The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1934-05-17
WHERE. IS OUR MONEY?
in


The late Joseph Pulitzer, of the giants of
American journalism, provided from his estate
certain generous annual cash awards for outstand-
ing achievements by newspapers of the nation.
This year, out of the countless thousands of pub
lished editorials in all classes of papers, great and
SMALL the which wins original with
little country daily in the city of Atlantic, Iowa,
only few thousand persons larger than Redwood
Falls.
Epitomized for busy, or lazy, readers, the edit
orial can be stated in two sentences: "Where is
money? We spent it." Complete, for thought
full consideration, if you have the time and ncn-
alton, it is as follows:
WHERE IS OUR MONEY?
It is announced that at 10 o'clock tonight, Iowa
time, William Randolph Hearst well known publisher,
will broadcast address the subject which appears
as the caption Of this article.
The subject is broad one and permits of many
ramifcatons. Likewise the query is live and
has been for several years with many people who
formerly in comparative affluence and have found
themselves suddenly in a position where money is
article. The whereabouts of the money of the
individual is perhaps beside the point in this comment,
if stick to the text doubtless Mr. Hearsts broad
cast will deal with the whereabouts of the individual
citizen; but the subject intrigues and suggests
line of thought relative the part the individual has
played in rendering himself particularly susceptible
to the injuries inflicted by the period of economic
stress.
Where is our money? Here in Iowa. if competent
statistics to be believed during the ultra
years of the world war period when money flowed
like water into the Golfers of the farmer and the bust
ness man and everyone else, some 200 million dollars
of good Iowa money went for stocks, shares in half
mythical concerns which worth exactly their
value piece of printed paper. During that period
and shortly thereafter good many hundreds of mil
fho do into Tho Grcf ond
second mortgage bonds of apartment hotels and the
like, security issued apprasas inflated to the nth
degree. The most of these bonds now worth just
what the stocks referred worth-he value of
the paper and the printing contained therein.
There is no way of estimating how many hun
dreds of millions of money the country went up
in smoke and vanished in thin air when suddenly
dawned that the most productive land in a
section like ours is not worth $500 $4O0
1t took only the simplest to arrive at that
conclusion for at the prices brought by farm
ducts at their peak the return the land in this
ton would not pay interest investment of $500
$4OO It easily be recalled that during
the hectic period it considered mark of provin-
cialism not to buy automobile every year. A
lot of fur coats and lot of diamonds and lot of
expensive clothes for both and were in
dulged in by all classes The wage suddenly
awoke to the fact that by buying the installment
plan ne could keep up Win Cne JOneSeS ana ne not
only spent every cent he could get his hands in
many instances but he pledged the major portion of
his wages salary months ahead to pay for automo-
bes and other articles which out by the
time he had completed the payments.
These are but few instances, cases in point One
might go indefinitely telling of the wild orgy of
spending and of contracting obligations without
thought of the pay day and with little thought
of the economic soundness of such spending
Then defation. We get down to cases. We
danced and are still paying the fiddler. Like children
have sought someone to blame for our plight and
also like children seek some magic way to cure
our ills and expect the government to provide the
The who contracted debts does not want to
pay them just now because, in most instances, he
not pay them. In every way we have met the crisis
which thrust upon though had nothing
The NRA is blamed for restricting bidding, high
er prices, encouraging monopolies, handicappng the