home *** CD-ROM | disk | FTP | other *** search
| Unknown | 1992-09-25 | 18.6 KB |
view JSON data
|
view as text
|
open on a Mac
|
open on a PC
This file was not able to be converted.
This format is not currently supported by dexvert.
hex view+--------+-------------------------+-------------------------+--------+--------+
|00000000| ff ff ff ff ff ff ff ff | ff ff ff ff ff ff ff ff |........|........|
|00000010| d6 1e ff ff ff ff ff ff | ff ff ff ff ff ff ff ff |........|........|
|00000020| ff ff 22 00 1e 00 26 00 | 39 00 ff ff ff ff ff ff |.."...&.|9.......|
|00000030| ff ff ff ff ff ff ff ff | ff ff ff ff ff ff ff ff |........|........|
|00000040| ff ff ff ff ff ff ff ff | ff ff ff ff ff ff ff ff |........|........|
|00000050| 44 65 70 72 65 73 73 69 | 6f 6e 0d 0a 0d 0a 0d 0a |Depressi|on......|
|00000060| 20 20 5b 57 68 65 6e 20 | 74 68 65 20 64 65 63 61 | [When |the deca|
|00000070| 64 65 20 6f 70 65 6e 65 | 64 2c 20 74 68 65 20 62 |de opene|d, the b|
|00000080| 75 73 69 6e 65 73 73 20 | 73 6c 75 6d 70 20 74 68 |usiness |slump th|
|00000090| 61 74 20 77 61 73 20 74 | 6f 20 62 65 63 6f 6d 65 |at was t|o become|
|000000a0| 0d 0a 74 68 65 20 67 72 | 65 61 74 65 73 74 20 64 |..the gr|eatest d|
|000000b0| 65 70 72 65 73 73 69 6f | 6e 20 69 6e 20 68 69 73 |epressio|n in his|
|000000c0| 74 6f 72 79 2c 20 74 68 | 65 20 47 72 65 61 74 20 |tory, th|e Great |
|000000d0| 44 65 70 72 65 73 73 69 | 6f 6e 2c 20 77 61 73 0d |Depressi|on, was.|
|000000e0| 0a 74 77 6f 20 6d 6f 6e | 74 68 73 20 6f 6c 64 2e |.two mon|ths old.|
|000000f0| 20 54 68 65 20 70 72 65 | 63 65 64 69 6e 67 20 62 | The pre|ceding b|
|00000100| 6f 6f 6d 2c 20 66 65 64 | 20 62 79 20 61 20 67 6f |oom, fed| by a go|
|00000110| 76 65 72 6e 6d 65 6e 74 | 20 70 6f 6c 69 63 79 0d |vernment| policy.|
|00000120| 0a 6f 66 20 63 68 65 61 | 70 20 63 72 65 64 69 74 |.of chea|p credit|
|00000130| 2c 20 61 6e 64 20 69 6e | 20 69 74 73 20 6c 61 74 |, and in| its lat|
|00000140| 65 72 20 73 74 61 67 65 | 73 20 62 79 20 66 72 61 |er stage|s by fra|
|00000150| 6e 74 69 63 20 73 74 6f | 63 6b 0d 0a 73 70 65 63 |ntic sto|ck..spec|
|00000160| 75 6c 61 74 69 6f 6e 2c | 20 68 61 64 20 65 6e 64 |ulation,| had end|
|00000170| 65 64 20 69 6e 20 65 61 | 72 6c 79 20 31 39 32 39 |ed in ea|rly 1929|
|00000180| 2c 20 61 6e 64 20 74 68 | 65 20 73 74 6f 63 6b 20 |, and th|e stock |
|00000190| 6d 61 72 6b 65 74 20 68 | 61 64 0d 0a 73 74 61 72 |market h|ad..star|
|000001a0| 74 65 64 20 64 6f 77 6e | 20 65 76 65 6e 20 62 65 |ted down| even be|
|000001b0| 66 6f 72 65 20 74 68 65 | 20 66 61 74 65 66 75 6c |fore the| fateful|
|000001c0| 20 63 72 61 73 68 20 6f | 66 20 4f 63 74 6f 62 65 | crash o|f Octobe|
|000001d0| 72 20 32 39 2e 0d 0a 0d | 0a 20 20 49 6e 20 74 68 |r 29....|. In th|
|000001e0| 65 20 70 61 73 74 20 73 | 75 63 68 20 64 65 63 6c |e past s|uch decl|
|000001f0| 69 6e 65 73 2c 20 63 6f | 6e 73 69 64 65 72 65 64 |ines, co|nsidered|
|00000200| 20 73 69 6d 70 6c 79 20 | 61 73 20 74 68 65 0d 0a | simply |as the..|
|00000210| 69 6e 65 76 69 74 61 62 | 6c 65 20 64 6f 77 6e 73 |inevitab|le downs|
|00000220| 69 64 65 20 6f 66 20 74 | 68 65 20 62 75 73 69 6e |ide of t|he busin|
|00000230| 65 73 73 20 63 79 63 6c | 65 2c 20 68 61 64 20 62 |ess cycl|e, had b|
|00000240| 65 65 6e 0d 0a 73 65 6c | 66 2d 72 69 67 68 74 69 |een..sel|f-righti|
|00000250| 6e 67 2e 20 54 68 65 20 | 6c 61 73 74 20 6f 6e 65 |ng. The |last one|
|00000260| 2c 20 69 6e 20 31 39 32 | 30 2c 20 68 61 64 20 77 |, in 192|0, had w|
|00000270| 72 75 6e 67 20 69 74 73 | 65 6c 66 20 6f 75 74 0d |rung its|elf out.|
|00000280| 0a 77 69 74 68 69 6e 20 | 61 20 79 65 61 72 2e 20 |.within |a year. |
|00000290| 49 74 20 77 61 73 20 65 | 78 70 65 63 74 65 64 20 |It was e|xpected |
|000002a0| 74 68 61 74 20 74 68 69 | 73 20 6f 6e 65 20 77 6f |that thi|s one wo|
|000002b0| 75 6c 64 20 64 6f 20 6c | 69 6b 65 77 69 73 65 2e |uld do l|ikewise.|
|000002c0| 0d 0a 49 74 20 64 69 64 | 6e 27 74 2e 20 54 68 65 |..It did|n't. The|
|000002d0| 20 73 74 6f 63 6b 20 6d | 61 72 6b 65 74 20 63 6f | stock m|arket co|
|000002e0| 6e 74 69 6e 75 65 64 20 | 74 6f 20 73 6c 69 64 65 |ntinued |to slide|
|000002f0| 2c 20 74 61 6b 69 6e 67 | 20 74 68 65 20 72 65 73 |, taking| the res|
|00000300| 74 0d 0a 6f 66 20 74 68 | 65 20 65 63 6f 6e 6f 6d |t..of th|e econom|
|00000310| 79 20 77 69 74 68 20 69 | 74 2e 0d 0a 0d 0a 20 20 |y with i|t..... |
|00000320| 54 6f 20 74 68 69 73 20 | 64 61 79 2c 20 6e 6f 62 |To this |day, nob|
|00000330| 6f 64 79 20 6b 6e 6f 77 | 73 20 77 68 61 74 20 72 |ody know|s what r|
|00000340| 65 61 6c 6c 79 20 63 61 | 75 73 65 64 20 74 68 65 |eally ca|used the|
|00000350| 20 47 72 65 61 74 0d 0a | 44 65 70 72 65 73 73 69 | Great..|Depressi|
|00000360| 6f 6e 2c 20 74 68 6f 75 | 67 68 20 6d 61 6e 79 20 |on, thou|gh many |
|00000370| 74 68 65 6f 72 69 65 73 | 20 68 61 76 65 20 62 65 |theories| have be|
|00000380| 65 6e 20 61 64 76 61 6e | 63 65 64 2e 20 53 6f 6d |en advan|ced. Som|
|00000390| 65 0d 0a 61 6e 61 6c 79 | 73 74 73 20 74 68 69 6e |e..analy|sts thin|
|000003a0| 6b 20 50 72 65 73 69 64 | 65 6e 74 20 48 65 72 62 |k Presid|ent Herb|
|000003b0| 65 72 74 20 48 6f 6f 76 | 65 72 2c 20 62 79 20 63 |ert Hoov|er, by c|
|000003c0| 6f 6e 74 69 6e 75 69 6e | 67 20 69 6e 74 6f 20 74 |ontinuin|g into t|
|000003d0| 68 65 0d 0a 31 39 33 30 | 73 20 74 68 65 20 70 6f |he..1930|s the po|
|000003e0| 6c 69 63 69 65 73 20 6f | 66 20 74 68 65 20 70 61 |licies o|f the pa|
|000003f0| 73 74 20 64 65 63 61 64 | 65 2d 2d 65 78 70 61 6e |st decad|e--expan|
|00000400| 64 69 6e 67 20 74 68 65 | 20 6d 6f 6e 65 79 0d 0a |ding the| money..|
|00000410| 73 75 70 70 6c 79 20 74 | 68 72 6f 75 67 68 20 63 |supply t|hrough c|
|00000420| 68 65 61 70 20 63 72 65 | 64 69 74 20 61 6e 64 20 |heap cre|dit and |
|00000430| 6d 69 74 69 67 61 74 69 | 6e 67 20 74 68 65 20 69 |mitigati|ng the i|
|00000440| 6e 66 6c 61 74 69 6f 6e | 61 72 79 0d 0a 65 66 66 |nflation|ary..eff|
|00000450| 65 63 74 73 20 62 79 20 | 6b 65 65 70 69 6e 67 20 |ects by |keeping |
|00000460| 77 61 67 65 73 20 68 69 | 67 68 2d 2d 70 72 6f 6c |wages hi|gh--prol|
|00000470| 6f 6e 67 65 64 20 61 6e | 64 20 73 74 72 65 6e 67 |onged an|d streng|
|00000480| 74 68 65 6e 65 64 20 74 | 68 65 0d 0a 64 65 63 6c |thened t|he..decl|
|00000490| 69 6e 65 2e 20 4f 74 68 | 65 72 73 2c 20 63 6f 6e |ine. Oth|ers, con|
|000004a0| 76 65 72 73 65 6c 79 2c | 20 62 6c 61 6d 65 20 74 |versely,| blame t|
|000004b0| 68 65 20 46 65 64 65 72 | 61 6c 20 52 65 73 65 72 |he Feder|al Reser|
|000004c0| 76 65 20 66 6f 72 20 6e | 6f 74 0d 0a 69 6e 63 72 |ve for n|ot..incr|
|000004d0| 65 61 73 69 6e 67 20 74 | 68 65 20 6d 6f 6e 65 79 |easing t|he money|
|000004e0| 20 73 75 70 70 6c 79 20 | 66 61 73 74 20 65 6e 6f | supply |fast eno|
|000004f0| 75 67 68 20 61 66 74 65 | 72 20 74 68 65 20 63 72 |ugh afte|r the cr|
|00000500| 61 73 68 2e 20 41 20 74 | 68 69 72 64 0d 0a 74 68 |ash. A t|hird..th|
|00000510| 65 6f 72 79 20 68 61 73 | 20 69 74 20 74 68 61 74 |eory has| it that|
|00000520| 20 77 61 67 65 73 20 77 | 65 72 65 20 69 6e 20 66 | wages w|ere in f|
|00000530| 61 63 74 20 74 6f 6f 20 | 6c 6f 77 20 63 6f 6d 70 |act too |low comp|
|00000540| 61 72 65 64 20 74 6f 0d | 0a 69 6e 64 75 73 74 72 |ared to.|.industr|
|00000550| 69 61 6c 20 70 72 6f 64 | 75 63 74 69 76 69 74 79 |ial prod|uctivity|
|00000560| 2c 20 61 6e 64 20 74 68 | 65 20 73 74 6f 63 6b 20 |, and th|e stock |
|00000570| 6d 61 72 6b 65 74 20 73 | 6c 69 64 65 20 73 74 61 |market s|lide sta|
|00000580| 72 74 65 64 20 61 6e 0d | 0a 69 72 72 65 76 65 72 |rted an.|.irrever|
|00000590| 73 69 62 6c 65 20 63 6f | 6e 74 72 61 63 74 69 6f |sible co|ntractio|
|000005a0| 6e 20 62 6f 74 68 20 69 | 6e 20 64 65 6d 61 6e 64 |n both i|n demand|
|000005b0| 20 61 6e 64 20 69 6e 20 | 61 62 69 6c 69 74 79 20 | and in |ability |
|000005c0| 74 6f 20 70 61 79 2e 0d | 0a 54 68 65 20 74 68 65 |to pay..|.The the|
|000005d0| 6f 72 69 65 73 2c 20 69 | 6e 20 61 6e 79 20 65 76 |ories, i|n any ev|
|000005e0| 65 6e 74 2c 20 77 65 72 | 65 20 68 69 6e 64 73 69 |ent, wer|e hindsi|
|000005f0| 67 68 74 2e 20 41 6e 64 | 20 61 73 20 66 61 72 20 |ght. And| as far |
|00000600| 61 73 20 74 68 65 0d 0a | 46 65 64 65 72 61 6c 20 |as the..|Federal |
|00000610| 47 6f 76 65 72 6e 6d 65 | 6e 74 20 77 61 73 20 63 |Governme|nt was c|
|00000620| 6f 6e 63 65 72 6e 65 64 | 2c 20 48 6f 6f 76 65 72 |oncerned|, Hoover|
|00000630| 20 69 6e 73 69 73 74 65 | 64 20 6f 6e 20 74 68 65 | insiste|d on the|
|00000640| 20 63 6c 61 73 73 69 63 | 0d 0a 66 69 73 63 61 6c | classic|..fiscal|
|00000650| 20 72 65 73 70 6f 6e 73 | 65 20 6f 66 20 61 20 62 | respons|e of a b|
|00000660| 61 6c 61 6e 63 65 64 20 | 62 75 64 67 65 74 20 61 |alanced |budget a|
|00000670| 6e 64 20 72 65 64 75 63 | 65 64 20 73 70 65 6e 64 |nd reduc|ed spend|
|00000680| 69 6e 67 2e 5d 0d 0a 0d | 0a 0d 0a 28 4d 61 72 63 |ing.]...|...(Marc|
|00000690| 68 20 33 31 2c 20 31 39 | 33 30 29 0d 0a 0d 0a 20 |h 31, 19|30).... |
|000006a0| 20 49 6e 20 74 68 65 20 | 6f 74 68 65 72 20 63 75 | In the |other cu|
|000006b0| 72 72 65 6e 74 20 6f 66 | 20 6e 65 77 73 2c 20 62 |rrent of| news, b|
|000006c0| 72 65 61 64 6c 69 6e 65 | 73 20 69 6e 20 4e 65 77 |readline|s in New|
|000006d0| 20 59 6f 72 6b 20 43 69 | 74 79 0d 0a 73 74 72 65 | York Ci|ty..stre|
|000006e0| 74 63 68 65 64 20 6f 75 | 74 20 66 6f 72 20 62 6c |tched ou|t for bl|
|000006f0| 6f 63 6b 73 2e 20 54 68 | 65 20 42 6f 77 65 72 79 |ocks. Th|e Bowery|
|00000700| 20 59 2e 4d 2e 43 2e 41 | 2e 20 77 61 73 20 66 65 | Y.M.C.A|. was fe|
|00000710| 65 64 69 6e 67 20 31 32 | 2c 30 30 30 0d 0a 6a 6f |eding 12|,000..jo|
|00000720| 62 6c 65 73 73 20 70 65 | 72 20 64 61 79 2e 20 4d |bless pe|r day. M|
|00000730| 61 6e 68 61 74 74 61 6e | 27 73 20 43 68 75 72 63 |anhattan|'s Churc|
|00000740| 68 20 6f 66 20 74 68 65 | 20 54 72 61 6e 73 66 69 |h of the| Transfi|
|00000750| 67 75 72 61 74 69 6f 6e | 20 28 22 54 68 65 0d 0a |guration| ("The..|
|00000760| 4c 69 74 74 6c 65 20 43 | 68 75 72 63 68 20 41 72 |Little C|hurch Ar|
|00000770| 6f 75 6e 64 20 74 68 65 | 20 43 6f 72 6e 65 72 22 |ound the| Corner"|
|00000780| 29 20 6f 70 65 6e 65 64 | 2c 20 66 6f 72 20 74 68 |) opened|, for th|
|00000790| 65 20 66 69 72 73 74 20 | 74 69 6d 65 0d 0a 73 69 |e first |time..si|
|000007a0| 6e 63 65 20 31 39 30 37 | 2c 20 66 72 65 65 20 6d |nce 1907|, free m|
|000007b0| 65 61 6c 20 63 6f 75 6e | 74 65 72 73 20 66 6f 72 |eal coun|ters for|
|000007c0| 20 31 2c 30 30 30 20 75 | 6e 65 6d 70 6c 6f 79 65 | 1,000 u|nemploye|
|000007d0| 64 20 70 65 72 20 64 61 | 79 2e 0d 0a 4d 72 73 2e |d per da|y...Mrs.|
|000007e0| 20 49 72 76 69 6e 67 20 | 54 2e 20 42 75 73 68 20 | Irving |T. Bush |
|000007f0| 73 65 74 20 75 70 20 61 | 20 66 6f 6f 64 20 64 69 |set up a| food di|
|00000800| 73 70 65 6e 73 61 72 79 | 20 77 68 69 63 68 20 6c |spensary| which l|
|00000810| 69 6e 65 64 20 75 70 20 | 74 68 65 0d 0a 6a 6f 62 |ined up |the..job|
|00000820| 6c 65 73 73 20 66 6f 72 | 20 74 77 6f 20 62 6c 6f |less for| two blo|
|00000830| 63 6b 73 2e 20 44 65 6d | 61 6e 64 73 20 6f 6e 20 |cks. Dem|ands on |
|00000840| 63 68 61 72 69 74 79 20 | 6f 72 67 61 6e 69 7a 61 |charity |organiza|
|00000850| 74 69 6f 6e 73 0d 0a 64 | 6f 75 62 6c 65 64 2e 20 |tions..d|oubled. |
|00000860| 43 6f 6c 75 6d 6e 69 73 | 74 20 48 65 79 77 6f 6f |Columnis|t Heywoo|
|00000870| 64 20 42 72 6f 75 6e 20 | 73 74 61 72 74 65 64 20 |d Broun |started |
|00000880| 61 0d 0a 22 47 69 76 65 | 2d 61 2d 6a 6f 62 2d 74 |a.."Give|-a-job-t|
|00000890| 69 6c 6c 2d 4a 75 6e 65 | 22 20 63 72 75 73 61 64 |ill-June|" crusad|
|000008a0| 65 20 69 6e 20 74 68 65 | 20 4e 65 77 20 59 6f 72 |e in the| New Yor|
|000008b0| 6b 20 54 65 6c 65 67 72 | 61 6d 2e 0d 0a 0d 0a 20 |k Telegr|am..... |
|000008c0| 20 49 6e 20 57 61 73 68 | 69 6e 67 74 6f 6e 2c 20 | In Wash|ington, |
|000008d0| 62 65 66 6f 72 65 20 74 | 68 65 20 53 65 6e 61 74 |before t|he Senat|
|000008e0| 65 20 43 6f 6d 6d 65 72 | 63 65 20 43 6f 6d 6d 69 |e Commer|ce Commi|
|000008f0| 74 74 65 65 2c 20 62 65 | 67 61 6e 0d 0a 68 65 61 |ttee, be|gan..hea|
|00000900| 72 69 6e 67 73 20 6f 6e | 20 62 69 6c 6c 73 20 6f |rings on| bills o|
|00000910| 66 66 65 72 65 64 20 62 | 79 20 4e 65 77 20 59 6f |ffered b|y New Yo|
