause of
our situation.
The total Indebtedness of America
public and private is today $50. OOO,-
100000. The former total value of
the entire country was 100000, OOO,-
900. The true value is now about 200
billions, so the Indebtedness is APP
proximately rs per cent of the value.
or our equity is but Is per cent, said
the speaker. Folks can't pay the in
tereSt and taYpS E,varvhOdv lie hurf