The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1932-07-22
KeeF A Stiff Upper Lip
caledonia Journal.)

In 1874 great boom collapse farms sold for
per cent of their values and banks suspended their
specie payments. This followed by two years of
prosperity.
In 1S41-Many industries were shut down entirely.
Unemployment the greatest known and
eral states repudated their bonds. The next
twelve years were prosperous.
In 1S57-Every bank in the United States suspended
payments in cash and industry stopped almost
tirey. Property values fell 25 and Is per cent. The
subtreasury in Wall Street sormed and only saved
by Federal troops. Business improved steadily for
the next three years
In 1s73-Foilowing the failure of Jay Cook & Com
pany, then the biggest banking house in the United
States, the Stock Exchange closed for eight days.
Commodity prices sank low and pig iron could not be
sold at any price; Five years of prosperity followed
In 1893-Reading, Atchison, Topeka & Santa Fe,
Union Pacific, and Northern Pacific failed for
bned loss of So, 4oO,Ooooo0 Union Pacific sold for
low 81 share. AS high $50 per cent
offered for call money with no money available. Six
years of prosperity followed.
In 1921-Because Europe off the gold basis
following the war, pessimists said, Prosperity can
never return" The following eight years were the
most prosperous in history.
And in 1932-They have been saying exactly the
same thing that they said eleven years ago. Those
who laid constructive plans and worked them out in
telgenty during previous depressons have made for
tunes, the inevitable improvement expanded business
values The same thing will happen again and word
to the wise is sufficient.
Now ponder the logic of Mr.. H. Perry Shorts, regent
of the University of Michigan who declared in recent
radio address,:
Let us put all fear behind us and thank God for the
great wealth and stability of country. No other
nation in the world is half well off
"Our life insurance assets alone amount to
than all of government debts put together What
is there to be afraid of.
"Why should worry about debts when,
if they were all cancelled our annual income
would be reduced by about $500 per person?
"Why fret any more about bank failures, when
twenty thousand banks still doing business; and if
they strong enough to survive the past two
their resources they certainly should be able
to ride the storm with the United States govern
ment now standing ready to help them.
1t is distressing of course to think about the four
or five million men now unemployed-but how about
the thirty six million who are still at work
Everybody talks about the farmers who can't pay
interest the mortgages but hear little about the
fftyeight out of every hundred farms that are not
mortgaged.
eve Americans should hold confidence and our
courage high and steady plane
1--WE know that business prospects always over
estimated in properties and always underestimate
in depressions.
eve also know that America has one hundred per
cent record of marching through every depression
record peaks of prosperity-that country today
is sounder and stronger and richer than ever before
and stands foremost among all the natonsof the earth
in the promise of future growth and development"