|00000920| 72 6b 27 73 20 44 65 6d | 6f 63 72 61 74 69 63 20 |rk's Dem|ocratic |
|00000930| 53 65 6e 61 74 6f 72 0d | 0a 52 6f 62 65 72 74 20 |Senator.|.Robert |
|00000940| 46 65 72 64 69 6e 61 6e | 64 20 57 61 67 6e 65 72 |Ferdinan|d Wagner|
|00000950| 20 74 6f 20 72 65 6c 69 | 65 76 65 20 75 6e 65 6d | to reli|eve unem|
|00000960| 70 6c 6f 79 6d 65 6e 74 | 2e 20 53 65 6e 61 74 6f |ployment|. Senato|
|00000970| 72 20 57 61 67 6e 65 72 | 0d 0a 66 6c 61 79 65 64 |r Wagner|..flayed|
|00000980| 20 74 68 65 20 48 6f 6f | 76 65 72 20 61 64 6d 69 | the Hoo|ver admi|
|00000990| 6e 69 73 74 72 61 74 69 | 6f 6e 20 66 6f 72 20 77 |nistrati|on for w|
|000009a0| 68 61 74 20 68 65 20 63 | 68 61 72 67 65 64 20 77 |hat he c|harged w|
|000009b0| 61 73 20 69 74 73 0d 0a | 61 74 74 65 6d 70 74 20 |as its..|attempt |
|000009c0| 74 6f 20 70 72 6f 64 75 | 63 65 20 22 70 72 6f 73 |to produ|ce "pros|
|000009d0| 70 65 72 69 74 79 20 62 | 79 20 70 72 6f 63 6c 61 |perity b|y procla|
|000009e0| 6d 61 74 69 6f 6e 2e 22 | 20 48 65 20 69 6e 73 69 |mation."| He insi|
|000009f0| 73 74 65 64 0d 0a 74 68 | 61 74 20 75 6e 65 6d 70 |sted..th|at unemp|
|00000a00| 6c 6f 79 6d 65 6e 74 20 | 77 61 73 20 66 61 72 20 |loyment |was far |
|00000a10| 6d 6f 72 65 20 77 69 64 | 65 2d 73 70 72 65 61 64 |more wid|e-spread|
|00000a20| 20 61 6e 64 20 73 65 76 | 65 72 65 20 74 68 61 6e | and sev|ere than|
|00000a30| 20 74 68 65 0d 0a 44 65 | 70 61 72 74 6d 65 6e 74 | the..De|partment|
|00000a40| 20 6f 66 20 4c 61 62 6f | 72 27 73 20 73 74 61 74 | of Labo|r's stat|
|00000a50| 69 73 74 69 63 73 20 77 | 6f 75 6c 64 20 69 6e 64 |istics w|ould ind|
|00000a60| 69 63 61 74 65 2e 20 41 | 67 61 69 6e 73 74 0d 0a |icate. A|gainst..|
|00000a70| 70 68 6f 74 6f 67 72 61 | 70 68 73 20 6f 66 20 4e |photogra|phs of N|
|00000a80| 65 77 20 59 6f 72 6b 27 | 73 20 62 72 65 61 64 6c |ew York'|s breadl|
|00000a90| 69 6e 65 73 20 68 65 20 | 73 65 74 20 61 20 70 69 |ines he |set a pi|
|00000aa0| 63 74 75 72 65 20 6f 66 | 20 43 69 74 69 7a 65 6e |cture of| Citizen|
|00000ab0| 0d 0a 43 61 6c 76 69 6e | 20 43 6f 6f 6c 69 64 67 |..Calvin| Coolidg|
|00000ac0| 65 20 62 65 69 6e 67 20 | 62 61 6e 71 75 65 74 65 |e being |banquete|
|00000ad0| 64 20 69 6e 20 43 61 6c | 69 66 6f 72 6e 69 61 20 |d in Cal|ifornia |
|00000ae0| 61 74 20 61 20 22 70 72 | 6f 73 70 65 72 69 74 79 |at a "pr|osperity|
|00000af0| 0d 0a 64 69 6e 6e 65 72 | 2e 22 0d 0a 0d 0a 0d 0a |..dinner|."......|
|00000b00| 28 4d 61 79 20 35 2c 20 | 31 39 33 30 29 0d 0a 0d |(May 5, |1930)...|
|00000b10| 0a 20 20 54 68 65 20 73 | 74 65 70 73 20 62 79 20 |. The s|teps by |
|00000b20| 77 68 69 63 68 20 74 68 | 65 20 47 6f 76 65 72 6e |which th|e Govern|
|00000b30| 6d 65 6e 74 20 65 6e 64 | 65 61 76 6f 72 65 64 20 |ment end|eavored |
|00000b40| 74 6f 20 72 69 67 68 74 | 20 6d 61 74 74 65 72 73 |to right| matters|
|00000b50| 0d 0a 68 61 76 65 20 62 | 65 65 6e 20 66 65 77 20 |..have b|een few |
|00000b60| 61 6e 64 20 73 69 6d 70 | 6c 65 2e 20 4c 61 73 74 |and simp|le. Last|
|00000b70| 20 44 65 63 65 6d 62 65 | 72 20 74 68 65 20 50 72 | Decembe|r the Pr|
|00000b80| 65 73 69 64 65 6e 74 20 | 73 75 6d 6d 6f 6e 65 64 |esident |summoned|
|00000b90| 0d 0a 73 6f 6d 65 20 74 | 79 63 6f 6f 6e 73 20 61 |..some t|ycoons a|
|00000ba0| 6e 64 20 6d 61 6e 79 20 | 6e 65 61 72 20 74 79 63 |nd many |near tyc|
|00000bb0| 6f 6f 6e 73 20 74 6f 20 | 74 68 65 20 73 65 72 69 |oons to |the seri|
|00000bc0| 65 73 20 6f 66 20 63 6f | 6e 66 65 72 65 6e 63 65 |es of co|nference|
|00000bd0| 73 0d 0a 61 74 20 77 68 | 69 63 68 20 74 68 65 79 |s..at wh|ich they|
|00000be0| 20 70 6c 65 64 67 65 64 | 20 6e 6f 20 77 61 67 65 | pledged| no wage|
|00000bf0| 20 72 65 64 75 63 74 69 | 6f 6e 73 2c 20 69 6e 63 | reducti|ons, inc|
|00000c00| 72 65 61 73 65 64 20 73 | 70 65 6e 64 69 6e 67 2e |reased s|pending.|
|00000c10| 0d 0a 4f 76 65 72 73 74 | 61 74 65 6d 65 6e 74 20 |..Overst|atement |
|00000c20| 74 68 72 69 76 65 64 20 | 61 74 20 74 68 65 73 65 |thrived |at these|
|00000c30| 20 6d 65 65 74 69 6e 67 | 73 2c 20 62 75 74 20 50 | meeting|s, but P|
|00000c40| 61 6e 69 63 20 72 65 63 | 65 69 76 65 64 20 69 74 |anic rec|eived it|
|00000c50| 73 0d 0a 66 69 72 73 74 | 20 61 6e 64 20 67 72 65 |s..first| and gre|
|00000c60| 61 74 65 73 74 20 73 65 | 74 2d 62 61 63 6b 20 66 |atest se|t-back f|
|00000c70| 72 6f 6d 20 74 68 65 6d | 2e 20 53 65 63 6f 6e 64 |rom them|. Second|
|00000c80| 20 6f 66 20 74 68 65 20 | 73 74 65 70 73 20 77 61 | of the |steps wa|
|00000c90| 73 0d 0a 74 68 65 20 66 | 6f 72 6d 61 74 69 6f 6e |s..the f|ormation|
|00000ca0| 20 6f 66 20 74 68 65 20 | 42 75 73 69 6e 65 73 73 | of the |Business|
|00000cb0| 20 53 75 72 76 65 79 20 | 43 6f 6e 66 65 72 65 6e | Survey |Conferen|
|00000cc0| 63 65 2c 20 77 68 69 63 | 68 20 77 65 6e 74 20 74 |ce, whic|h went t|
|00000cd0| 6f 6f 0d 0a 66 61 72 20 | 61 74 20 66 69 72 73 74 |oo..far |at first|
|00000ce0| 20 69 6e 20 61 72 74 69 | 66 69 63 69 61 6c 20 62 | in arti|ficial b|
|00000cf0| 75 6c 6c 69 73 68 6e 65 | 73 73 2c 20 62 75 74 20 |ullishne|ss, but |
|00000d00| 68 61 73 20 6f 70 65 72 | 61 74 65 64 20 77 65 6c |has oper|ated wel|
|00000d10| 6c 0d 0a 61 73 20 22 61 | 20 63 6c 65 61 72 69 6e |l..as "a| clearin|
|00000d20| 67 20 68 6f 75 73 65 20 | 66 6f 72 20 69 6e 66 6f |g house |for info|
|00000d30| 72 6d 61 74 69 6f 6e 2e | 22 20 54 68 69 72 64 20 |rmation.|" Third |
|00000d40| 77 61 73 20 74 68 65 20 | 44 65 70 61 72 74 6d 65 |was the |Departme|
|00000d50| 6e 74 0d 0a 6f 66 20 43 | 6f 6d 6d 65 72 63 65 27 |nt..of C|ommerce'|
|00000d60| 73 20 63 61 6d 70 61 69 | 67 6e 20 74 6f 20 75 72 |s campai|gn to ur|
|00000d70| 67 65 20 73 74 61 74 65 | 20 61 6e 64 20 6c 6f 63 |ge state| and loc|
|00000d80| 61 6c 20 67 6f 76 65 72 | 6e 6d 65 6e 74 73 20 74 |al gover|nments t|
|00000d90| 6f 0d 0a 73 70 6f 6e 73 | 6f 72 20 70 75 62 6c 69 |o..spons|or publi|
|00000da0| 63 20 77 6f 72 6b 73 2c | 20 63 72 65 61 74 65 20 |c works,| create |
|00000db0| 69 6e 64 75 73 74 72 69 | 61 6c 20 61 63 74 69 76 |industri|al activ|
|00000dc0| 69 74 79 2e 20 46 6f 75 | 72 74 68 20 77 61 73 20 |ity. Fou|rth was |
|00000dd0| 74 68 65 0d 0a 61 63 74 | 69 6f 6e 20 6f 66 20 43 |the..act|ion of C|
|00000de0| 6f 6e 67 72 65 73 73 20 | 69 6e 20 61 70 70 72 6f |ongress |in appro|
|00000df0| 70 72 69 61 74 69 6e 67 | 20 24 31 32 35 2c 30 30 |priating| $125,00|
|00000e00| 30 2c 30 30 30 20 61 20 | 79 65 61 72 20 66 6f 72 |0,000 a |year for|
|00000e10| 20 72 6f 61 64 0d 0a 63 | 6f 6e 73 74 72 75 63 74 | road..c|onstruct|
|00000e20| 69 6f 6e 2c 20 61 6e 6f | 74 68 65 72 20 77 61 79 |ion, ano|ther way|
|00000e30| 20 6f 66 20 63 72 65 61 | 74 69 6e 67 20 65 6d 70 | of crea|ting emp|
|00000e40| 6c 6f 79 6d 65 6e 74 20 | 61 6e 64 20 64 65 6d 61 |loyment |and dema|
|00000e50| 6e 64 20 66 6f 72 0d 0a | 6d 61 74 65 72 69 61 6c |nd for..|material|
|00000e60| 73 2e 20 46 69 66 74 68 | 20 77 61 73 20 74 68 65 |s. Fifth| was the|
|00000e70| 20 70 6f 6c 69 63 79 20 | 6f 66 20 65 61 73 79 20 | policy |of easy |
|00000e80| 6d 6f 6e 65 79 2e 0d 0a | 0d 0a 0d 0a 5b 4f 6e 65 |money...|....[One|
|00000e90| 20 6f 66 20 74 68 65 20 | 66 69 72 73 74 20 63 6f | of the |first co|
|00000ea0| 6e 63 72 65 74 65 20 73 | 74 65 70 73 20 74 68 65 |ncrete s|teps the|
|00000eb0| 20 55 2e 53 2e 20 64 69 | 64 20 74 61 6b 65 20 77 | U.S. di|d take w|
|00000ec0| 61 73 20 74 6f 20 6a 61 | 63 6b 0d 0a 75 70 20 69 |as to ja|ck..up i|
|00000ed0| 6d 70 6f 72 74 20 74 61 | 72 69 66 66 73 2c 20 74 |mport ta|riffs, t|
|00000ee0| 72 61 64 69 74 69 6f 6e | 61 6c 6c 79 20 68 69 67 |radition|ally hig|
|00000ef0| 68 2c 20 74 6f 20 74 68 | 65 69 72 20 68 69 67 68 |h, to th|eir high|
|00000f00| 65 73 74 20 6c 65 76 65 | 6c 73 0d 0a 69 6e 20 68 |est leve|ls..in h|
|00000f10| 69 73 74 6f 72 79 20 74 | 6f 20 70 72 6f 74 65 63 |istory t|o protec|
|00000f20| 74 20 73 75 66 66 65 72 | 69 6e 67 20 41 6d 65 72 |t suffer|ing Amer|
|00000f30| 69 63 61 6e 20 62 75 73 | 69 6e 65 73 73 6d 65 6e |ican bus|inessmen|
|00000f40| 2e 20 54 68 65 0d 0a 48 | 61 77 6c 65 79 2d 53 6d |. The..H|awley-Sm|
|00000f50| 6f 6f 74 20 54 61 72 69 | 66 66 20 6f 66 20 31 39 |oot Tari|ff of 19|
|00000f60| 33 30 20 77 61 73 20 61 | 20 64 69 73 61 73 74 65 |30 was a| disaste|
|00000f70| 72 2c 20 63 68 6f 6b 69 | 6e 67 20 6f 66 66 20 74 |r, choki|ng off t|
|00000f80| 72 61 64 65 0d 0a 74 68 | 61 74 20 6d 69 67 68 74 |rade..th|at might|
|00000f90| 20 68 61 76 65 20 68 65 | 6c 70 65 64 20 74 68 65 | have he|lped the|
|00000fa0| 20 55 2e 53 2e 20 65 63 | 6f 6e 6f 6d 79 20 72 65 | U.S. ec|onomy re|
|00000fb0| 63 6f 76 65 72 20 61 6e | 64 20 73 70 72 65 61 64 |cover an|d spread|
|00000fc0| 69 6e 67 0d 0a 74 68 65 | 20 44 65 70 72 65 73 73 |ing..the| Depress|
|00000fd0| 69 6f 6e 20 61 72 6f 75 | 6e 64 20 74 68 65 20 77 |ion arou|nd the w|
|00000fe0| 6f 72 6c 64 2e 5d 0d 0a | 0d 0a 28 4a 75 6e 65 20 |orld.]..|..(June |
|00000ff0| 33 30 2c 20 31 39 33 30 | 29 0d 0a 0d 0a 20 20 41 |30, 1930|).... A|
|00001000| 20 64 6f 7a 65 6e 20 73 | 74 65 61 6d 65 72 73 20 | dozen s|teamers |
|00001010| 70 69 6c 65 64 20 6f 6e | 20 65 78 74 72 61 20 73 |piled on| extra s|
|00001020| 74 65 61 6d 20 63 72 6f | 73 73 69 6e 67 20 74 68 |team cro|ssing th|
|00001030| 65 20 41 74 6c 61 6e 74 | 69 63 0d 0a 6c 61 73 74 |e Atlant|ic..last|
|00001040| 20 77 65 65 6b 2c 20 72 | 61 63 69 6e 67 20 61 67 | week, r|acing ag|
|00001050| 61 69 6e 73 74 20 74 69 | 6d 65 20 74 6f 20 73 61 |ainst ti|me to sa|
|00001060| 76 65 20 6d 6f 6e 65 79 | 2e 20 54 68 65 20 4f 6c |ve money|. The Ol|
|00001070| 79 6d 70 69 63 2c 0d 0a | 6e 6f 74 61 62 6c 65 20 |ympic,..|notable |
|00001080| 77 69 6e 6e 65 72 2c 20 | 73 61 76 65 64 20 24 31 |winner, |saved $1|
|00001090| 33 30 2c 30 30 30 20 66 | 6f 72 20 69 74 73 20 63 |30,000 f|or its c|
|000010a0| 6c 69 65 6e 74 73 2e 20 | 41 74 20 4d 61 6e 68 61 |lients. |At Manha|
|000010b0| 74 74 61 6e 20 61 6e 64 | 0d 0a 6f 74 68 65 72 20 |ttan and|..other |
|000010c0| 70 6f 72 74 73 2c 20 6d | 65 6e 20 66 69 67 68 74 |ports, m|en fight|
|000010d0| 69 6e 67 20 6e 6f 69 73 | 69 6c 79 20 69 6e 20 74 |ing nois|ily in t|
|000010e0| 68 65 20 63 75 73 74 6f | 6d 73 2d 68 6f 75 73 65 |he custo|ms-house|
|000010f0| 73 20 72 61 63 65 64 0d | 0a 74 6f 20 77 69 74 68 |s raced.|.to with|
|00001100| 64 72 61 77 20 73 74 6f | 72 65 64 20 67 6f 6f 64 |draw sto|red good|
|00001110| 73 20 62 65 66 6f 72 65 | 20 74 68 65 20 7a 65 72 |s before| the zer|
|00001120| 6f 20 68 6f 75 72 20 77 | 68 65 6e 20 64 75 74 69 |o hour w|hen duti|
|00001130| 65 73 20 77 6f 75 6c 64 | 0d 0a 62 65 20 68 69 67 |es would|..be hig|
|00001140| 68 65 72 3b 20 4d 61 6e | 68 61 74 74 61 6e 20 63 |her; Man|hattan c|
|00001150| 75 73 74 6f 6d 73 20 72 | 65 63 65 69 70 74 73 20 |ustoms r|eceipts |
|00001160| 66 6f 72 20 74 68 65 20 | 64 61 79 20 77 65 72 65 |for the |day were|
|00001170| 20 74 65 6e 20 74 69 6d | 65 73 0d 0a 74 68 65 20 | ten tim|es..the |
|00001180| 61 76 65 72 61 67 65 2e | 0d 0a 0d 0a 20 20 54 68 |average.|.... Th|
|00001190| 65 20 48 61 77 6c 65 79 | 2d 53 6d 6f 6f 74 20 54 |e Hawley|-Smoot T|
|000011a0| 61 72 69 66 66 20 42 69 | 6c 6c 20 68 61 64 20 62 |ariff Bi|ll had b|
|000011b0| 65 63 6f 6d 65 20 6c 61 | 77 2e 20 53 6f 6d 65 20 |ecome la|w. Some |
|000011c0| 73 68 69 70 73 2c 0d 0a | 68 61 76 69 6e 67 20 6c |ships,..|having l|
|000011d0| 6f 73 74 20 74 68 65 20 | 72 61 63 65 2c 20 74 75 |ost the |race, tu|
|000011e0| 72 6e 65 64 20 6f 75 74 | 20 6f 66 20 55 2e 53 2e |rned out| of U.S.|
|000011f0| 20 70 6f 72 74 73 2c 20 | 74 6f 6f 6b 20 63 61 72 | ports, |took car|
|00001200| 67 6f 65 73 0d 0a 65 6c | 73 65 77 68 65 72 65 2e |goes..el|sewhere.|
|00001210| 20 43 6f 6e 76 65 72 73 | 65 6c 79 2c 20 70 69 6c | Convers|ely, pil|
|00001220| 65 73 20 6f 66 20 63 68 | 69 63 6c 65 20 28 66 6f |es of ch|icle (fo|
|00001230| 72 20 67 75 6d 2d 63 68 | 65 77 65 72 73 29 2c 20 |r gum-ch|ewers), |
|00001240| 70 69 6c 65 73 0d 0a 6f | 66 20 73 70 69 63 65 20 |piles..o|f spice |
|00001250| 61 6e 64 20 6f 74 68 65 | 72 20 74 68 69 6e 67 73 |and othe|r things|
|00001260| 20 6e 69 63 65 20 6f 6e | 20 77 68 69 63 68 20 74 | nice on| which t|
