Evening star., 1933-05-11
FAITH ONLY NEED
DECLARES THORPE
Editor, Addressing Episcopal
Session, Calls Depression
InexcusabIe.

Analyzing "this stupid and inexcus-
able depression, this tragedy Of plenty"
Merle Thorpe, editor, Nations Business,
last evening told q representative gath
ering of Episcopal clergy and laymen
that the real cause" Of the slump was
''loss of faith" and insisted that there
can be no return to normal prosperity
except as the result of IAN increase OF
mutual confidence" among the people.
The occasion was the fellowship din
ner of the annual convention OF the
Episcopal Diocese Of Washington, held
at All Saints Church parish house,
Chevy Chase. Approximately 800 dele
gates and friends attended.
Mr.. Thorpe declared that the basic
causes Of the collapse OF business IN
1929 were psychological in character.
Unscientific thinking on the part OF In
creasing large sections OF the pubic
brought about the crash. The stock
market troubles at the beginning were
an effect, rather than a prime cause.
A long list Of fallacies promoted the
distress. Among these, the speaker
mentioned, overproduction, scarcity OF
dens to the Federal Government, resent
regulation Of private enterprise,
plethora Of laws, and various unintelli-
gent notions accorded thoughtless repe-
tition. One fear led to another. the
panic was contagious. stagnation Of
trade and all its concomitant ills fol-
lowed the bankruptcy of confidence.
Never Overproduction.
There never was any such thing as
H~ fnl
The difficulty was underconsumption
q vastly different thing" He instanced
the common idea that only a few peo-
pie pay taxes as an example Of the
custom Of not thinking through" a
problem. Every man who buys a loaf
Of bread has taxes wrapped up in the
package" he said. THE general con-
demnation Of speculation is another
fallacy. The fact is that We all specu-
late Every time a man attempts to
cross the street he speculates on the
chance that he may be hit bv an auto
mobile. Speculation Is one of the force
which has made the country great
and progressive.
I'VE hear a good deal about the ma
chine age causing unemployment. That.
to. is a fallacy. Take the publishing
business. for instance. The linotype
machlne, some thought, would put a
quietus on the livelihood of hundreds
Of men working in print-shops. Tenn
porarily it did cause some distress, but
today there are 5000 times as many
men employed in the composing rooms
Of the country as there were when the
linotype was invented.
Still another senseless fallacy is the
notion that up-to-date methods rele-
gate old men to the scrap-heap and
promote an increase in child labor.
The fact Is that there are more men
over As gainfully employed and fewer
children under Is obliged to labor than
there were 10 years ago.
Accumulation Of Wealth.
Perhaps the prize fallacy of all is
that we have allowed the bulk of the
wealth Of the country to accumulate
in the hands of a fractional minority
OF the people. There is no basis what
ever in truth for the repeated state
ment that 2 per cent Of the people own
80 per cent Of the wealth Of the United
States. What do the IS per cent Of the
home-owners who own their homes out
right think Of that canard? What
about the IS, 900, 900 life insurance pol
icy holders who have over 100 billions
equities in property? What about the
So per cent Of the farmers Of the land