Fairfield High School - Quill Yearbook (Fairfield, IA)

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Economic History of the Year 1932-33 We started the year as usual with everybody saying, Prosperity is just around the corner. However, it seems we are traveling a straight road, for in the four years of our high school career we have not yet found the corner of depression. On the contrary, we seemed for a time to have run a continuous curve downhill, that is, prices were the lowest they had been for years, wheat thirty-two cents a bushel, corn around fifteen cents, cotton six cents a pound, and eggs six cents a dozen, the unemployed reached the staggering number of 11,000,000 or 20170 of the total number of men employed before the depression. A possible explanation for this situation might be found in the doc- trine of technocracy. This theory, which no one seemed to understand, for a time received wide-spread discussion in the leadng newspapers and among the leading economists of our country. At the present time, however, it is being generally discarded. Another event which was of interest do the high school students aS well as to politicians was the national election. For the first time in twelve years the country went Democratic. The election was a land-slide for Roosevelt. Even Iowa, a Republican state for many years, turned firmly Democratic. Under this new regime, hope for a prosperous future is mount- ing. The administration, when it came in in March, had a new situation with which to cope. On inauguration day a proclamation was issued ordering all banks to be closed. Although after a time some were allowed to open, Fairfield banks remained closed. As a result the town's people, including the teachers, found themselves without funds. This bank holiday proved to be the best measure that could be taken. Another order to help the banks was an announcement, made by President Roosevelt on March 9, that all gold that was being hoairded must be brought back to the banks. Every- one who was guilty of hoarding gold took it out of old cans and socks and returned it to the banks. This action is easily understood when we consider the penalty: ten years in prison or a 510,000 fine, or both. Almost immediately after inauguration, action was taken by the gov- ernment to help the unemployed. In many places jobs had to be manufac- tured in order to provide work for the unfortunates. In this county roads and streets were repaired. The reforestation project was another measure designed to provide employment for many. This provides work for un- married and unemployed young men. It is thought by some that this plan will not work out, but at present it appears to be a good thing, for it will not only replenish the forests of the United States, but will also give health- ful and useful work to boys and men who probably would otherwise be loafers and a charge upon the community. Still another action taken by the new administration was the printing of new money, thus inflating the currency. just recently came the announce- ment frorn Congress that We have gone off the Gold Standard. This also was done to iniiate the currency and to raise prices. The wet Democrats have brought back to the country, 3.29? beer. There have been many predictions concerning the outcome of this act. Some people think it will bring back the saloons, and is therefore a very unwise thing. Others say it will mean increased revenue for the government and thus help to balance the budget. VVhich of these predictions is true remains to be seen. From the results of these governmental measures to date, it appears that we are now well on our way back to prosperity. This particular de, pression will probably be remembered as the most outstanding in history, and we hope that there will be no more like it in the future. Page 24

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M Q Page 26 Groups of Stars that really shine