|00001270| 68 65 20 6e 65 77 20 6c | 61 77 20 72 65 64 75 63 |he new l|aw reduc|
|00001280| 65 64 20 6f 72 0d 0a 72 | 65 76 6f 6b 65 64 20 64 |ed or..r|evoked d|
|00001290| 75 74 69 65 73 2c 20 61 | 66 74 65 72 20 6c 6f 6e |uties, a|fter lon|
|000012a0| 67 20 77 61 69 74 69 6e | 67 20 63 61 6d 65 20 6f |g waitin|g came o|
|000012b0| 66 66 69 63 69 61 6c 6c | 79 20 69 6e 74 6f 20 74 |fficiall|y into t|
|000012c0| 68 65 20 55 2e 53 2e 0d | 0a 66 72 6f 6d 20 63 75 |he U.S..|.from cu|
|000012d0| 73 74 6f 6d 73 20 77 61 | 72 65 68 6f 75 73 65 73 |stoms wa|rehouses|
|000012e0| 2e 0d 0a 0d 0a 20 20 54 | 68 65 20 63 61 70 69 74 |..... T|he capit|
|000012f0| 61 6c 73 20 6f 66 20 45 | 75 72 6f 70 65 2c 20 53 |als of E|urope, S|
|00001300| 6f 75 74 68 20 41 6d 65 | 72 69 63 61 2c 20 41 75 |outh Ame|rica, Au|
|00001310| 73 74 72 61 6c 69 61 20 | 73 77 61 72 6d 65 64 20 |stralia |swarmed |
|00001320| 77 69 74 68 0d 0a 61 6e | 67 72 79 20 61 63 74 69 |with..an|gry acti|
|00001330| 76 69 74 79 20 77 68 69 | 63 68 20 68 61 64 20 69 |vity whi|ch had i|
|00001340| 74 73 20 72 65 70 65 72 | 63 75 73 73 69 6f 6e 73 |ts reper|cussions|
|00001350| 20 69 6e 20 57 61 73 68 | 69 6e 67 74 6f 6e 2e 0d | in Wash|ington..|
|00001360| 0a 50 61 72 6c 69 61 6d | 65 6e 74 73 20 61 6e 64 |.Parliam|ents and|
|00001370| 20 6d 69 6e 69 73 74 65 | 72 73 20 74 61 6c 6b 65 | ministe|rs talke|
|00001380| 64 20 6f 66 20 72 65 74 | 61 6c 69 61 74 6f 72 79 |d of ret|aliatory|
|00001390| 20 6c 65 67 69 73 6c 61 | 74 69 6f 6e 0d 0a 61 67 | legisla|tion..ag|
|000013a0| 61 69 6e 73 74 20 74 68 | 65 20 55 2e 53 2e 20 41 |ainst th|e U.S. A|
|000013b0| 6c 6c 20 64 69 73 63 75 | 73 73 65 64 20 61 6e 20 |ll discu|ssed an |
|000013c0| 69 6e 74 65 72 6e 61 74 | 69 6f 6e 61 6c 20 74 72 |internat|ional tr|
|000013d0| 61 64 65 20 61 6c 6c 69 | 61 6e 63 65 0d 0a 74 6f |ade alli|ance..to|
|000013e0| 20 63 6f 6d 62 61 74 20 | 55 2e 53 2e 20 70 72 6f | combat |U.S. pro|
|000013f0| 74 65 63 74 69 6f 6e 69 | 73 6d 2e 20 41 6c 6c 20 |tectioni|sm. All |
|00001400| 66 65 61 72 65 64 20 74 | 68 61 74 20 74 68 65 20 |feared t|hat the |
|00001410| 55 2e 53 2e 2c 20 67 72 | 65 61 74 65 73 74 0d 0a |U.S., gr|eatest..|
|00001420| 70 72 6f 64 75 63 65 72 | 20 6f 66 20 63 6f 6d 65 |producer| of come|
|00001430| 73 74 69 62 6c 65 73 2c | 20 6d 6f 74 6f 72 73 2c |stibles,| motors,|
|00001440| 20 72 61 64 69 6f 73 20 | 61 6e 64 20 77 68 61 74 | radios |and what|
|00001450| 6e 6f 74 2c 20 6e 6f 74 | 20 6f 6e 6c 79 0d 0a 77 |not, not| only..w|
|00001460| 6f 75 6c 64 20 6e 6f 74 | 20 62 75 79 20 69 6e 20 |ould not| buy in |
|00001470| 74 68 65 69 72 20 6d 61 | 72 6b 65 74 73 2c 20 62 |their ma|rkets, b|
|00001480| 75 74 20 77 6f 75 6c 64 | 20 66 6c 6f 6f 64 20 74 |ut would| flood t|
|00001490| 68 65 6d 20 77 69 74 68 | 20 76 61 73 74 0d 0a 73 |hem with| vast..s|
|000014a0| 75 72 70 6c 75 73 20 73 | 74 6f 63 6b 73 2c 20 62 |urplus s|tocks, b|
|000014b0| 72 69 6e 67 69 6e 67 20 | 61 62 6f 75 74 20 61 20 |ringing |about a |
|000014c0| 77 6f 72 6c 64 20 70 61 | 6e 69 63 2e 0d 0a 0d 0a |world pa|nic.....|
|000014d0| 0d 0a 20 20 5b 54 68 65 | 20 70 72 6f 62 6c 65 6d |.. [The| problem|
|000014e0| 20 77 61 73 20 74 68 61 | 74 20 74 68 65 20 52 65 | was tha|t the Re|
|000014f0| 70 75 62 6c 69 63 61 6e | 73 20 64 69 64 20 6e 6f |publican|s did no|
|00001500| 74 20 77 61 6e 74 20 74 | 68 65 0d 0a 67 6f 76 65 |t want t|he..gove|
|00001510| 72 6e 6d 65 6e 74 20 74 | 6f 20 70 72 6f 76 69 64 |rnment t|o provid|
|00001520| 65 20 64 69 72 65 63 74 | 20 72 65 6c 69 65 66 20 |e direct| relief |
|00001530| 66 6f 72 20 74 68 65 20 | 6a 6f 62 6c 65 73 73 20 |for the |jobless |
|00001540| 61 6e 64 0d 0a 64 65 73 | 74 69 74 75 74 65 3b 20 |and..des|titute; |
|00001550| 74 68 61 74 20 77 6f 75 | 6c 64 20 62 65 20 22 74 |that wou|ld be "t|
|00001560| 68 65 20 64 6f 6c 65 2c | 22 20 72 65 67 61 72 64 |he dole,|" regard|
|00001570| 65 64 20 77 68 65 72 65 | 20 69 74 20 77 61 73 0d |ed where| it was.|
|00001580| 0a 77 69 64 65 73 70 72 | 65 61 64 2c 20 61 73 20 |.widespr|ead, as |
|00001590| 69 6e 20 42 72 69 74 61 | 69 6e 2c 20 61 73 20 73 |in Brita|in, as s|
|000015a0| 6f 6d 65 68 6f 77 20 75 | 6e 64 65 72 6d 69 6e 69 |omehow u|ndermini|
|000015b0| 6e 67 20 74 68 65 20 6e | 61 74 69 6f 6e 27 73 0d |ng the n|ation's.|
|000015c0| 0a 6d 6f 72 61 6c 20 66 | 69 62 65 72 2e 20 53 6f |.moral f|iber. So|
|000015d0| 20 48 6f 6f 76 65 72 20 | 77 72 75 6e 67 20 68 69 | Hoover |wrung hi|
|000015e0| 73 20 68 61 6e 64 73 2c | 20 63 61 6c 6c 65 64 20 |s hands,| called |
|000015f0| 65 6e 64 6c 65 73 73 20 | 6e 75 6d 62 65 72 73 0d |endless |numbers.|
|00001600| 0a 6f 66 20 63 6f 6e 66 | 65 72 65 6e 63 65 73 2c |.of conf|erences,|
|00001610| 20 70 72 65 61 63 68 65 | 64 20 70 72 6f 73 70 65 | preache|d prospe|
|00001620| 72 69 74 79 20 61 6e 64 | 20 73 61 77 20 74 68 65 |rity and| saw the|
|00001630| 20 52 65 70 75 62 6c 69 | 63 61 6e 0d 0a 63 6f 6e | Republi|can..con|
|00001640| 67 72 65 73 73 69 6f 6e | 61 6c 20 6d 61 6a 6f 72 |gression|al major|
|00001650| 69 74 79 20 72 65 64 75 | 63 65 64 20 74 6f 20 7a |ity redu|ced to z|
|00001660| 65 72 6f 20 69 6e 20 74 | 68 65 20 31 39 33 30 20 |ero in t|he 1930 |
|00001670| 6d 69 64 2d 74 65 72 6d | 0d 0a 65 6c 65 63 74 69 |mid-term|..electi|
|00001680| 6f 6e 73 2e 5d 0d 0a 0d | 0a 28 4e 6f 76 65 6d 62 |ons.]...|.(Novemb|
|00001690| 65 72 20 33 2c 20 31 39 | 33 30 29 0d 0a 0d 0a 48 |er 3, 19|30)....H|
|000016a0| 6f 70 65 66 75 6c 20 61 | 73 20 77 65 72 65 20 74 |opeful a|s were t|
|000016b0| 68 65 73 65 20 70 72 65 | 64 69 63 74 69 6f 6e 73 |hese pre|dictions|
|000016c0| 20 6f 66 20 62 65 74 74 | 65 72 20 74 69 6d 65 73 | of bett|er times|
|000016d0| 20 62 79 20 55 2e 53 2e | 0d 0a 74 79 63 6f 6f 6e | by U.S.|..tycoon|
|000016e0| 65 72 79 20 74 68 65 79 | 20 64 69 64 20 6e 6f 74 |ery they| did not|
|000016f0| 20 68 65 6c 70 20 50 72 | 65 73 69 64 65 6e 74 20 | help Pr|esident |
|00001700| 48 6f 6f 76 65 72 20 73 | 6f 6c 76 65 20 74 68 65 |Hoover s|olve the|
|00001710| 20 69 6d 6d 65 64 69 61 | 74 65 0d 0a 70 72 6f 62 | immedia|te..prob|
|00001720| 6c 65 6d 20 6f 66 20 55 | 6e 65 6d 70 6c 6f 79 6d |lem of U|nemploym|
|00001730| 65 6e 74 2e 20 54 68 65 | 20 50 72 65 73 69 64 65 |ent. The| Preside|
|00001740| 6e 74 27 73 20 65 73 74 | 69 6d 61 74 65 73 20 73 |nt's est|imates s|
|00001750| 68 6f 77 65 64 0d 0a 33 | 2c 35 30 30 2c 30 30 30 |howed..3|,500,000|
|00001760| 20 70 65 72 73 6f 6e 73 | 20 6f 75 74 20 6f 66 20 | persons| out of |
|00001770| 77 6f 72 6b 2e 20 4f 66 | 20 74 68 65 73 65 20 69 |work. Of| these i|
|00001780| 74 20 77 61 73 20 66 69 | 67 75 72 65 64 20 74 68 |t was fi|gured th|
|00001790| 61 74 20 61 0d 0a 6d 69 | 6c 6c 69 6f 6e 20 77 65 |at a..mi|llion we|
|000017a0| 72 65 20 69 6e 20 74 72 | 61 6e 73 69 74 20 66 72 |re in tr|ansit fr|
|000017b0| 6f 6d 20 6f 6e 65 20 6a | 6f 62 20 74 6f 20 61 6e |om one j|ob to an|
|000017c0| 6f 74 68 65 72 20 6f 72 | 20 76 6f 6c 75 6e 74 61 |other or| volunta|
|000017d0| 72 69 6c 79 0d 0a 69 64 | 6c 65 20 61 6e 64 20 74 |rily..id|le and t|
|000017e0| 68 61 74 20 61 6e 6f 74 | 68 65 72 20 35 30 30 2c |hat anot|her 500,|
|000017f0| 30 30 30 20 77 65 72 65 | 20 69 6e 20 63 6f 6d 6d |000 were| in comm|
|00001800| 75 6e 69 74 69 65 73 20 | 6f 66 20 6c 65 73 73 20 |unities |of less |
|00001810| 74 68 61 6e 0d 0a 33 2c | 30 30 30 20 70 6f 70 75 |than..3,|000 popu|
|00001820| 6c 61 74 69 6f 6e 20 77 | 68 65 72 65 20 74 68 65 |lation w|here the|
|00001830| 79 20 77 6f 75 6c 64 20 | 62 65 20 63 61 72 65 64 |y would |be cared|
|00001840| 20 66 6f 72 20 62 79 20 | 66 72 69 65 6e 64 73 20 | for by |friends |
|00001850| 6f 72 0d 0a 72 65 6c 61 | 74 69 76 65 73 2e 20 54 |or..rela|tives. T|
|00001860| 68 65 20 72 65 6d 61 69 | 6e 69 6e 67 20 32 2c 30 |he remai|ning 2,0|
|00001870| 30 30 2c 30 30 30 20 6a | 6f 62 6c 65 73 73 20 72 |00,000 j|obless r|
|00001880| 65 70 72 65 73 65 6e 74 | 65 64 20 61 62 6f 75 74 |epresent|ed about|
|00001890| 0d 0a 38 30 30 2c 30 30 | 30 20 66 61 6d 69 6c 69 |..800,00|0 famili|
|000018a0| 65 73 2e 20 54 68 65 20 | 50 72 65 73 69 64 65 6e |es. The |Presiden|
|000018b0| 74 27 73 20 76 69 65 77 | 20 77 61 73 20 74 68 61 |t's view| was tha|
|000018c0| 74 20 74 68 69 73 20 77 | 61 73 20 61 0d 0a 73 65 |t this w|as a..se|
|000018d0| 72 69 6f 75 73 20 62 75 | 74 20 6e 6f 74 20 63 72 |rious bu|t not cr|
|000018e0| 69 74 69 63 61 6c 20 73 | 69 74 75 61 74 69 6f 6e |itical s|ituation|
|000018f0| 2e 0d 0a 0d 0a 20 20 54 | 6f 20 72 65 6c 69 65 76 |..... T|o reliev|
|00001900| 65 20 69 74 20 64 69 72 | 65 63 74 6c 79 20 74 68 |e it dir|ectly th|
|00001910| 65 72 65 20 77 61 73 20 | 6c 69 74 74 6c 65 20 50 |ere was |little P|
|00001920| 72 65 73 69 64 65 6e 74 | 20 48 6f 6f 76 65 72 20 |resident| Hoover |
|00001930| 63 6f 75 6c 64 0d 0a 64 | 6f 2e 20 54 68 65 20 46 |could..d|o. The F|
|00001940| 65 64 65 72 61 6c 20 47 | 6f 76 65 72 6e 6d 65 6e |ederal G|overnmen|
|00001950| 74 20 68 61 64 20 6e 6f | 20 66 75 6e 64 73 20 66 |t had no| funds f|
|00001960| 6f 72 20 63 68 61 72 69 | 74 79 3b 20 74 68 61 74 |or chari|ty; that|
|00001970| 20 6d 75 73 74 0d 0a 63 | 6f 6d 65 20 6c 6f 63 61 | must..c|ome loca|
|00001980| 6c 6c 79 2e 20 46 65 64 | 65 72 61 6c 20 70 75 62 |lly. Fed|eral pub|
|00001990| 6c 69 63 20 77 6f 72 6b | 73 20 77 65 72 65 20 61 |lic work|s were a|
|000019a0| 64 6d 69 74 74 65 64 6c | 79 20 6f 6e 6c 79 20 61 |dmittedl|y only a|
|000019b0| 20 22 64 72 6f 70 0d 0a | 69 6e 20 74 68 65 20 62 | "drop..|in the b|
|000019c0| 75 63 6b 65 74 22 20 6f | 66 20 55 2e 53 2e 20 63 |ucket" o|f U.S. c|
|000019d0| 6f 6e 73 74 72 75 63 74 | 69 6f 6e 2e 20 46 6f 72 |onstruct|ion. For|
|000019e0| 20 70 73 79 63 68 6f 6c | 6f 67 69 63 61 6c 20 70 | psychol|ogical p|
|000019f0| 75 72 70 6f 73 65 73 0d | 0a 74 68 6f 75 67 68 2c |urposes.|.though,|
|00001a00| 20 74 68 65 20 57 68 69 | 74 65 20 48 6f 75 73 65 | the Whi|te House|
|00001a10| 20 6b 65 70 74 20 74 68 | 65 6d 20 74 6f 20 74 68 | kept th|em to th|
|00001a20| 65 20 66 6f 72 65 20 61 | 73 20 61 6e 20 65 78 61 |e fore a|s an exa|
|00001a30| 6d 70 6c 65 20 74 6f 0d | 0a 73 74 61 74 65 73 20 |mple to.|.states |
|00001a40| 26 20 63 69 74 69 65 73 | 2e 20 41 6c 73 6f 20 74 |& cities|. Also t|
|00001a50| 68 65 20 50 72 65 73 69 | 64 65 6e 74 20 63 6f 6e |he Presi|dent con|
|00001a60| 74 69 6e 75 65 64 20 74 | 6f 20 6a 61 63 6b 20 75 |tinued t|o jack u|
|00001a70| 70 0d 0a 49 6e 64 75 73 | 74 72 79 20 77 69 74 68 |p..Indus|try with|
|00001a80| 20 72 65 71 75 65 73 74 | 73 20 74 6f 20 70 75 73 | request|s to pus|
|00001a90| 68 20 69 74 73 20 68 65 | 61 76 79 20 63 6f 6e 73 |h its he|avy cons|
|00001aa0| 74 72 75 63 74 69 6f 6e | 2c 20 73 74 61 67 67 65 |truction|, stagge|
|00001ab0| 72 0d 0a 69 74 73 20 65 | 6d 70 6c 6f 79 6d 65 6e |r..its e|mploymen|
|00001ac0| 74 2c 20 6d 61 69 6e 74 | 61 69 6e 20 69 74 73 20 |t, maint|ain its |
|00001ad0| 77 61 67 65 73 2e 0d 0a | 0d 0a 0d 0a 28 44 65 63 |wages...|....(Dec|
|00001ae0| 65 6d 62 65 72 20 38 2c | 20 31 39 33 30 29 0d 0a |ember 8,| 1930)..|
|00001af0| 0d 0a 20 20 54 68 65 20 | 74 68 69 72 64 20 77 65 |.. The |third we|
|00001b00| 65 6b 20 69 6e 20 4e 6f | 76 65 6d 62 65 72 2c 20 |ek in No|vember, |
|00001b10| 31 39 32 39 2c 20 68 65 | 2c 20 61 67 65 64 20 33 |1929, he|, aged 3|
|00001b20| 39 20 61 6e 64 20 68 61 | 76 69 6e 67 20 61 0d 0a |9 and ha|ving a..|
|00001b30| 77 69 66 65 20 61 6e 64 | 20 74 77 6f 20 63 68 69 |wife and| two chi|
|00001b40| 6c 64 72 65 6e 2c 20 6c | 6f 73 74 20 68 69 73 20 |ldren, l|ost his |
|00001b50| 6a 6f 62 2e 20 48 65 20 | 68 61 64 20 62 65 65 6e |job. He |had been|
|00001b60| 20 65 61 72 6e 69 6e 67 | 20 24 33 37 2e 35 30 0d | earning| $37.50.|
|00001b70| 0a 61 20 77 65 65 6b 20 | 61 73 20 63 6c 65 72 6b |.a week |as clerk|
|00001b80| 20 69 6e 20 74 68 65 20 | 61 63 63 6f 75 6e 74 69 | in the |accounti|
|00001b90| 6e 67 20 64 65 70 61 72 | 74 6d 65 6e 74 20 6f 66 |ng depar|tment of|
|00001ba0| 20 61 20 6d 61 6e 75 66 | 61 63 74 6f 72 79 2e 0d | a manuf|actory..|
|00001bb0| 0a 48 65 20 68 61 64 20 | 70 75 74 20 24 31 2c 34 |.He had |put $1,4|
|00001bc0| 31 33 20 69 6e 20 74 68 | 65 20 73 61 76 69 6e 67 |13 in th|e saving|
