Nogales international., 1933-01-14
The Time For Summing Up

Three years of depression have ended and can
begin to up.
Hard times have brought i'll winds-but they have al
so brought heathful breezes.
Business and individuals have been forced to write
down fictitious valuations and Standards This has natur
aly caused great deal Of hardship and long blacklist
of bankruptcies But real readjustmens had to to
put foundations under family and business life
Those who expanded and operated the principle
that that which goes up need down. and that
prosperity would continue unabated forever had to
be Debated
The Individual has that it is possible to live hap
Dily and comfortably on pre-war basis He had found
that the arber of wages what the dollar will buy He's
down to earth
These are the healthfu breezes of depression. The
decks have been cleared for action and the to
cry is open.
AS for the problems Of depression, they still vital
and intense Writing in the Yale Review Sir Arthur Saer
observed that 1888 will be of the most crucial in
modern history
The pressing and increasing weight of taxation STILES
the capital Industry Of the world creating unemployment
preventing industrial expansion and the further in
vestment Of money
The burden of armaments with their drain nation
incomes and their constant threat to world peace grows
greater every important country the cost Of past
present and future is the major item the national bud
get *a Aas==t
The question Of foreign trade looms large on the
noic horizon In normal times foreign sales amount to
ten per of the gross in this counyand ten per cent
margin between profit and loss in the average bus
Today foreign trade almost non-exstent due large
~ to and intense spirit of economic natonalism
which finds its expression in tariff and embargoes
Almost every economist of distinction here and abroad
the need for revazng forcing trade factor
in the work of recovery. Tied up with this is the problem
of silver which affects the purchasing power of half the
worlds people, When silver depressed present the
silver standard countries unable to buy in the gold
standard markets
The picture at home undoubtedly more encouraging
than the world picture We have the finest industrial
gansrn in exstence-we have the factories and the
chimes and the farms that adequate to needs Our
utilities railroads, oil companies, insurance in
stutons the harbngers of American progress They
represent honest national assets against the fictitious
assets counted in the boom days. Because the
chinery Of distribution has slowed does not that
the machinery of production is lacking faulty.
Our greatest single problem is unemployment. Ten
million of working population is at present out of
job, and its buying has to stop Much of this
employment is temporary-par of it the result of ma
chine displacement of labor. Today the foremost indus
working toward plans to shorten the working
day and the working week. and to provide means of
unemployment insurance that will the able and will
ing worker livelihood in bad times we'll good It is
difficult to believe that their efforts will end In failure
The weight Of taxation which forces retrenchment
ventnghe employment of mary of those seeking jobs
This is America at the opening Of 1933-a vast and
incaculaby rich land which is gradually emerging from
depression and entering still land of prom
ise it in the days of the Argonauts 1t has lost
nothing that it really possessed It's earth is still fruitful
its still filled with metals its factories ready
to make the necessities and uxures its people want It's
people courageous and they still have faith Its lead
ers retain those vital quaties-ntdgence and vision
Americans will pull Of the depression-and from the
lessons that depression has taught it find Of
preventing both rises and extreme drops in the
economic and social cycle and of creating genuine, per