|00001bd0| 73 20 62 61 6e 6b 2c 20 | 73 6f 20 68 65 20 77 61 |s bank, |so he wa|
|00001be0| 73 20 65 71 75 69 70 70 | 65 64 20 66 6f 72 0d 0a |s equipp|ed for..|
|00001bf0| 61 20 73 68 6f 72 74 20 | 6c 61 79 6f 66 66 2c 20 |a short |layoff, |
|00001c00| 61 6e 64 20 68 65 20 68 | 61 64 20 62 6f 75 67 68 |and he h|ad bough|
|00001c10| 74 20 68 69 73 20 6c 61 | 73 74 20 73 75 69 74 20 |t his la|st suit |
|00001c20| 28 66 6f 72 20 24 33 32 | 2e 35 30 2c 20 61 74 0d |(for $32|.50, at.|
|00001c30| 0a 61 20 73 61 6c 65 29 | 20 6a 75 73 74 20 74 77 |.a sale)| just tw|
|00001c40| 6f 20 6d 6f 6e 74 68 73 | 20 62 65 66 6f 72 65 2e |o months| before.|
|00001c50| 20 48 65 20 77 65 6e 74 | 20 68 6f 6d 65 20 69 6e | He went| home in|
|00001c60| 20 4e 6f 76 65 6d 62 65 | 72 20 74 6f 20 68 69 73 | Novembe|r to his|
|00001c70| 0d 0a 62 79 2d 74 68 65 | 2d 79 65 61 72 20 6c 65 |..by-the|-year le|
|00001c80| 61 73 65 20 61 70 61 72 | 74 6d 65 6e 74 2c 20 63 |ase apar|tment, c|
|00001c90| 68 65 65 72 65 64 20 75 | 70 20 68 69 73 20 77 69 |heered u|p his wi|
|00001ca0| 66 65 2c 20 63 68 61 66 | 66 65 64 20 74 68 65 0d |fe, chaf|fed the.|
|00001cb0| 0a 63 68 69 6c 64 72 65 | 6e 2e 20 42 75 74 20 68 |.childre|n. But h|
|00001cc0| 65 20 62 65 67 61 6e 20 | 65 61 72 6e 65 73 74 6c |e began |earnestl|
|00001cd0| 79 20 74 6f 20 6c 6f 6f | 6b 20 66 6f 72 20 61 6e |y to loo|k for an|
|00001ce0| 6f 74 68 65 72 20 70 6f | 73 69 74 69 6f 6e 2e 0d |other po|sition..|
|00001cf0| 0a 0d 0a 20 20 41 66 74 | 65 72 20 74 77 6f 20 75 |... Aft|er two u|
|00001d00| 6e 73 75 63 63 65 73 73 | 66 75 6c 20 77 65 65 6b |nsuccess|ful week|
|00001d10| 73 2c 20 68 65 20 66 65 | 6c 74 20 61 20 6c 69 74 |s, he fe|lt a lit|
|00001d20| 74 6c 65 20 6f 75 74 20 | 6f 66 20 69 74 20 77 68 |tle out |of it wh|
|00001d30| 65 6e 0d 0a 68 65 20 6d | 65 74 20 68 69 73 20 65 |en..he m|et his e|
|00001d40| 6d 70 6c 6f 79 65 64 20 | 66 72 69 65 6e 64 73 2e |mployed |friends.|
|00001d50| 20 48 65 20 77 6f 75 6c | 64 20 73 61 79 3a 20 22 | He woul|d say: "|
|00001d60| 4f 68 2c 20 49 27 6d 20 | 61 6c 6c 20 72 69 67 68 |Oh, I'm |all righ|
|00001d70| 74 2e 0d 0a 49 27 6d 20 | 6a 75 73 74 20 74 72 79 |t...I'm |just try|
|00001d80| 69 6e 67 20 74 6f 20 64 | 65 63 69 64 65 20 69 66 |ing to d|ecide if|
|00001d90| 20 49 27 6c 6c 20 74 61 | 6b 65 20 74 68 69 73 20 | I'll ta|ke this |
|00001da0| 6a 6f 62 20 6f 72 20 74 | 68 61 74 2e 22 20 42 75 |job or t|hat." Bu|
|00001db0| 74 0d 0a 61 66 74 65 72 | 20 74 77 6f 20 77 65 65 |t..after| two wee|
|00001dc0| 6b 73 20 6d 6f 72 65 20 | 68 65 20 77 61 73 20 64 |ks more |he was d|
|00001dd0| 75 63 6b 69 6e 67 20 61 | 72 6f 75 6e 64 20 63 6f |ucking a|round co|
|00001de0| 72 6e 65 72 73 20 74 6f | 20 61 76 6f 69 64 20 74 |rners to| avoid t|
|00001df0| 68 65 0d 0a 73 61 6d 65 | 20 70 65 6f 70 6c 65 2c |he..same| people,|
|00001e00| 20 66 6f 72 20 68 65 20 | 77 61 73 20 70 72 6f 75 | for he |was prou|
|00001e10| 64 2e 20 41 74 20 74 68 | 65 20 65 6e 64 20 6f 66 |d. At th|e end of|
|00001e20| 20 74 68 72 65 65 20 6d | 6f 6e 74 68 73 2c 20 68 | three m|onths, h|
|00001e30| 65 0d 0a 73 74 61 79 65 | 64 20 61 77 61 79 20 66 |e..staye|d away f|
|00001e40| 72 6f 6d 20 74 68 65 20 | 72 65 70 72 6f 61 63 68 |rom the |reproach|
|00001e50| 66 75 6c 20 67 6c 61 6e | 63 65 73 20 6f 66 20 68 |ful glan|ces of h|
|00001e60| 69 73 20 66 61 6d 69 6c | 79 20 61 73 20 6d 75 63 |is famil|y as muc|
|00001e70| 68 0d 0a 61 73 20 70 6f | 73 73 69 62 6c 65 2c 20 |h..as po|ssible, |
|00001e80| 74 68 6f 75 67 68 20 69 | 6e 20 6d 69 64 2d 73 75 |though i|n mid-su|
|00001e90| 6d 6d 65 72 20 6f 66 20 | 74 68 69 73 20 79 65 61 |mmer of |this yea|
|00001ea0| 72 20 68 65 20 73 75 66 | 66 65 72 65 64 20 74 68 |r he suf|fered th|
|00001eb0| 65 0d 0a 68 75 6d 69 6c | 69 61 74 69 6f 6e 20 6f |e..humil|iation o|
|00001ec0| 66 20 6d 6f 76 69 6e 67 | 20 74 68 65 6d 20 69 6e |f moving| them in|
|00001ed0| 74 6f 20 74 77 6f 20 66 | 75 72 6e 69 73 68 65 64 |to two f|urnished|
|00001ee0| 20 72 6f 6f 6d 73 2e 20 | 49 6e 0d 0a 53 65 70 74 | rooms. |In..Sept|
|00001ef0| 65 6d 62 65 72 2c 20 68 | 69 73 20 73 61 76 69 6e |ember, h|is savin|
|00001f00| 67 73 20 77 65 72 65 20 | 61 6c 6c 20 67 6f 6e 65 |gs were |all gone|
|00001f10| 2e 20 4e 6f 77 20 66 6f | 72 20 74 68 65 20 66 69 |. Now fo|r the fi|
|00001f20| 72 73 74 20 74 69 6d 65 | 20 68 65 0d 0a 77 61 73 |rst time| he..was|
|00001f30| 20 77 69 6c 6c 69 6e 67 | 20 74 6f 20 61 63 63 65 | willing| to acce|
|00001f40| 70 74 20 6d 61 6e 75 61 | 6c 20 6c 61 62 6f 72 2c |pt manua|l labor,|
|00001f50| 20 61 6e 79 20 6c 61 62 | 6f 72 2e 20 48 65 20 77 | any lab|or. He w|
|00001f60| 61 73 20 6c 6f 6e 65 6c | 79 2c 0d 0a 61 66 72 61 |as lonel|y,..afra|
|00001f70| 69 64 2c 20 75 6e 64 65 | 72 67 6f 69 6e 67 20 61 |id, unde|rgoing a|
|00001f80| 20 6d 65 6e 74 61 6c 20 | 61 6e 64 20 6d 6f 72 61 | mental |and mora|
|00001f90| 6c 20 62 72 65 61 6b 64 | 6f 77 6e 2e 20 42 75 74 |l breakd|own. But|
|00001fa0| 20 68 65 20 63 6f 75 6c | 64 0d 0a 6e 6f 74 20 66 | he coul|d..not f|
|00001fb0| 69 6e 64 20 61 20 6a 6f | 62 2e 0d 0a 0d 0a 20 20 |ind a jo|b..... |
|00001fc0| 4c 61 73 74 20 77 65 65 | 6b 20 4a 69 6d 20 4a 6f |Last wee|k Jim Jo|
|00001fd0| 62 6c 65 73 73 20 69 6e | 20 6d 6f 73 74 20 55 2e |bless in| most U.|
|00001fe0| 53 2e 20 63 69 74 69 65 | 73 20 73 68 69 76 65 72 |S. citie|s shiver|
|00001ff0| 65 64 20 69 6e 20 74 68 | 65 0d 0a 79 65 61 72 27 |ed in th|e..year'|
|00002000| 73 20 66 69 72 73 74 20 | 72 65 61 6c 20 63 6f 6c |s first |real col|
|00002010| 64 20 73 6e 61 70 20 61 | 73 20 68 65 20 6a 6f 69 |d snap a|s he joi|
|00002020| 6e 65 64 20 74 68 65 20 | 62 72 65 61 64 73 65 65 |ned the |breadsee|
|00002030| 6b 69 6e 67 20 6f 72 0d | 0a 6a 6f 62 73 65 65 6b |king or.|.jobseek|
|00002040| 69 6e 67 20 6c 69 6e 65 | 73 2e 20 42 75 74 20 72 |ing line|s. But r|
|00002050| 65 6c 69 65 66 20 77 6f | 72 6b 20 65 76 65 72 79 |elief wo|rk every|
|00002060| 77 68 65 72 65 20 77 61 | 73 20 67 65 74 74 69 6e |where wa|s gettin|
|00002070| 67 20 75 6e 64 65 72 0d | 0a 77 61 79 20 61 6e 64 |g under.|.way and|
|00002080| 20 4a 69 6d 20 4a 6f 62 | 6c 65 73 73 20 63 6f 75 | Jim Job|less cou|
|00002090| 6c 64 20 72 65 61 64 20 | 74 68 65 20 66 6f 6c 6c |ld read |the foll|
|000020a0| 6f 77 69 6e 67 20 69 6e | 20 74 68 65 20 6e 65 77 |owing in| the new|
|000020b0| 73 3a 0d 0a 0d 0a 20 20 | 49 6e 20 4e 65 77 20 59 |s:.... |In New Y|
|000020c0| 6f 72 6b 20 43 69 74 79 | 2c 20 77 69 74 68 20 33 |ork City|, with 3|
|000020d0| 30 30 2c 30 30 30 20 69 | 64 6c 65 2c 20 42 61 6e |00,000 i|dle, Ban|
|000020e0| 6b 65 72 20 53 65 77 61 | 72 64 20 50 72 6f 73 73 |ker Sewa|rd Pross|
|000020f0| 65 72 27 73 0d 0a 63 6f | 6d 6d 69 74 74 65 65 20 |er's..co|mmittee |
|00002100| 68 61 64 20 72 61 69 73 | 65 64 20 24 32 2c 35 31 |had rais|ed $2,51|
|00002110| 32 2c 30 30 30 2c 20 67 | 69 76 65 6e 20 70 61 72 |2,000, g|iven par|
|00002120| 6b 2d 63 6c 65 61 6e 69 | 6e 67 20 6a 6f 62 73 20 |k-cleani|ng jobs |
|00002130| 74 6f 0d 0a 31 30 2c 30 | 30 30 20 4a 69 6d 73 2e |to..10,0|00 Jims.|
|00002140| 20 50 6f 6c 69 63 65 20 | 64 69 73 74 72 69 62 75 | Police |distribu|
|00002150| 74 65 64 20 31 2c 35 30 | 30 2c 30 30 30 20 6c 62 |ted 1,50|0,000 lb|
|00002160| 2e 20 6f 66 20 66 6f 6f | 64 20 69 6e 20 36 35 2d |. of foo|d in 65-|
|00002170| 6c 62 2e 0d 0a 70 6f 72 | 74 69 6f 6e 73 2e 0d 0a |lb...por|tions...|
|00002180| 0d 0a 20 20 44 65 74 72 | 6f 69 74 2c 20 77 69 74 |.. Detr|oit, wit|
|00002190| 68 20 38 36 2c 30 30 30 | 20 69 64 6c 65 2c 20 68 |h 86,000| idle, h|
|000021a0| 61 64 20 66 6f 75 6e 64 | 20 31 31 2c 30 30 30 20 |ad found| 11,000 |
|000021b0| 6a 6f 62 73 2c 20 65 78 | 70 65 6e 64 65 64 0d 0a |jobs, ex|pended..|
|000021c0| 6d 6f 72 65 20 74 68 61 | 6e 20 24 32 2c 30 30 30 |more tha|n $2,000|
|000021d0| 2c 30 30 30 20 69 6e 20 | 72 65 6c 69 65 66 2c 20 |,000 in |relief, |
|000021e0| 62 75 74 20 74 68 65 20 | 6e 75 6d 62 65 72 20 6f |but the |number o|
|000021f0| 66 20 75 6e 65 6d 70 6c | 6f 79 65 64 20 77 61 73 |f unempl|oyed was|
|00002200| 0d 0a 34 2c 30 30 30 20 | 67 72 65 61 74 65 72 20 |..4,000 |greater |
|00002210| 74 68 61 6e 20 77 68 65 | 6e 20 4d 61 79 6f 72 20 |than whe|n Mayor |
|00002220| 46 72 61 6e 6b 20 4d 75 | 72 70 68 79 27 73 20 63 |Frank Mu|rphy's c|
|00002230| 61 6d 70 61 69 67 6e 20 | 73 74 61 72 74 65 64 0d |ampaign |started.|
|00002240| 0a 61 62 6f 75 74 20 73 | 65 76 65 6e 20 77 65 65 |.about s|even wee|
|00002250| 6b 73 20 61 67 6f 2e 0d | 0a 0d 0a 0d 0a 20 20 5b |ks ago..|..... [|
|00002260| 54 68 65 20 68 61 72 64 | 65 73 74 20 68 69 74 20 |The hard|est hit |
|00002270| 61 6e 64 20 6d 6f 73 74 | 20 69 6d 6d 65 64 69 61 |and most| immedia|
|00002280| 74 65 20 73 75 66 66 65 | 72 65 72 20 77 61 73 20 |te suffe|rer was |
|00002290| 74 68 65 20 41 6d 65 72 | 69 63 61 6e 0d 0a 46 61 |the Amer|ican..Fa|
|000022a0| 72 6d 65 72 2e 20 54 68 | 69 73 20 77 61 73 20 70 |rmer. Th|is was p|
|000022b0| 61 72 74 6c 79 20 62 65 | 63 61 75 73 65 20 74 68 |artly be|cause th|
|000022c0| 65 20 55 2e 53 2e 2c 20 | 77 69 74 68 20 6e 6f 20 |e U.S., |with no |
|000022d0| 6d 65 63 68 61 6e 69 73 | 6d 20 66 6f 72 0d 0a 72 |mechanis|m for..r|
|000022e0| 65 64 75 63 69 6e 67 20 | 61 63 72 65 61 67 65 20 |educing |acreage |
|000022f0| 61 6e 64 20 72 65 67 75 | 6c 61 74 69 6e 67 20 70 |and regu|lating p|
|00002300| 72 69 63 65 73 2c 20 68 | 61 64 20 62 65 65 6e 20 |rices, h|ad been |
|00002310| 70 6c 61 67 75 65 64 20 | 62 79 0d 0a 61 67 72 69 |plagued |by..agri|
|00002320| 63 75 6c 74 75 72 61 6c | 20 6f 76 65 72 70 72 6f |cultural| overpro|
|00002330| 64 75 63 74 69 6f 6e 20 | 73 69 6e 63 65 20 74 68 |duction |since th|
|00002340| 65 20 6d 69 64 2d 31 39 | 32 30 73 2e 20 42 79 20 |e mid-19|20s. By |
|00002350| 74 68 65 20 31 39 33 30 | 73 2c 0d 0a 70 72 69 63 |the 1930|s,..pric|
|00002360| 65 20 74 68 61 74 20 63 | 6f 6c 6c 61 70 73 65 64 |e that c|ollapsed|
|00002370| 20 74 6f 20 61 73 20 6c | 69 74 74 6c 65 20 61 73 | to as l|ittle as|
|00002380| 20 6f 6e 65 2d 74 65 6e | 74 68 20 6f 66 20 74 68 | one-ten|th of th|
|00002390| 65 69 72 20 31 39 32 30 | 0d 0a 6c 65 76 65 6c 20 |eir 1920|..level |
|000023a0| 77 65 72 65 20 63 6f 75 | 70 6c 65 64 20 77 69 74 |were cou|pled wit|
|000023b0| 68 20 73 65 76 65 72 20 | 64 72 6f 75 67 68 74 20 |h sever |drought |
|000023c0| 69 6e 20 6d 61 6e 79 20 | 61 72 65 61 73 2e 20 54 |in many |areas. T|
|000023d0| 68 65 20 72 65 73 75 6c | 74 0d 0a 77 61 73 20 74 |he resul|t..was t|
|000023e0| 68 61 74 20 74 68 6f 73 | 65 20 66 61 72 6d 65 72 |hat thos|e farmer|
|000023f0| 73 20 77 69 74 68 20 64 | 65 63 65 6e 74 2d 73 69 |s with d|ecent-si|
|00002400| 7a 65 64 20 63 72 6f 70 | 73 20 63 6f 75 6c 64 20 |zed crop|s could |
|00002410| 6e 6f 74 20 67 65 74 0d | 0a 66 61 69 72 20 70 72 |not get.|.fair pr|
|00002420| 69 63 65 73 20 66 6f 72 | 20 74 68 65 6d 2c 20 61 |ices for| them, a|
|00002430| 6e 64 20 6d 61 6e 79 20 | 66 61 72 6d 65 72 73 20 |nd many |farmers |
|00002440| 68 61 64 20 6e 6f 20 63 | 72 6f 70 73 20 74 6f 20 |had no c|rops to |
|00002450| 73 65 6c 6c 20 61 74 0d | 0a 61 6e 79 20 70 72 69 |sell at.|.any pri|
|00002460| 63 65 2e 20 54 68 65 20 | 6f 6e 6c 79 20 74 68 69 |ce. The |only thi|
|00002470| 6e 67 20 74 68 61 74 20 | 74 68 65 79 20 63 6f 75 |ng that |they cou|
|00002480| 6c 64 20 74 68 69 6e 6b | 20 6f 66 20 74 6f 20 64 |ld think| of to d|
|00002490| 6f 20 69 6e 20 73 75 63 | 68 0d 0a 63 69 72 63 75 |o in suc|h..circu|
|000024a0| 6d 73 74 61 6e 63 65 73 | 20 77 61 73 20 74 6f 20 |mstances| was to |
|000024b0| 67 6f 20 62 61 63 6b 20 | 6f 75 74 20 61 6e 64 20 |go back |out and |
|000024c0| 70 6c 61 6e 74 20 62 69 | 67 67 65 72 20 63 72 6f |plant bi|gger cro|
|000024d0| 70 73 20 74 68 61 6e 0d | 0a 65 76 65 72 2c 20 67 |ps than.|.ever, g|
|000024e0| 72 65 61 74 6c 79 20 61 | 67 67 72 61 76 61 74 69 |reatly a|ggravati|
|000024f0| 6e 67 20 74 68 65 69 72 | 20 73 69 74 75 61 74 69 |ng their| situati|
|00002500| 6f 6e 2e 5d 0d 0a 0d 0a | 28 4a 75 6c 79 20 32 31 |on.]....|(July 21|
|00002510| 2c 20 31 39 33 30 29 0d | 0a 0d 0a 20 20 4c 61 73 |, 1930).|... Las|
|00002520| 74 20 77 65 65 6b 20 69 | 74 20 77 61 73 20 31 31 |t week i|t was 11|
|00002530| 30 20 69 6e 20 74 68 65 | 20 77 68 65 61 74 20 66 |0 in the| wheat f|
|00002540| 69 65 6c 64 73 20 6f 66 | 20 4b 61 6e 73 61 73 20 |ields of| Kansas |
|00002550| 61 6e 64 20 49 6f 77 61 | 2e 0d 0a 50 6f 6c 69 74 |and Iowa|...Polit|
|00002560| 69 63 61 6c 6c 79 20 69 | 74 20 77 61 73 20 65 76 |ically i|t was ev|
|00002570| 65 6e 20 68 6f 74 74 65 | 72 20 61 73 20 77 68 65 |en hotte|r as whe|
|00002580| 61 74 20 70 72 69 63 65 | 73 20 73 6c 75 6d 70 65 |at price|s slumpe|
|00002590| 64 20 74 6f 20 74 68 65 | 0d 0a 6c 6f 77 65 73 74 |d to the|..lowest|
|000025a0| 20 6c 65 76 65 6c 20 69 | 6e 20 31 37 20 79 65 61 | level i|n 17 yea|
|000025b0| 72 73 2e 20 36 30 20 63 | 65 6e 74 73 20 70 65 72 |rs. 60 c|ents per|
|000025c0| 20 62 75 2e 20 6c 6f 63 | 61 6c 6c 79 2c 20 38 36 | bu. loc|ally, 86|
|000025d0| 20 63 65 6e 74 73 20 61 | 74 0d 0a 43 68 69 63 61 | cents a|t..Chica|
|000025e0| 67 6f 2e 20 54 6f 20 65 | 73 63 61 70 65 20 61 20 |go. To e|scape a |
|000025f0| 62 72 61 73 73 79 20 73 | 75 6e 20 68 61 72 76 65 |brassy s|un harve|
|00002600| 73 74 65 72 73 20 77 6f | 72 6b 65 64 20 62 79 20 |sters wo|rked by |
|00002610| 6d 6f 6f 6e 6c 69 67 68 | 74 2e 0d 0a 42 79 20 64 |moonligh|t...By d|
|00002620| 61 79 2c 20 68 6f 72 73 | 65 73 20 68 65 61 76 65 |ay, hors|es heave|
|00002630| 64 20 61 6e 64 20 64 69 | 65 64 20 62 79 20 74 68 |d and di|ed by th|
|00002640| 65 20 73 63 6f 72 65 2e | 20 54 68 65 20 67 72 61 |e score.| The gra|
|00002650| 69 6e 20 74 75 72 6e 65 | 64 0d 0a 77 68 69 74 65 |in turne|d..white|
|00002660| 2c 20 74 68 65 20 67 72 | 6f 75 6e 64 20 63 72 61 |, the gr|ound cra|
|00002670| 63 6b 65 64 20 6f 70 65 | 6e 2e 20 42 75 74 20 74 |cked ope|n. But t|
|00002680| 68 65 20 74 68 72 65 61 | 74 20 6f 66 20 61 20 62 |he threa|t of a b|
|00002690| 75 72 6e 65 64 20 63 72 | 6f 70 0d 0a 61 6e 64 20 |urned cr|op..and |
|000026a0| 72 65 64 75 63 65 64 20 | 70 72 6f 64 75 63 74 69 |reduced |producti|
|000026b0| 6f 6e 20 77 61 73 20 6e | 6f 74 20 73 75 66 66 69 |on was n|ot suffi|
|000026c0| 63 69 65 6e 74 20 74 6f | 20 72 65 76 69 76 65 20 |cient to| revive |
|000026d0| 77 69 6c 74 69 6e 67 0d | 0a 70 72 69 63 65 73 2e |wilting.|.prices.|
|000026e0| 0d 0a 0d 0a 20 20 49 6e | 74 6f 20 74 68 69 73 20 |.... In|to this |
|000026f0| 4d 69 64 77 65 73 74 20 | 6f 76 65 6e 20 6c 61 73 |Midwest |oven las|
|00002700| 74 20 77 65 65 6b 20 77 | 65 6e 74 20 53 65 63 72 |t week w|ent Secr|
|00002710| 65 74 61 72 79 20 6f 66 | 0d 0a 41 67 72 69 63 75 |etary of|..Agricu|
|00002720| 6c 74 75 72 65 20 41 72 | 74 68 75 72 20 4d 61 73 |lture Ar|thur Mas|
|00002730| 74 69 63 6b 20 48 79 64 | 65 20 61 6e 64 20 43 68 |tick Hyd|e and Ch|
|00002740| 61 69 72 6d 61 6e 20 6f | 66 20 74 68 65 20 46 61 |airman o|f the Fa|
|00002750| 72 6d 20 42 6f 61 72 64 | 0d 0a 41 6c 65 78 61 6e |rm Board|..Alexan|
|00002760| 64 65 72 20 4c 65 67 67 | 65 20 74 6f 20 70 72 65 |der Legg|e to pre|
|00002770| 61 63 68 20 74 68 65 20 | 67 6f 73 70 65 6c 20 6f |ach the |gospel o|
|00002780| 66 20 77 68 65 61 74 20 | 61 63 72 65 61 67 65 20 |f wheat |acreage |
|00002790| 72 65 64 75 63 74 69 6f | 6e 2e 0d 0a 42 65 66 6f |reductio|n...Befo|
|000027a0| 72 65 20 74 68 65 79 20 | 6c 65 66 74 20 57 61 73 |re they |left Was|
|000027b0| 68 69 6e 67 74 6f 6e 20 | 74 68 65 79 20 73 6f 6c |hington |they sol|
|000027c0| 65 6d 6e 6c 79 20 77 61 | 72 6e 65 64 20 77 68 65 |emnly wa|rned whe|
|000027d0| 61 74 20 70 72 6f 64 75 | 63 65 72 73 0d 0a 74 68 |at produ|cers..th|
|000027e0| 61 74 20 61 68 65 61 64 | 20 6f 66 20 74 68 65 6d |at ahead| of them|
|000027f0| 20 6c 61 79 20 73 65 76 | 65 6e 20 6c 65 61 6e 20 | lay sev|en lean |
|00002800| 79 65 61 72 73 20 77 69 | 74 68 20 22 77 6f 72 6c |years wi|th "worl|
|00002810| 64 20 77 68 65 61 74 0d | 0a 70 72 69 63 65 73 2e |d wheat.|.prices.|
|00002820| 2e 2e 61 70 70 72 65 63 | 69 61 62 6c 79 20 6c 6f |..apprec|iably lo|
|00002830| 77 65 72 20 74 68 61 6e | 20 69 6e 20 74 68 65 20 |wer than| in the |
|00002840| 6c 61 73 74 20 73 65 76 | 65 6e 20 79 65 61 72 73 |last sev|en years|
|00002850| 2e 22 0d 0a 0d 0a 20 20 | 4d 65 73 73 72 73 2e 20 |.".... |Messrs. |
|00002860| 4c 65 67 67 65 20 61 6e | 64 20 48 79 64 65 20 6f |Legge an|d Hyde o|
|00002870| 70 65 6e 65 64 20 74 68 | 65 69 72 20 63 61 6d 70 |pened th|eir camp|
|00002880| 61 69 67 6e 20 61 74 20 | 48 61 73 74 69 6e 67 73 |aign at |Hastings|
|00002890| 2c 0d 0a 4e 65 62 2e 20 | 54 68 65 20 74 68 65 72 |,..Neb. |The ther|
|000028a0| 6d 6f 6d 65 74 65 72 20 | 73 74 6f 6f 64 20 61 74 |mometer |stood at|
|000028b0| 20 31 30 30 2e 20 44 65 | 63 6c 61 72 65 64 20 43 | 100. De|clared C|
|000028c0| 68 61 69 72 6d 61 6e 20 | 4c 65 67 67 65 3a 0d 0a |hairman |Legge:..|
|000028d0| 22 52 65 64 75 63 65 20 | 74 68 65 20 61 63 72 65 |"Reduce |the acre|
|000028e0| 61 67 65 20 6f 66 20 77 | 68 65 61 74 2c 20 77 69 |age of w|heat, wi|
|000028f0| 74 68 6f 75 74 20 72 65 | 67 61 72 64 20 74 6f 20 |thout re|gard to |
|00002900| 77 68 61 74 20 69 73 20 | 64 6f 6e 65 0d 0a 77 69 |what is |done..wi|
|00002910| 74 68 20 74 68 65 20 6c | 61 6e 64 20 74 68 75 73 |th the l|and thus|
|00002920| 20 72 65 6c 65 61 73 65 | 64 2e 20 59 6f 75 20 63 | release|d. You c|
|00002930| 61 6e 20 70 75 74 20 74 | 68 69 73 20 6c 61 6e 64 |an put t|his land|
|00002940| 20 69 6e 74 6f 20 67 72 | 61 73 73 0d 0a 66 6f 72 | into gr|ass..for|
|00002950| 20 74 68 65 20 62 65 6e | 65 66 69 74 20 6f 66 20 | the ben|efit of |
|00002960| 79 6f 75 72 20 63 68 69 | 6c 64 72 65 6e 2e 20 44 |your chi|ldren. D|
|00002970| 6f 20 61 6e 79 74 68 69 | 6e 67 20 77 69 74 68 20 |o anythi|ng with |
|00002980| 69 74 20 62 75 74 20 64 | 6f 6e 27 74 0d 0a 72 61 |it but d|on't..ra|
|00002990| 69 73 65 20 77 68 65 61 | 74 20 6f 6e 20 69 74 2e |ise whea|t on it.|
|000029a0| 2e 2e 49 66 20 61 20 67 | 72 65 61 74 20 6d 61 6a |..If a g|reat maj|
|000029b0| 6f 72 69 74 79 20 6f 66 | 20 70 72 6f 64 75 63 65 |ority of| produce|
|000029c0| 72 73 20 63 6f 75 6c 64 | 20 61 63 74 0d 0a 63 6f |rs could| act..co|
|000029d0| 6c 6c 65 63 74 69 76 65 | 6c 79 2c 20 61 64 6a 75 |llective|ly, adju|
|000029e0| 73 74 6d 65 6e 74 20 69 | 6e 20 70 72 6f 64 75 63 |stment i|n produc|
|000029f0| 74 69 6f 6e 20 62 65 63 | 6f 6d 65 73 20 65 61 73 |tion bec|omes eas|
|00002a00| 79 2e 22 0d 0a 0d 0a 0d | 0a 28 41 75 67 75 73 74 |y.".....|.(August|
|00002a10| 20 32 35 2c 20 31 39 33 | 30 29 0d 0a 0d 0a 20 20 | 25, 193|0).... |
|00002a20| 54 6f 20 74 68 65 20 57 | 68 69 74 65 20 48 6f 75 |To the W|hite Hou|
|00002a30| 73 65 20 6c 61 73 74 20 | 77 65 65 6b 20 4a 6f 68 |se last |week Joh|
|00002a40| 6e 20 46 61 72 6d 65 72 | 20 6f 66 20 74 68 65 20 |n Farmer| of the |
|00002a50| 4d 69 64 77 65 73 74 20 | 6c 6f 6f 6b 65 64 0d 0a |Midwest |looked..|
|00002a60| 66 6f 72 20 68 65 6c 70 | 20 66 72 6f 6d 20 74 68 |for help| from th|
|00002a70| 65 20 64 72 6f 75 67 68 | 74 2e 20 41 66 74 65 72 |e drough|t. After|
|00002a80| 20 6d 6f 6e 74 68 73 20 | 6f 66 20 64 72 79 2c 20 | months |of dry, |
|00002a90| 70 61 72 63 68 69 6e 67 | 20 77 65 61 74 68 65 72 |parching| weather|
|00002aa0| 0d 0a 32 37 30 2c 30 30 | 30 20 66 61 6d 69 6c 69 |..270,00|0 famili|
|00002ab0| 65 73 20 6f 66 20 68 69 | 6d 20 61 6e 64 20 68 69 |es of hi|m and hi|
|00002ac0| 73 20 6c 69 6b 65 20 77 | 65 72 65 20 73 6f 20 22 |s like w|ere so "|
|00002ad0| 62 61 64 20 6f 66 66 22 | 20 74 68 61 74 20 74 68 |bad off"| that th|
|00002ae0| 65 0d 0a 50 72 65 73 69 | 64 65 6e 74 20 6f 66 20 |e..Presi|dent of |
|00002af0| 74 68 65 20 55 2e 53 2e | 20 68 61 64 20 74 61 6b |the U.S.| had tak|
|00002b00| 65 6e 20 6e 6f 74 69 63 | 65 20 61 6e 64 20 77 61 |en notic|e and wa|
|00002b10| 73 20 74 72 79 69 6e 67 | 20 74 6f 20 64 6f 0d 0a |s trying| to do..|
|00002b20| 73 6f 6d 65 74 68 69 6e | 67 2e 0d 0a 0d 0a 20 20 |somethin|g..... |
|00002b30| 54 68 65 20 57 68 69 74 | 65 20 48 6f 75 73 65 20 |The Whit|e House |
|00002b40| 73 65 65 6d 65 64 20 61 | 20 6c 6f 6e 67 20 77 61 |seemed a| long wa|
|00002b50| 79 20 66 72 6f 6d 20 4a | 6f 68 6e 20 46 61 72 6d |y from J|ohn Farm|
|00002b60| 65 72 27 73 20 77 69 74 | 68 65 72 65 64 0d 0a 6c |er's wit|hered..l|
|00002b70| 69 74 74 6c 65 20 61 63 | 72 65 73 20 62 75 74 20 |ittle ac|res but |
|00002b80| 68 65 20 77 61 73 20 68 | 6f 70 65 66 75 6c 2e 20 |he was h|opeful. |
|00002b90| 48 69 73 20 63 6f 72 6e | 20 77 61 73 20 67 6f 6e |His corn| was gon|
|00002ba0| 65 2e 20 48 69 73 20 77 | 65 6c 6c 20 77 61 73 0d |e. His w|ell was.|
|00002bb0| 0a 64 72 79 2e 20 48 69 | 73 20 70 61 73 74 75 72 |.dry. Hi|s pastur|
|00002bc0| 65 20 77 61 73 20 61 20 | 74 69 6e 64 65 72 20 62 |e was a |tinder b|
|00002bd0| 6f 78 2e 20 48 69 73 20 | 63 6f 77 73 20 77 65 72 |ox. His |cows wer|
|00002be0| 65 20 68 75 6e 67 72 79 | 2e 20 48 69 73 0d 0a 76 |e hungry|. His..v|
|00002bf0| 65 67 65 74 61 62 6c 65 | 20 70 61 74 63 68 20 77 |egetable| patch w|
|00002c00| 61 73 20 61 20 6d 61 73 | 73 20 6f 66 20 62 72 6f |as a mas|s of bro|
|00002c10| 77 6e 20 77 65 65 64 73 | 2e 20 48 69 73 20 73 75 |wn weeds|. His su|
|00002c20| 70 70 6c 79 20 6f 66 20 | 63 61 73 68 0d 0a 77 61 |pply of |cash..wa|
|00002c30| 73 20 64 61 6e 67 65 72 | 6f 75 73 6c 79 20 6c 6f |s danger|ously lo|
|00002c40| 77 2e 20 48 65 20 61 6c | 72 65 61 64 79 20 6f 77 |w. He al|ready ow|
|00002c50| 65 64 20 74 68 65 20 63 | 6f 75 6e 74 79 20 62 61 |ed the c|ounty ba|
|00002c60| 6e 6b 20 6d 6f 72 65 20 | 74 68 61 6e 0d 0a 68 65 |nk more |than..he|
|00002c70| 20 63 6f 75 6c 64 20 70 | 61 79 20 74 68 69 73 20 | could p|ay this |
|00002c80| 79 65 61 72 20 6f 72 20 | 6e 65 78 74 2e 20 54 79 |year or |next. Ty|
|00002c90| 70 68 6f 69 64 20 66 65 | 76 65 72 20 68 61 64 20 |phoid fe|ver had |
|00002ca0| 62 72 6f 6b 65 6e 20 6f | 75 74 0d 0a 6e 65 61 72 |broken o|ut..near|
|00002cb0| 62 79 2e 20 4a 6f 68 6e | 20 46 61 72 6d 65 72 20 |by. John| Farmer |
|00002cc0| 66 61 63 65 64 20 61 20 | 62 61 64 20 77 69 6e 74 |faced a |bad wint|
|00002cd0| 65 72 2e 0d 0a 0d 0a 20 | 20 57 69 74 68 20 68 69 |er..... | With hi|
|00002ce0| 67 68 20 68 6f 70 65 20 | 4a 6f 68 6e 20 46 61 72 |gh hope |John Far|
|00002cf0| 6d 65 72 20 77 61 74 63 | 68 65 64 20 74 68 65 20 |mer watc|hed the |
|00002d00| 47 6f 76 65 72 6e 6f 72 | 20 6f 66 20 68 69 73 20 |Governor| of his |
|00002d10| 53 74 61 74 65 0d 0a 73 | 74 61 72 74 20 66 6f 72 |State..s|tart for|
|00002d20| 20 57 61 73 68 69 6e 67 | 74 6f 6e 20 74 6f 20 73 | Washing|ton to s|
|00002d30| 65 65 20 74 68 65 20 50 | 72 65 73 69 64 65 6e 74 |ee the P|resident|
|00002d40| 2e 0d 0a 0d 0a 20 20 54 | 68 65 20 50 72 65 73 69 |..... T|he Presi|
|00002d50| 64 65 6e 74 20 6f 70 65 | 6e 65 64 20 74 68 65 20 |dent ope|ned the |
|00002d60| 63 6f 6e 66 65 72 65 6e | 63 65 20 69 6e 20 74 68 |conferen|ce in th|
|00002d70| 65 20 43 61 62 69 6e 65 | 74 20 72 6f 6f 6d 2e 20 |e Cabine|t room. |
|00002d80| 46 6f 72 0d 0a 74 68 72 | 65 65 20 68 6f 75 72 73 |For..thr|ee hours|
|00002d90| 20 74 68 65 79 20 74 61 | 6c 6b 65 64 2e 20 4d 6f | they ta|lked. Mo|
|00002da0| 73 74 20 6f 66 20 74 68 | 65 20 67 6f 76 65 72 6e |st of th|e govern|
|00002db0| 6f 72 73 20 68 61 64 20 | 63 6f 6d 65 20 74 6f 0d |ors had |come to.|
|00002dc0| 0a 57 61 73 68 69 6e 67 | 74 6f 6e 20 77 69 74 68 |.Washing|ton with|
|00002dd0| 20 74 68 65 20 69 64 65 | 61 20 6f 66 20 73 65 63 | the ide|a of sec|
|00002de0| 75 72 69 6e 67 20 46 65 | 64 65 72 61 6c 20 66 75 |uring Fe|deral fu|
|00002df0| 6e 64 73 20 66 6f 72 20 | 64 72 6f 75 67 68 74 0d |nds for |drought.|
|00002e00| 0a 72 65 6c 69 65 66 2e | 20 42 75 74 20 50 72 65 |.relief.| But Pre|
|00002e10| 73 69 64 65 6e 74 20 48 | 6f 6f 76 65 72 20 68 61 |sident H|oover ha|
|00002e20| 64 20 6e 6f 20 46 65 64 | 65 72 61 6c 20 63 61 73 |d no Fed|eral cas|
|00002e30| 68 20 74 6f 20 67 69 76 | 65 20 74 68 65 0d 0a 73 |h to giv|e the..s|
|00002e40| 74 61 74 65 73 2e 20 48 | 65 20 65 78 70 6c 61 69 |tates. H|e explai|
|00002e50| 6e 65 64 20 74 68 61 74 | 20 74 68 65 20 52 65 64 |ned that| the Red|
|00002e60| 20 43 72 6f 73 73 20 68 | 61 64 20 6d 61 64 65 20 | Cross h|ad made |
|00002e70| 24 35 2c 30 30 30 2c 30 | 30 30 0d 0a 61 76 61 69 |$5,000,0|00..avai|
|00002e80| 6c 61 62 6c 65 20 66 6f | 72 20 65 6d 65 72 67 65 |lable fo|r emerge|
|00002e90| 6e 63 79 20 73 75 66 66 | 65 72 69 6e 67 2c 20 74 |ncy suff|ering, t|
|00002ea0| 68 61 74 20 74 68 65 20 | 46 61 72 6d 20 4c 6f 61 |hat the |Farm Loa|
|00002eb0| 6e 20 42 6f 61 72 64 0d | 0a 6d 69 67 68 74 20 73 |n Board.|.might s|
|00002ec0| 75 70 70 6c 79 2c 20 24 | 37 30 30 2c 30 30 30 20 |upply, $|700,000 |
|00002ed0| 69 6e 20 63 72 65 64 69 | 74 73 2c 20 62 75 74 20 |in credi|ts, but |
|00002ee0| 74 68 61 74 20 73 74 61 | 74 65 73 20 61 6e 64 20 |that sta|tes and |
|00002ef0| 6c 6f 63 61 6c 0d 0a 62 | 61 6e 6b 73 20 77 6f 75 |local..b|anks wou|
|00002f00| 6c 64 20 68 61 76 65 20 | 74 6f 20 73 68 6f 75 6c |ld have |to shoul|
|00002f10| 64 65 72 20 74 68 65 20 | 6d 61 6a 6f 72 20 62 75 |der the |major bu|
|00002f20| 72 64 65 6e 20 6f 66 20 | 72 65 6c 69 65 66 20 66 |rden of |relief f|
|00002f30| 6f 72 0d 0a 74 68 65 6d | 73 65 6c 76 65 73 2e 0d |or..them|selves..|
|00002f40| 0a 0d 0a 0d 0a 28 4a 61 | 6e 75 61 72 79 20 31 32 |.....(Ja|nuary 12|
|00002f50| 2c 20 31 39 33 31 29 0d | 0a 0d 0a 20 20 43 69 74 |, 1931).|... Cit|
|00002f60| 79 20 64 77 65 6c 6c 65 | 72 73 20 6c 61 73 74 20 |y dwelle|rs last |
|00002f70| 77 65 65 6b 20 77 65 72 | 65 20 73 68 61 72 70 6c |week wer|e sharpl|
|00002f80| 79 20 72 65 6d 69 6e 64 | 65 64 20 6f 66 20 74 68 |y remind|ed of th|
|00002f90| 65 20 44 72 6f 75 67 68 | 74 0d 0a 77 68 65 6e 20 |e Drough|t..when |
|00002fa0| 35 30 30 20 68 61 6c 66 | 2d 73 74 61 72 76 65 64 |500 half|-starved|
|00002fb0| 20 66 61 72 6d 65 72 73 | 20 61 6e 64 20 74 68 65 | farmers| and the|
|00002fc0| 69 72 20 77 69 76 65 73 | 20 72 61 69 64 65 64 20 |ir wives| raided |
|00002fd0| 74 68 65 20 66 6f 6f 64 | 0d 0a 73 74 6f 72 65 73 |the food|..stores|
|00002fe0| 20 6f 66 20 45 6e 67 6c | 61 6e 64 2c 20 41 72 6b | of Engl|and, Ark|
|00002ff0| 2e 28 70 6f 70 2e 32 2c | 34 30 38 29 2e 20 4d 6f |.(pop.2,|408). Mo|
|00003000| 73 74 20 6f 66 20 74 68 | 65 73 65 20 68 75 6e 67 |st of th|ese hung|
|00003010| 72 79 0d 0a 63 69 74 69 | 7a 65 6e 73 20 77 65 72 |ry..citi|zens wer|
|00003020| 65 20 77 68 69 74 65 3b | 20 68 61 64 20 62 65 65 |e white;| had bee|
|00003030| 6e 20 66 61 69 72 6c 79 | 20 70 72 6f 73 70 65 72 |n fairly| prosper|
|00003040| 6f 75 73 20 68 75 73 62 | 61 6e 64 6d 65 6e 20 75 |ous husb|andmen u|
|00003050| 6e 74 69 6c 0d 0a 6c 61 | 73 74 20 79 65 61 72 2e |ntil..la|st year.|
|00003060| 20 54 68 65 69 72 20 63 | 72 6f 70 73 20 68 61 64 | Their c|rops had|
|00003070| 20 62 65 65 6e 20 72 75 | 69 6e 65 64 2e 20 54 68 | been ru|ined. Th|
|00003080| 65 69 72 20 70 72 6f 76 | 69 73 69 6f 6e 73 20 77 |eir prov|isions w|
|00003090| 65 72 65 0d 0a 67 6f 6e | 65 2e 0d 0a 0d 0a 20 20 |ere..gon|e..... |
|000030a0| 41 73 73 65 6d 62 6c 69 | 6e 67 20 69 6e 20 45 6e |Assembli|ng in En|
|000030b0| 67 6c 61 6e 64 20 77 69 | 74 68 20 67 75 6e 73 20 |gland wi|th guns |
|000030c0| 74 75 63 6b 65 64 20 69 | 6e 20 74 68 65 69 72 20 |tucked i|n their |
|000030d0| 63 6c 6f 74 68 65 73 20 | 74 68 65 79 0d 0a 64 65 |clothes |they..de|
|000030e0| 6d 61 6e 64 65 64 20 43 | 72 6f 73 73 20 72 65 6c |manded C|ross rel|
|000030f0| 69 65 66 2e 20 57 68 65 | 6e 20 74 68 69 73 20 77 |ief. Whe|n this w|
|00003100| 61 73 20 6e 6f 74 20 66 | 6f 72 74 68 63 6f 6d 69 |as not f|orthcomi|
|00003110| 6e 67 20 62 65 63 61 75 | 73 65 20 74 68 65 0d 0a |ng becau|se the..|
|00003120| 73 75 70 70 6c 79 20 6f | 66 20 52 65 64 20 43 72 |supply o|f Red Cr|
|00003130| 6f 73 73 20 72 65 71 75 | 69 73 69 74 69 6f 6e 20 |oss requ|isition |
|00003140| 62 6c 61 6e 6b 73 20 68 | 61 64 20 62 65 65 6e 20 |blanks h|ad been |
|00003150| 65 78 68 61 75 73 74 65 | 64 2c 20 74 68 65 79 0d |exhauste|d, they.|
|00003160| 0a 74 68 72 65 61 74 65 | 6e 65 64 20 74 6f 20 6c |.threate|ned to l|
|00003170| 6f 6f 74 20 74 68 65 20 | 73 74 6f 72 65 73 2e 20 |oot the |stores. |
|00003180| 4f 6e 65 20 47 65 6f 72 | 67 65 20 45 2e 20 4d 6f |One Geor|ge E. Mo|
|00003190| 72 72 69 73 2c 20 61 74 | 74 6f 72 6e 65 79 2c 0d |rris, at|torney,.|
|000031a0| 0a 74 72 69 65 64 20 74 | 6f 20 70 61 63 69 66 79 |.tried t|o pacify|
|000031b0| 20 74 68 65 6d 20 77 69 | 74 68 20 61 20 73 70 65 | them wi|th a spe|
|000031c0| 65 63 68 2c 20 77 61 73 | 20 63 6f 6e 73 74 61 6e |ech, was| constan|
|000031d0| 74 6c 79 20 69 6e 74 65 | 72 72 75 70 74 65 64 0d |tly inte|rrupted.|
|000031e0| 0a 62 79 20 63 72 69 65 | 73 20 6f 66 3a 20 22 57 |.by crie|s of: "W|
|000031f0| 65 20 77 61 6e 74 20 66 | 6f 6f 64 20 61 6e 64 20 |e want f|ood and |
|00003200| 77 65 20 77 61 6e 74 20 | 69 74 20 6e 6f 77 21 20 |we want |it now! |
|00003210| 57 65 27 72 65 20 6e 6f | 74 0d 0a 62 65 67 67 61 |We're no|t..begga|
|00003220| 72 73 2c 20 77 65 27 72 | 65 20 6e 6f 74 20 67 6f |rs, we'r|e not go|
|00003230| 69 6e 67 20 74 6f 20 6c | 65 74 20 6f 75 72 20 63 |ing to l|et our c|
|00003240| 68 69 6c 64 72 65 6e 20 | 73 74 61 72 76 65 2e 22 |hildren |starve."|
|00003250| 20 57 6f 6d 65 6e 0d 0a | 73 6f 62 62 65 64 2c 20 | Women..|sobbed, |
|00003260| 63 68 69 6c 64 72 65 6e | 20 77 68 69 6d 70 65 72 |children| whimper|
|00003270| 65 64 2e 0d 0a 0d 0a 20 | 20 54 6f 20 61 76 65 72 |ed..... | To aver|
|00003280| 74 20 61 20 72 69 6f 74 | 2c 20 45 6e 67 6c 61 6e |t a riot|, Englan|
|00003290| 64 27 73 20 6d 65 72 63 | 68 61 6e 74 73 20 68 61 |d's merc|hants ha|
|000032a0| 72 64 2d 70 72 65 73 73 | 65 64 20 74 68 65 6d 73 |rd-press|ed thems|
|000032b0| 65 6c 76 65 73 0d 0a 62 | 79 20 74 68 65 20 44 65 |elves..b|y the De|
|000032c0| 70 72 65 73 73 69 6f 6e | 2c 20 62 65 67 61 6e 20 |pression|, began |
|000032d0| 74 6f 20 64 6f 6c 65 20 | 6f 75 74 20 66 6f 6f 64 |to dole |out food|
|000032e0| 20 74 6f 20 74 68 65 20 | 68 75 6e 67 72 79 2e 20 | to the |hungry. |
|000032f0| 4d 6f 72 65 0d 0a 74 68 | 61 6e 20 33 30 30 20 77 |More..th|an 300 w|
|00003300| 65 72 65 20 65 61 63 68 | 20 73 75 70 70 6c 69 65 |ere each| supplie|
|00003310| 64 20 77 69 74 68 20 61 | 20 72 61 74 69 6f 6e 20 |d with a| ration |
|00003320| 77 6f 72 74 68 20 24 32 | 2e 37 35 2e 0d 0a 0d 0a |worth $2|.75.....|
|00003330| 20 20 4b 61 6e 73 61 73 | 20 66 61 72 6d 65 72 73 | Kansas| farmers|
|00003340| 2c 20 69 6e 20 74 68 65 | 20 6d 69 64 73 74 20 6f |, in the| midst o|
|00003350| 66 20 68 61 72 76 65 73 | 74 69 6e 67 20 61 20 72 |f harves|ting a r|
|00003360| 65 63 6f 72 64 2d 62 72 | 65 61 6b 69 6e 67 0d 0a |ecord-br|eaking..|
|00003370| 63 72 6f 70 20 6f 66 20 | 32 30 30 2c 30 30 30 2c |crop of |200,000,|
|00003380| 30 30 30 20 62 75 2e 20 | 6f 66 20 77 68 65 61 74 |000 bu. |of wheat|
|00003390| 20 6c 61 73 74 20 77 65 | 65 6b 20 77 65 72 65 20 | last we|ek were |
|000033a0| 67 65 74 74 69 6e 67 20 | 32 35 20 63 65 6e 74 73 |getting |25 cents|
|000033b0| 0d 0a 70 65 72 20 62 75 | 2e 20 63 61 73 68 20 66 |..per bu|. cash f|
|000033c0| 6f 72 20 74 68 65 69 72 | 20 70 72 6f 64 75 63 74 |or their| product|
|000033d0| 2e 20 4f 6e 20 74 68 65 | 20 43 68 69 63 61 67 6f |. On the| Chicago|
|000033e0| 20 42 6f 61 72 64 20 6f | 66 20 54 72 61 64 65 0d | Board o|f Trade.|
|000033f0| 0a 4a 75 6c 79 20 66 75 | 74 75 72 65 73 20 64 69 |.July fu|tures di|
|00003400| 70 70 65 64 20 74 6f 20 | 35 30 20 31 2f 34 20 63 |pped to |50 1/4 c|
|00003410| 65 6e 74 73 2c 20 74 68 | 65 20 6c 6f 77 65 73 74 |ents, th|e lowest|
|00003420| 20 66 69 67 75 72 65 20 | 73 69 6e 63 65 20 74 68 | figure |since th|
|00003430| 65 0d 0a 65 78 63 68 61 | 6e 67 65 20 66 69 72 73 |e..excha|nge firs|
|00003440| 74 20 6f 70 65 6e 65 64 | 20 69 6e 20 41 70 72 69 |t opened| in Apri|
|00003450| 6c 20 31 38 34 38 2e 20 | 41 72 6f 75 6e 64 20 48 |l 1848. |Around H|
|00003460| 75 74 63 68 69 6e 73 6f | 6e 2c 20 4b 61 6e 73 2e |utchinso|n, Kans.|
|00003470| 0d 0a 74 68 65 20 63 6f | 75 6e 74 72 79 20 77 61 |..the co|untry wa|
|00003480| 73 20 64 6f 74 74 65 64 | 20 77 69 74 68 20 67 72 |s dotted| with gr|
|00003490| 65 61 74 20 6d 6f 75 6e | 64 73 20 6f 66 20 77 68 |eat moun|ds of wh|
|000034a0| 65 61 74 2d 2d 31 30 2c | 30 30 30 20 62 75 2e 0d |eat--10,|000 bu..|
|000034b0| 0a 74 6f 20 74 68 65 20 | 70 69 6c 65 2d 2d 77 68 |.to the |pile--wh|
|000034c0| 69 63 68 20 68 61 64 20 | 62 65 65 6e 20 64 75 6d |ich had |been dum|
|000034d0| 70 65 64 20 6f 75 74 20 | 6f 66 20 64 6f 6f 72 73 |ped out |of doors|
|000034e0| 20 66 6f 72 20 6c 61 63 | 6b 20 6f 66 0d 0a 65 6c | for lac|k of..el|
|000034f0| 65 76 61 74 6f 72 20 73 | 70 61 63 65 2e 20 41 74 |evator s|pace. At|
|00003500| 20 42 75 63 6b 6c 69 6e | 2c 20 6f 6e 65 20 46 6f | Bucklin|, one Fo|
|00003510| 72 72 65 73 74 20 4b 65 | 6e 6e 65 74 74 20 67 6f |rrest Ke|nnett go|
|00003520| 74 20 67 6f 74 20 68 69 | 73 20 6e 61 6d 65 0d 0a |t got hi|s name..|
|00003530| 69 6e 20 74 68 65 20 70 | 61 70 65 72 73 20 62 79 |in the p|apers by|
|00003540| 20 73 63 6f 72 6e 69 6e | 67 20 61 20 32 37 20 63 | scornin|g a 27 c|
|00003550| 65 6e 74 73 20 70 65 72 | 20 62 75 2e 20 6f 66 66 |ents per| bu. off|
|00003560| 65 72 2c 20 64 65 63 6f | 72 61 74 69 6e 67 0d 0a |er, deco|rating..|
|00003570| 68 69 73 20 74 72 75 63 | 6b 20 77 69 74 68 20 6a |his truc|k with j|
|00003580| 61 63 6b 61 73 73 65 73 | 20 6c 61 62 65 6c 6c 65 |ackasses| labelle|
|00003590| 64 20 22 46 61 72 6d 20 | 42 6f 61 72 64 22 20 61 |d "Farm |Board" a|
|000035a0| 6e 64 20 22 57 68 65 61 | 74 0d 0a 46 61 72 6d 65 |nd "Whea|t..Farme|
|000035b0| 72 2c 22 20 61 6e 64 20 | 64 72 69 76 69 6e 67 20 |r," and |driving |
|000035c0| 61 77 61 79 20 77 69 74 | 68 20 74 68 65 20 74 61 |away wit|h the ta|
|000035d0| 69 6c 20 62 6f 61 72 64 | 20 64 6f 77 6e 20 73 6f |il board| down so|
|000035e0| 20 68 69 73 20 6c 6f 61 | 64 0d 0a 64 72 69 62 62 | his loa|d..dribb|
|000035f0| 6c 65 64 20 6f 75 74 20 | 74 68 72 6f 75 67 68 20 |led out |through |
|00003600| 74 68 65 20 74 6f 77 6e | 27 73 20 73 74 72 65 65 |the town|'s stree|
|00003610| 74 73 2e 20 48 65 72 65 | 20 26 20 74 68 65 72 65 |ts. Here| & there|
|00003620| 20 67 72 6f 77 65 72 73 | 0d 0a 70 6c 6f 77 65 64 | growers|..plowed|
|00003630| 20 74 68 65 69 72 20 63 | 72 6f 70 20 75 6e 64 65 | their c|rop unde|
|00003640| 72 20 72 61 74 68 65 72 | 20 74 68 61 6e 20 74 61 |r rather| than ta|
|00003650| 6b 65 20 74 68 65 20 6c | 6f 73 73 20 6f 66 20 68 |ke the l|oss of h|
|00003660| 61 72 76 65 73 74 69 6e | 67 0d 0a 69 74 2e 0d 0a |arvestin|g..it...|
|00003670| 0d 0a 20 20 53 75 63 68 | 20 77 61 73 20 74 68 65 |.. Such| was the|
|00003680| 20 70 72 69 63 65 20 77 | 68 65 61 74 6d 65 6e 20 | price w|heatmen |
|00003690| 69 6e 20 54 65 78 61 73 | 20 61 6e 64 20 4f 6b 6c |in Texas| and Okl|
|000036a0| 61 68 6f 6d 61 20 61 73 | 20 77 65 6c 6c 20 61 73 |ahoma as| well as|
|000036b0| 0d 0a 4b 61 6e 73 61 73 | 20 68 61 64 20 74 6f 20 |..Kansas| had to |
|000036c0| 70 61 79 20 66 6f 72 20 | 74 68 65 69 72 20 62 75 |pay for |their bu|
|000036d0| 6c 6c 2d 68 65 61 64 65 | 64 20 72 65 66 75 73 61 |ll-heade|d refusa|
|000036e0| 6c 20 74 6f 20 68 65 65 | 64 20 74 68 65 0d 0a 46 |l to hee|d the..F|
|000036f0| 65 64 65 72 61 6c 20 46 | 61 72 6d 20 42 6f 61 72 |ederal F|arm Boar|
|00003700| 64 27 73 20 70 6c 65 61 | 20 74 6f 20 72 65 64 75 |d's plea| to redu|
|00003710| 63 65 20 61 63 72 65 61 | 67 65 2e 20 4f 76 65 72 |ce acrea|ge. Over|
|00003720| 20 26 20 6f 76 65 72 20 | 68 61 64 0d 0a 74 68 65 | & over |had..the|
|00003730| 79 20 62 65 65 6e 20 77 | 61 72 6e 65 64 20 74 68 |y been w|arned th|
|00003740| 61 74 20 74 68 65 20 62 | 6f 74 74 6f 6d 20 77 6f |at the b|ottom wo|
|00003750| 75 6c 64 20 64 72 6f 70 | 20 6f 75 74 20 6f 66 20 |uld drop| out of |
|00003760| 74 68 65 69 72 20 73 74 | 61 70 6c 65 0d 0a 6d 61 |their st|aple..ma|
|00003770| 72 6b 65 74 20 69 66 20 | 74 68 65 79 20 70 65 72 |rket if |they per|
|00003780| 73 69 73 74 65 64 20 69 | 6e 20 6f 76 65 72 2d 70 |sisted i|n over-p|
|00003790| 72 6f 64 75 63 74 69 6f | 6e 2e 20 4e 6f 77 20 74 |roductio|n. Now t|
|000037a0| 68 65 79 20 77 65 72 65 | 0d 0a 6c 69 74 65 72 61 |hey were|..litera|
|000037b0| 6c 6c 79 20 72 65 61 70 | 69 6e 67 20 61 73 20 74 |lly reap|ing as t|
|000037c0| 68 65 79 20 68 61 64 20 | 73 6f 77 65 64 2e 0d 0a |hey had |sowed...|
|000037d0| 0d 0a 0d 0a 20 20 5b 4f | 6e 65 20 6c 61 72 67 65 |.... [O|ne large|
|000037e0| 20 68 6f 6c 64 6f 76 65 | 72 20 66 72 6f 6d 20 55 | holdove|r from U|
|000037f0| 2e 53 2e 20 70 61 72 74 | 69 63 69 70 61 74 69 6f |.S. part|icipatio|
|00003800| 6e 20 69 6e 20 57 6f 72 | 6c 64 20 57 61 72 20 49 |n in Wor|ld War I|
|00003810| 20 61 6e 64 0d 0a 74 68 | 65 20 73 75 62 73 65 71 | and..th|e subseq|
|00003820| 75 65 6e 74 20 70 65 61 | 63 65 20 74 61 6c 6b 73 |uent pea|ce talks|
|00003830| 20 77 61 73 20 74 68 65 | 20 73 79 73 74 65 6d 20 | was the| system |
|00003840| 62 79 20 77 68 69 63 68 | 20 47 65 72 6d 61 6e 79 |by which| Germany|
|00003850| 0d 0a 62 6f 72 72 6f 77 | 65 64 20 62 69 6c 6c 69 |..borrow|ed billi|
|00003860| 6f 6e 73 20 6f 66 20 64 | 6f 6c 6c 61 72 73 20 66 |ons of d|ollars f|
|00003870| 72 6f 6d 20 55 2e 53 2e | 20 62 61 6e 6b 73 20 61 |rom U.S.| banks a|
|00003880| 74 20 6c 6f 77 20 69 6e | 74 65 72 65 73 74 0d 0a |t low in|terest..|
|00003890| 72 61 74 65 73 20 28 74 | 68 61 74 20 63 68 65 61 |rates (t|hat chea|
|000038a0| 70 20 63 72 65 64 69 74 | 29 20 61 6e 64 20 70 61 |p credit|) and pa|
|000038b0| 69 64 20 69 74 20 74 6f | 20 74 68 65 20 41 6c 6c |id it to| the All|
|000038c0| 69 65 64 20 70 6f 77 65 | 72 73 20 61 73 0d 0a 77 |ied powe|rs as..w|
|000038d0| 61 72 20 72 65 70 61 72 | 61 74 69 6f 6e 73 3b 20 |ar repar|ations; |
|000038e0| 74 68 65 20 41 6c 6c 69 | 65 73 20 69 6e 20 74 75 |the Alli|es in tu|
|000038f0| 72 6e 20 72 65 74 75 72 | 6e 65 64 20 69 74 20 74 |rn retur|ned it t|
|00003900| 6f 20 74 68 65 20 55 2e | 53 2e 20 61 73 0d 0a 70 |o the U.|S. as..p|
|00003910| 61 79 6d 65 6e 74 20 6f | 66 20 74 68 65 69 72 20 |ayment o|f their |
|00003920| 77 61 72 20 64 65 62 74 | 73 2e 20 54 68 65 20 73 |war debt|s. The s|
|00003930| 79 73 74 65 6d 20 68 61 | 64 20 77 6f 72 6b 65 64 |ystem ha|d worked|
|00003940| 20 69 6e 20 70 72 6f 73 | 70 65 72 69 74 79 2c 0d | in pros|perity,.|
|00003950| 0a 62 75 74 20 69 6e 20 | 44 65 70 72 65 73 73 69 |.but in |Depressi|
|00003960| 6f 6e 2c 20 69 74 20 74 | 68 72 65 61 74 65 6e 65 |on, it t|hreatene|
|00003970| 64 20 74 6f 20 72 75 69 | 6e 20 47 65 72 6d 61 6e |d to rui|n German|
|00003980| 79 20 61 6e 64 20 65 76 | 65 6e 74 75 61 6c 6c 79 |y and ev|entually|
|00003990| 0d 0a 61 6c 6c 20 74 68 | 65 20 6f 74 68 65 72 73 |..all th|e others|
|000039a0| 2e 20 54 6f 20 68 65 6c | 70 20 65 76 65 72 79 6f |. To hel|p everyo|
|000039b0| 6e 65 20 6f 75 74 2c 20 | 48 6f 6f 76 65 72 20 74 |ne out, |Hoover t|
|000039c0| 6f 6f 6b 20 77 68 61 74 | 20 77 61 73 20 66 6f 72 |ook what| was for|
|000039d0| 0d 0a 68 69 6d 20 61 20 | 66 61 69 72 6c 79 20 63 |..him a |fairly c|
|000039e0| 6f 6e 74 72 6f 76 65 72 | 73 69 61 6c 20 73 74 65 |ontrover|sial ste|
|000039f0| 70 2e 5d 0d 0a 0d 0a 28 | 4a 75 6e 65 20 32 39 2c |p.]....(|June 29,|
|00003a00| 20 31 39 33 31 29 0d 0a | 0d 0a 20 20 4f 75 74 20 | 1931)..|.. Out |
|00003a10| 6f 66 20 74 68 65 20 63 | 6f 6d 6d 6f 74 69 6f 6e |of the c|ommotion|
|00003a20| 20 63 61 6d 65 20 77 6f | 72 64 2c 20 76 61 67 75 | came wo|rd, vagu|
|00003a30| 65 20 61 74 20 66 69 72 | 73 74 2c 20 74 68 61 74 |e at fir|st, that|
|00003a40| 0d 0a 50 72 65 73 69 64 | 65 6e 74 20 48 6f 6f 76 |..Presid|ent Hoov|
|00003a50| 65 72 20 68 61 64 20 73 | 74 61 72 74 65 64 20 74 |er had s|tarted t|
|00003a60| 6f 20 44 6f 20 53 6f 6d | 65 74 68 69 6e 67 20 61 |o Do Som|ething a|
|00003a70| 62 6f 75 74 20 74 68 65 | 0d 0a 77 6f 72 6c 64 2d |bout the|..world-|
|00003a80| 77 69 64 65 20 44 65 70 | 72 65 73 73 69 6f 6e 20 |wide Dep|ression |
|00003a90| 6f 66 20 77 68 69 63 68 | 20 68 65 20 68 61 64 20 |of which| he had |
|00003aa0| 73 70 6f 6b 65 6e 20 73 | 6f 20 6f 66 74 65 6e 2e |spoken s|o often.|
|00003ab0| 20 46 6f 72 20 77 65 65 | 6b 73 0d 0a 68 65 20 68 | For wee|ks..he h|
|00003ac0| 61 64 20 62 65 65 6e 20 | 6d 75 6c 6c 69 6e 67 20 |ad been |mulling |
|00003ad0| 6f 76 65 72 20 74 68 65 | 20 73 69 74 75 61 74 69 |over the| situati|
|00003ae0| 6f 6e 20 69 6e 20 47 65 | 72 6d 61 6e 79 2c 20 68 |on in Ge|rmany, h|
|00003af0| 65 20 6b 6e 65 77 2c 20 | 77 61 73 0d 0a 69 6e 20 |e knew, |was..in |
|00003b00| 64 65 73 70 65 72 61 74 | 65 20 73 74 72 61 69 74 |desperat|e strait|
|00003b10| 73 2e 20 41 6d 62 61 73 | 73 61 64 6f 72 73 20 6f |s. Ambas|sadors o|
|00003b20| 6e 20 72 65 63 65 6e 74 | 20 57 68 69 74 65 20 48 |n recent| White H|
|00003b30| 6f 75 73 65 20 76 69 73 | 69 74 73 0d 0a 68 61 64 |ouse vis|its..had|
|00003b40| 20 74 6f 6c 64 20 6f 66 | 20 74 68 65 20 62 6f 67 | told of| the bog|
|00003b50| 20 69 6e 74 6f 20 77 68 | 69 63 68 20 45 75 72 6f | into wh|ich Euro|
|00003b60| 70 65 27 73 20 65 63 6f | 6e 6f 6d 79 2c 20 77 65 |pe's eco|nomy, we|
|00003b70| 69 67 68 74 65 64 20 62 | 79 0d 0a 47 65 72 6d 61 |ighted b|y..Germa|
|00003b80| 6e 79 2c 20 77 61 73 20 | 73 69 6e 6b 69 6e 67 2e |ny, was |sinking.|
|00003b90| 0d 0a 0d 0a 20 20 57 68 | 65 6e 20 61 6c 6c 20 77 |.... Wh|en all w|
|00003ba0| 61 73 20 71 75 69 65 74 | 20 69 6e 20 74 68 65 20 |as quiet| in the |
|00003bb0| 63 69 72 63 75 6c 61 72 | 2c 20 67 72 65 65 6e 69 |circular|, greeni|
|00003bc0| 73 68 20 72 6f 6f 6d 2c | 20 50 72 65 73 69 64 65 |sh room,| Preside|
|00003bd0| 6e 74 0d 0a 48 6f 6f 76 | 65 72 20 73 6c 6f 77 6c |nt..Hoov|er slowl|
|00003be0| 79 20 72 65 61 64 20 61 | 6c 6f 75 64 20 61 20 63 |y read a|loud a c|
|00003bf0| 6c 65 61 72 2c 20 61 72 | 74 69 63 75 6c 61 74 65 |lear, ar|ticulate|
|00003c00| 20 73 74 61 74 65 6d 65 | 6e 74 20 69 6e 20 77 68 | stateme|nt in wh|
|00003c10| 69 63 68 0d 0a 68 65 20 | 70 72 6f 70 6f 73 65 64 |ich..he |proposed|
|00003c20| 20 61 20 6f 6e 65 2d 79 | 65 61 72 20 6d 6f 72 61 | a one-y|ear mora|
|00003c30| 74 6f 72 69 75 6d 20 6f | 6e 20 61 6c 6c 20 57 61 |torium o|n all Wa|
|00003c40| 72 20 64 65 62 74 73 20 | 74 6f 20 74 68 65 20 55 |r debts |to the U|
|00003c50| 2e 53 2e 0d 0a 61 6e 64 | 20 6f 6e 20 61 6c 6c 20 |.S...and| on all |
|00003c60| 52 65 70 61 72 61 74 69 | 6f 6e 73 20 66 72 6f 6d |Reparati|ons from|
|00003c70| 20 47 65 72 6d 61 6e 79 | 2e 0d 0a 0d 0a 20 20 54 | Germany|..... T|
|00003c80| 68 65 20 50 72 65 73 69 | 64 65 6e 74 27 73 20 70 |he Presi|dent's p|
|00003c90| 6c 61 6e 20 77 61 73 20 | 73 69 6d 70 6c 65 3a 20 |lan was |simple: |
|00003ca0| 54 68 65 20 55 2e 53 2e | 20 77 6f 75 6c 64 20 66 |The U.S.| would f|
|00003cb0| 6f 72 65 67 6f 20 6f 6e | 65 0d 0a 79 65 61 72 27 |orego on|e..year'|
|00003cc0| 73 20 70 72 69 6e 63 69 | 70 61 6c 20 61 6e 64 20 |s princi|pal and |
|00003cd0| 69 6e 74 65 72 65 73 74 | 20 70 61 79 6d 65 6e 74 |interest| payment|
|00003ce0| 73 2c 20 74 6f 74 61 6c | 69 6e 67 20 24 32 34 35 |s, total|ing $245|
|00003cf0| 2c 30 30 30 2c 30 30 30 | 2c 0d 0a 66 72 6f 6d 20 |,000,000|,..from |
|00003d00| 42 72 69 74 61 69 6e 2c | 20 46 72 61 6e 63 65 2c |Britain,| France,|
|00003d10| 20 49 74 61 6c 79 20 61 | 6e 64 20 74 68 65 20 6c | Italy a|nd the l|
|00003d20| 65 73 73 65 72 20 41 6c | 6c 69 65 64 20 70 6f 77 |esser Al|lied pow|
|00003d30| 65 72 73 2c 20 70 6c 75 | 73 0d 0a 24 31 35 2c 30 |ers, plu|s..$15,0|
|00003d40| 30 30 2c 30 30 30 20 66 | 72 6f 6d 20 47 65 72 6d |00,000 f|rom Germ|
|00003d50| 61 6e 79 20 28 66 6f 72 | 20 65 78 70 65 6e 73 65 |any (for| expense|
|00003d60| 73 20 6f 66 20 74 68 65 | 20 41 72 6d 79 20 6f 66 |s of the| Army of|
|00003d70| 0d 0a 4f 63 63 75 70 61 | 74 69 6f 6e 29 2c 20 70 |..Occupa|tion), p|
|00003d80| 72 6f 76 69 64 65 64 20 | 74 68 65 20 41 6c 6c 69 |rovided |the Alli|
|00003d90| 65 73 20 77 6f 75 6c 64 | 20 63 6f 6c 6c 65 63 74 |es would| collect|
|00003da0| 69 76 65 6c 79 20 66 6f | 72 65 67 6f 20 61 0d 0a |ively fo|rego a..|
|00003db0| 74 6f 74 61 6c 20 6f 66 | 20 24 33 38 35 2c 30 30 |total of| $385,00|
|00003dc0| 30 2c 30 30 30 20 69 6e | 20 52 65 70 61 72 61 74 |0,000 in| Reparat|
|00003dd0| 69 6f 6e 73 20 66 72 6f | 6d 20 47 65 72 6d 61 6e |ions fro|m German|
|00003de0| 79 20 75 6e 64 65 72 20 | 74 68 65 0d 0a 59 6f 75 |y under |the..You|
|00003df0| 6e 67 20 50 6c 61 6e 20 | 66 6f 72 20 61 20 6c 69 |ng Plan |for a li|
|00003e00| 6b 65 20 70 65 72 69 6f | 64 2e 20 42 79 20 69 6d |ke perio|d. By im|
|00003e10| 70 6c 69 63 61 74 69 6f | 6e 20 74 68 65 20 41 6c |plicatio|n the Al|
|00003e20| 6c 69 65 73 20 77 65 72 | 65 0d 0a 61 6c 73 6f 20 |lies wer|e..also |
|00003e30| 74 6f 20 73 75 73 70 65 | 6e 64 20 64 65 62 74 20 |to suspe|nd debt |
|00003e40| 70 61 79 6d 65 6e 74 73 | 20 61 6d 6f 6e 67 20 74 |payments| among t|
|00003e50| 68 65 6d 73 65 6c 76 65 | 73 2e 20 44 65 63 6c 61 |hemselve|s. Decla|
|00003e60| 72 65 64 0d 0a 50 72 65 | 73 69 64 65 6e 74 20 48 |red..Pre|sident H|
|00003e70| 6f 6f 76 65 72 3a 0d 0a | 0d 0a 20 20 22 54 68 65 |oover:..|.. "The|
|00003e80| 20 65 73 73 65 6e 63 65 | 20 6f 66 20 74 68 69 73 | essence| of this|
|00003e90| 20 70 72 6f 70 6f 73 69 | 74 69 6f 6e 20 69 73 20 | proposi|tion is |
|00003ea0| 74 6f 20 67 69 76 65 20 | 74 69 6d 65 20 74 6f 20 |to give |time to |
|00003eb0| 70 65 72 6d 69 74 0d 0a | 64 65 62 74 6f 72 20 67 |permit..|debtor g|
|00003ec0| 6f 76 65 72 6e 6d 65 6e | 74 73 20 74 6f 20 72 65 |overnmen|ts to re|
|00003ed0| 63 6f 76 65 72 20 74 68 | 65 69 72 20 6e 61 74 69 |cover th|eir nati|
|00003ee0| 6f 6e 61 6c 20 70 72 6f | 73 70 65 72 69 74 79 2e |onal pro|sperity.|
|00003ef0| 20 49 20 61 6d 0d 0a 73 | 75 67 67 65 73 74 69 6e | I am..s|uggestin|
|00003f00| 67 20 74 6f 20 74 68 65 | 20 41 6d 65 72 69 63 61 |g to the| America|
|00003f10| 6e 20 70 65 6f 70 6c 65 | 20 74 68 61 74 20 74 68 |n people| that th|
|00003f20| 65 79 20 62 65 20 77 69 | 73 65 20 63 72 65 64 69 |ey be wi|se credi|
|00003f30| 74 6f 72 73 0d 0a 61 6e | 64 20 67 6f 6f 64 20 6e |tors..an|d good n|
|00003f40| 65 69 67 68 62 6f 72 73 | 2e 2e 2e 22 0d 0a 0d 0a |eighbors|..."....|
|00003f50| 0d 0a 20 20 5b 42 79 20 | 31 39 33 32 2c 20 73 6f |.. [By |1932, so|
|00003f60| 6d 65 20 31 32 20 74 6f | 20 31 35 20 6d 69 6c 6c |me 12 to| 15 mill|
|00003f70| 69 6f 6e 20 70 65 6f 70 | 6c 65 20 28 6e 6f 20 6f |ion peop|le (no o|
|00003f80| 6e 65 20 72 65 61 6c 6c | 79 20 6b 6e 6f 77 73 29 |ne reall|y knows)|
|00003f90| 2c 0d 0a 61 62 6f 75 74 | 20 6f 6e 65 2d 71 75 61 |,..about| one-qua|
|00003fa0| 72 74 65 72 20 6f 66 20 | 74 68 65 20 55 2e 53 2e |rter of |the U.S.|
|00003fb0| 20 6c 61 62 6f 72 20 66 | 6f 72 63 65 2c 20 77 65 | labor f|orce, we|
|00003fc0| 72 65 20 75 6e 65 6d 70 | 6c 6f 79 65 64 2e 0d 0a |re unemp|loyed...|
|00003fd0| 42 75 73 69 6e 65 73 73 | 20 77 61 73 20 61 74 20 |Business| was at |
|00003fe0| 75 6e 70 72 65 63 65 64 | 65 6e 74 65 64 6c 79 20 |unpreced|entedly |
|00003ff0| 6c 6f 77 20 6c 65 76 65 | 6c 73 20 2d 2d 36 38 2e |low leve|ls --68.|
|00004000| 39 25 20 6f 66 20 74 68 | 65 0d 0a 70 72 65 2d 31 |9% of th|e..pre-1|
|00004010| 39 32 39 20 6d 61 72 6b | 2c 20 62 79 20 6f 6e 65 |929 mark|, by one|
|00004020| 20 69 6e 64 65 78 2e 20 | 53 6c 6f 77 6c 79 20 62 | index. |Slowly b|
|00004030| 75 74 20 73 75 72 65 6c | 79 2c 20 48 6f 6f 76 65 |ut surel|y, Hoove|
|00004040| 72 20 69 6e 63 72 65 61 | 73 65 64 0d 0a 67 6f 76 |r increa|sed..gov|
|00004050| 65 72 6e 6d 65 6e 74 20 | 69 6e 74 65 72 76 65 6e |ernment |interven|
|00004060| 74 69 6f 6e 20 74 6f 20 | 70 72 6f 6d 6f 74 65 20 |tion to |promote |
|00004070| 72 65 63 6f 76 65 72 79 | 2c 20 62 75 74 20 76 65 |recovery|, but ve|
|00004080| 72 79 20 6c 69 74 74 6c | 65 20 6f 66 0d 0a 69 74 |ry littl|e of..it|
|00004090| 20 77 61 73 20 69 6e 20 | 74 68 65 20 66 6f 72 6d | was in |the form|
|000040a0| 20 6f 66 20 64 69 72 65 | 63 74 20 72 65 6c 69 65 | of dire|ct relie|
|000040b0| 66 2c 20 77 68 65 72 65 | 20 69 74 20 63 6f 75 6c |f, where| it coul|
|000040c0| 64 20 64 6f 20 74 68 65 | 20 6d 6f 73 74 0d 0a 69 |d do the| most..i|
|000040d0| 6d 6d 65 64 69 61 74 65 | 20 67 6f 6f 64 2e 20 4d |mmediate| good. M|
|000040e0| 6f 72 65 20 6d 61 6a 6f | 72 20 70 75 62 6c 69 63 |ore majo|r public|
|000040f0| 20 77 6f 72 6b 73 20 77 | 65 72 65 20 63 6f 6d 6d | works w|ere comm|
|00004100| 69 73 73 69 6f 6e 65 64 | 20 69 6e 0d 0a 48 6f 6f |issioned| in..Hoo|
|00004110| 76 65 72 27 73 20 74 65 | 72 6d 20 74 68 61 6e 20 |ver's te|rm than |
|00004120| 69 6e 20 74 68 65 20 70 | 72 65 76 69 6f 75 73 20 |in the p|revious |
|00004130| 74 68 72 65 65 20 64 65 | 63 61 64 65 73 2c 20 69 |three de|cades, i|
|00004140| 6e 63 6c 75 64 69 6e 67 | 20 74 68 65 0d 0a 53 61 |ncluding| the..Sa|
|00004150| 6e 20 46 72 61 6e 63 69 | 73 63 6f 20 42 61 79 20 |n Franci|sco Bay |
|00004160| 42 72 69 64 67 65 2c 20 | 74 68 65 20 4c 6f 73 20 |Bridge, |the Los |
|00004170| 41 6e 67 65 6c 65 73 20 | 41 71 75 65 64 75 63 74 |Angeles |Aqueduct|
|00004180| 20 66 72 6f 6d 20 6e 6f | 72 74 68 65 72 6e 0d 0a | from no|rthern..|
|00004190| 43 61 6c 69 66 6f 72 6e | 69 61 2c 20 61 6e 64 20 |Californ|ia, and |
|000041a0| 74 68 65 20 48 6f 6f 76 | 65 72 20 44 61 6d 2e 20 |the Hoov|er Dam. |
|000041b0| 54 68 65 20 62 69 67 67 | 65 73 74 20 73 74 65 70 |The bigg|est step|
|000041c0| 20 74 6f 20 63 68 61 6e | 67 65 20 74 68 65 0d 0a | to chan|ge the..|
|000041d0| 65 63 6f 6e 6f 6d 79 20 | 77 61 73 20 74 68 65 20 |economy |was the |
|000041e0| 52 65 63 6f 6e 73 74 72 | 75 63 74 69 6f 6e 20 46 |Reconstr|uction F|
|000041f0| 69 6e 61 6e 63 65 20 43 | 6f 72 70 6f 72 61 74 69 |inance C|orporati|
|00004200| 6f 6e 2e 5d 0d 0a 0d 0a | 28 4a 61 6e 75 61 72 79 |on.]....|(January|
|00004210| 20 32 35 2c 20 31 39 33 | 32 29 0d 0a 0d 0a 20 20 | 25, 193|2).... |
|00004220| 54 6f 20 69 6e 66 6c 61 | 74 65 20 6f 72 20 6e 6f |To infla|te or no|
|00004230| 74 20 74 6f 20 69 6e 66 | 6c 61 74 65 20 77 61 73 |t to inf|late was|
|00004240| 20 6e 6f 20 6c 6f 6e 67 | 65 72 20 61 20 71 75 65 | no long|er a que|
|00004250| 73 74 69 6f 6e 20 6c 61 | 73 74 0d 0a 77 65 65 6b |stion la|st..week|
|00004260| 2e 20 54 68 65 20 6f 6e | 6c 79 20 71 75 65 73 74 |. The on|ly quest|
|00004270| 69 6f 6e 3a 20 57 69 6c | 6c 20 69 6e 66 6c 61 74 |ion: Wil|l inflat|
|00004280| 69 6f 6e 20 73 75 63 63 | 65 65 64 3f 20 55 70 6f |ion succ|eed? Upo|
|00004290| 6e 20 74 68 65 20 61 6e | 73 77 65 72 0d 0a 28 77 |n the an|swer..(w|
|000042a0| 68 69 63 68 20 6d 61 6e | 79 20 74 68 69 6e 6b 20 |hich man|y think |
|000042b0| 77 69 6c 6c 20 73 6f 6f | 6e 20 62 65 20 61 70 70 |will soo|n be app|
|000042c0| 61 72 65 6e 74 29 20 64 | 65 70 65 6e 64 73 20 74 |arent) d|epends t|
|000042d0| 68 65 20 69 6d 6d 65 64 | 69 61 74 65 0d 0a 65 63 |he immed|iate..ec|
|000042e0| 6f 6e 6f 6d 69 63 20 66 | 75 74 75 72 65 20 6f 66 |onomic f|uture of|
|000042f0| 20 74 68 65 20 55 2e 53 | 2e 20 49 66 20 69 74 20 | the U.S|. If it |
|00004300| 73 75 63 63 65 65 64 73 | 20 74 68 65 20 64 6f 77 |succeeds| the dow|
|00004310| 6e 77 61 72 64 20 73 70 | 69 72 61 6c 0d 0a 6f 66 |nward sp|iral..of|
|00004320| 20 64 65 66 6c 61 74 69 | 6f 6e 20 77 69 6c 6c 20 | deflati|on will |
|00004330| 62 65 20 64 65 66 69 6e | 69 74 65 6c 79 20 63 68 |be defin|itely ch|
|00004340| 65 63 6b 65 64 2e 20 49 | 66 20 69 74 20 66 61 69 |ecked. I|f it fai|
|00004350| 6c 73 2c 20 68 69 73 74 | 6f 72 69 61 6e 73 0d 0a |ls, hist|orians..|
|00004360| 6d 61 79 20 77 65 6c 6c | 20 6c 6f 6f 6b 20 62 61 |may well| look ba|
|00004370| 63 6b 20 75 70 6f 6e 20 | 31 39 33 32 2c 20 77 69 |ck upon |1932, wi|
|00004380| 74 68 20 61 20 73 68 75 | 64 64 65 72 2e 0d 0a 0d |th a shu|dder....|
|00004390| 0a 20 20 46 6f 72 63 65 | 73 20 66 6f 72 20 69 6e |. Force|s for in|
|000043a0| 66 6c 61 74 69 6f 6e 20 | 77 6f 72 6b 65 64 20 62 |flation |worked b|
|000043b0| 75 73 69 6c 79 20 6c 61 | 73 74 20 77 65 65 6b 20 |usily la|st week |
|000043c0| 69 6e 20 63 6f 6e 67 72 | 65 73 73 20 77 68 65 72 |in congr|ess wher|
|000043d0| 65 0d 0a 74 68 65 20 48 | 6f 75 73 65 20 77 68 69 |e..the H|ouse whi|
|000043e0| 70 70 65 64 20 74 68 72 | 6f 75 67 68 20 61 20 62 |pped thr|ough a b|
|000043f0| 69 6c 6c 20 74 6f 20 63 | 72 65 61 74 65 20 61 20 |ill to c|reate a |
|00004400| 52 65 63 6f 6e 73 74 72 | 75 63 74 69 6f 6e 0d 0a |Reconstr|uction..|
|00004410| 46 69 6e 61 6e 63 65 20 | 43 6f 72 70 2e 2c 20 6b |Finance |Corp., k|
|00004420| 65 79 73 74 6f 6e 65 20 | 6f 66 20 50 72 65 73 69 |eystone |of Presi|
|00004430| 64 65 6e 74 20 48 6f 6f | 76 65 72 27 73 20 77 68 |dent Hoo|ver's wh|
|00004440| 6f 6c 65 20 72 65 6c 69 | 65 66 0d 0a 70 72 6f 67 |ole reli|ef..prog|
|00004450| 72 61 6d 2e 20 54 68 65 | 20 76 6f 74 65 20 77 61 |ram. The| vote wa|
|00004460| 73 20 33 33 35 2d 74 6f | 2d 35 35 2e 20 42 79 20 |s 335-to|-55. By |
|00004470| 61 20 76 6f 74 65 20 6f | 66 20 36 33 2d 38 20 74 |a vote o|f 63-8 t|
|00004480| 68 65 20 53 65 6e 61 74 | 65 0d 0a 61 20 77 65 65 |he Senat|e..a wee|
|00004490| 6b 20 62 65 66 6f 72 65 | 20 70 61 73 73 65 64 20 |k before| passed |
|000044a0| 61 20 73 69 6d 69 6c 61 | 72 20 6d 65 61 73 75 72 |a simila|r measur|
|000044b0| 65 2e 20 54 68 65 20 74 | 68 75 6d 70 69 6e 67 20 |e. The t|humping |
|000044c0| 62 69 67 0d 0a 43 6f 6e | 67 72 65 73 73 69 6f 6e |big..Con|gression|
|000044d0| 61 6c 20 6d 61 6a 6f 72 | 69 74 69 65 73 20 65 63 |al major|ities ec|
|000044e0| 68 6f 65 64 20 74 68 65 | 20 6e 61 74 69 6f 6e 27 |hoed the| nation'|
|000044f0| 73 20 67 72 65 61 74 20 | 65 78 70 65 63 74 61 74 |s great |expectat|
|00004500| 69 6f 6e 73 2e 0d 0a 57 | 68 61 74 20 6f 70 70 6f |ions...W|hat oppo|
|00004510| 73 69 74 69 6f 6e 20 74 | 68 65 72 65 20 77 61 73 |sition t|here was|
|00004520| 20 63 61 6d 65 20 66 72 | 6f 6d 20 6c 69 74 65 72 | came fr|om liter|
|00004530| 61 6c 2d 6d 69 6e 64 65 | 64 20 67 65 6e 74 6c 65 |al-minde|d gentle|
|00004540| 6d 65 6e 20 77 68 6f 0d | 0a 63 6f 75 6c 64 20 6e |men who.|.could n|
|00004550| 6f 74 20 66 69 6e 64 20 | 74 68 65 20 77 6f 72 64 |ot find |the word|
|00004560| 20 22 66 6f 6f 64 22 20 | 69 6e 20 74 68 65 20 72 | "food" |in the r|
|00004570| 65 6c 69 65 66 20 62 69 | 6c 6c 73 2e 0d 0a 0d 0a |elief bi|lls.....|
|00004580| 20 20 4f 6e 63 65 20 6f | 72 67 61 6e 69 7a 65 64 | Once o|rganized|
|00004590| 2c 20 74 68 65 20 52 2e | 46 2e 43 2e 20 64 69 72 |, the R.|F.C. dir|
|000045a0| 65 63 74 6f 72 73 20 77 | 69 6c 6c 20 62 65 67 69 |ectors w|ill begi|
|000045b0| 6e 20 69 6d 6d 65 64 69 | 61 74 65 6c 79 0d 0a 74 |n immedi|ately..t|
|000045c0| 6f 20 61 63 63 75 6d 75 | 6c 61 74 65 20 6f 70 65 |o accumu|late ope|
|000045d0| 72 61 74 69 6e 67 20 63 | 61 70 69 74 61 6c 2e 20 |rating c|apital. |
|000045e0| 43 6f 6e 67 72 65 73 73 | 2c 20 61 73 20 61 20 73 |Congress|, as a s|
|000045f0| 74 61 72 74 65 72 2c 20 | 77 69 6c 6c 0d 0a 76 6f |tarter, |will..vo|
|00004600| 74 65 20 61 20 64 69 72 | 65 63 74 20 61 70 70 72 |te a dir|ect appr|
|00004610| 6f 70 72 69 61 74 69 6f | 6e 20 6f 66 20 24 35 30 |opriatio|n of $50|
|00004620| 30 2c 30 30 30 2c 30 30 | 30 20 66 72 6f 6d 20 74 |0,000,00|0 from t|
|00004630| 68 65 20 54 72 65 61 73 | 75 72 79 2e 0d 0a 54 68 |he Treas|ury...Th|
|00004640| 65 6e 20 52 2e 46 2e 43 | 2e 20 77 69 6c 6c 20 6d |en R.F.C|. will m|
|00004650| 6f 76 65 20 74 6f 20 72 | 61 69 73 65 20 24 31 2c |ove to r|aise $1,|
|00004660| 35 30 30 2c 30 30 30 2c | 30 30 30 20 66 72 6f 6d |500,000,|000 from|
|00004670| 20 74 68 65 20 70 75 62 | 6c 69 63 0d 0a 62 79 20 | the pub|lic..by |
|00004680| 74 68 65 20 73 61 6c 65 | 20 6f 66 20 69 74 73 20 |the sale| of its |
|00004690| 62 6f 6e 64 73 2c 20 64 | 65 62 65 6e 74 75 72 65 |bonds, d|ebenture|
|000046a0| 73 2c 20 73 68 6f 72 74 | 2d 74 65 72 6d 20 6e 6f |s, short|-term no|
|000046b0| 74 65 73 2e 0d 0a 0d 0a | 20 20 57 69 74 68 20 24 |tes.....| With $|
|000046c0| 32 2c 30 30 30 2c 30 30 | 30 2c 30 30 30 20 69 6e |2,000,00|0,000 in|
|000046d0| 20 68 61 6e 64 2c 20 52 | 2e 46 2e 43 2e 20 77 69 | hand, R|.F.C. wi|
|000046e0| 6c 6c 20 62 65 20 72 65 | 61 64 79 20 74 6f 20 66 |ll be re|ady to f|
|000046f0| 75 6e 63 74 69 6f 6e 0d | 0a 61 73 20 61 20 63 6f |unction.|.as a co|
|00004700| 6c 6f 73 73 61 6c 20 63 | 72 65 64 69 74 20 61 67 |lossal c|redit ag|
|00004710| 65 6e 63 79 2e 0d 0a 0d | 0a 20 20 41 75 74 68 6f |ency....|. Autho|
|00004720| 72 69 7a 65 64 20 62 6f | 72 72 6f 77 65 72 73 3a |rized bo|rrowers:|
|00004730| 20 22 41 6e 79 20 62 61 | 6e 6b 2c 20 73 61 76 69 | "Any ba|nk, savi|
|00004740| 6e 67 73 20 62 61 6e 6b | 2c 20 74 72 75 73 74 20 |ngs bank|, trust |
|00004750| 63 6f 6d 70 61 6e 79 2c | 0d 0a 62 75 69 6c 64 69 |company,|..buildi|
|00004760| 6e 67 20 26 20 6c 6f 61 | 6e 20 61 73 73 6f 63 69 |ng & loa|n associ|
|00004770| 61 74 69 6f 6e 2c 20 69 | 6e 73 75 72 61 6e 63 65 |ation, i|nsurance|
|00004780| 20 63 6f 6d 70 61 6e 79 | 2c 20 69 6e 74 65 72 6d | company|, interm|
|00004790| 65 64 69 61 74 65 0d 0a | 63 72 65 64 69 74 20 62 |ediate..|credit b|
|000047a0| 61 6e 6b 2c 20 6c 69 76 | 65 73 74 6f 63 6b 20 63 |ank, liv|estock c|
|000047b0| 72 65 64 69 74 20 63 6f | 72 70 6f 72 61 74 69 6f |redit co|rporatio|
|000047c0| 6e 2c 20 61 67 72 69 63 | 75 6c 74 75 72 61 6c 20 |n, agric|ultural |
|000047d0| 6f 72 0d 0a 66 61 72 6d | 65 72 73 27 20 61 73 73 |or..farm|ers' ass|
|000047e0| 6f 63 69 61 74 69 6f 6e | 20 6f 72 20 6f 74 68 65 |ociation| or othe|
|000047f0| 72 20 62 6f 6e 61 2d 66 | 69 64 65 20 66 69 6e 61 |r bona-f|ide fina|
|00004800| 6e 63 69 61 6c 20 69 6e | 73 74 69 74 75 74 69 6f |ncial in|stitutio|
|00004810| 6e 22 0d 0a 2d 2d 20 61 | 6e 64 20 61 6c 6c 20 74 |n"..-- a|nd all t|
|00004820| 68 65 20 72 61 69 6c 72 | 6f 61 64 73 2e 20 49 6e |he railr|oads. In|
|00004830| 64 69 76 69 64 75 61 6c | 20 6c 6f 61 6e 73 20 61 |dividual| loans a|
|00004840| 72 65 20 6c 69 6d 69 74 | 65 64 20 74 6f 0d 0a 24 |re limit|ed to..$|
|00004850| 32 30 30 2c 30 30 30 2c | 30 30 30 20 61 6e 64 20 |200,000,|000 and |
|00004860| 52 2e 46 2e 43 2e 20 64 | 69 72 65 63 74 6f 72 73 |R.F.C. d|irectors|
|00004870| 20 61 72 65 20 66 72 65 | 65 20 74 6f 20 66 69 78 | are fre|e to fix|
|00004880| 20 69 6e 74 65 72 65 73 | 74 0d 0a 72 61 74 65 73 | interes|t..rates|
|00004890| 2e 0d 0a 0d 0a 20 20 41 | 20 73 61 6d 70 6c 65 20 |..... A| sample |
|000048a0| 63 61 73 65 3a 20 61 20 | 22 73 69 63 6b 22 20 72 |case: a |"sick" r|
|000048b0| 61 69 6c 72 6f 61 64 20 | 63 6f 6d 65 73 20 62 65 |ailroad |comes be|
|000048c0| 66 6f 72 65 20 52 2e 46 | 2e 43 2e 20 66 6f 72 20 |fore R.F|.C. for |
|000048d0| 68 65 6c 70 3b 0d 0a 69 | 74 20 6d 75 73 74 20 6d |help;..i|t must m|
|000048e0| 65 65 74 20 61 20 24 34 | 30 2c 30 30 30 2c 30 30 |eet a $4|0,000,00|
|000048f0| 30 20 62 6f 6e 64 20 69 | 73 73 75 65 20 77 69 74 |0 bond i|ssue wit|
|00004900| 68 20 69 6e 20 74 68 65 | 20 6d 6f 6e 74 68 20 6f |h in the| month o|
|00004910| 72 20 67 6f 0d 0a 69 6e | 74 6f 20 72 65 63 65 69 |r go..in|to recei|
|00004920| 76 65 72 73 68 69 70 3b | 20 74 68 65 20 52 61 69 |vership;| the Rai|
|00004930| 6c 72 6f 61 64 20 43 72 | 65 64 69 74 20 43 6f 72 |lroad Cr|edit Cor|
|00004940| 70 2e 20 68 61 73 20 61 | 64 76 61 6e 63 65 64 20 |p. has a|dvanced |
|00004950| 69 74 0d 0a 24 31 35 2c | 30 30 30 2c 30 30 30 20 |it..$15,|000,000 |
|00004960| 66 72 6f 6d 20 74 68 65 | 20 69 6e 63 72 65 61 73 |from the| increas|
|00004970| 65 64 20 66 72 65 69 67 | 68 74 20 72 61 74 65 20 |ed freig|ht rate |
|00004980| 70 6f 6f 6c 20 61 6e 64 | 20 74 61 6b 65 6e 20 69 |pool and| taken i|
|00004990| 74 73 0d 0a 6c 61 73 74 | 20 73 68 61 6b 79 20 63 |ts..last| shaky c|
|000049a0| 6f 6c 6c 61 74 65 72 61 | 6c 2e 20 57 69 6c 6c 20 |ollatera|l. Will |
|000049b0| 52 2e 46 2e 43 2e 20 6c | 65 74 20 69 74 20 68 61 |R.F.C. l|et it ha|
|000049c0| 76 65 20 24 32 35 2c 30 | 30 30 2c 30 30 30 20 6f |ve $25,0|00,000 o|
|000049d0| 6e 0d 0a 6e 6f 74 68 69 | 6e 67 20 6d 6f 72 65 20 |n..nothi|ng more |
|000049e0| 74 68 61 6e 20 69 74 73 | 20 70 72 6f 6d 69 73 65 |than its| promise|
|000049f0| 20 74 6f 20 70 61 79 3f | 20 48 6f 77 20 52 2e 46 | to pay?| How R.F|
|00004a00| 2e 43 2e 20 64 69 72 65 | 63 74 6f 72 73 0d 0a 61 |.C. dire|ctors..a|
|00004a10| 6e 73 77 65 72 20 74 68 | 61 74 20 71 75 65 73 74 |nswer th|at quest|
|00004a20| 69 6f 6e 73 20 61 6e 64 | 20 6f 74 68 65 72 73 20 |ions and| others |
|00004a30| 6c 69 6b 65 20 69 74 20 | 77 69 6c 6c 20 64 65 70 |like it |will dep|
|00004a40| 65 6e 64 20 69 6e 20 6c | 61 72 67 65 0d 0a 6d 65 |end in l|arge..me|
|00004a50| 61 73 75 72 65 20 74 68 | 65 20 73 75 63 63 65 73 |asure th|e succes|
|00004a60| 73 20 6f 72 20 66 61 69 | 6c 75 72 65 20 6f 66 20 |s or fai|lure of |
|00004a70| 52 2e 46 2e 43 2e 20 1a | 0d 0a 0d 0a |R.F.C. .|.... |
+--------+-------------------------+-------------------------+--------+--------+
