George E Westinghouse High School - Sketch Book Yearbook (Pittsburgh, PA)

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Br. millianl HH. Eauihunn Eiglzi

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jg? v, ligv -Qi 'ng L Y v v-:L-1 ,1---41 i v xl Editorial l . THE ECONOMIC CYCLE ERIODS of economic depression have always followed hard upon the heels of eras of great prosperity. lf one will trace his way back through the years, he will encounter, over and over again, evidences of economic cycles. What We style hard times are in reality only the consequent difficulties produced through this round-table in the commercial world. Our first knowledge of the existence of such a condition was gained in 1819, when, after enjoying a period of happiness and prosperity, our country suddenly found itself in the midst of a commercial crisis. Too much money had been floated on the market without substantial backingg people had lavishly in- vested in land and other speculative propositions, banks and other financial houses had extended credit too freely, producers had flooded their warehouses in an attempt to secure high prices. Prosperity's reign had fostered over-confidence and over-expansion. Gradually a decline set in which resulted in scores of bank failures, stock market crashes, and bankruptcies. A terrific unemployment problem was created and men without work were faced by high prices on all sides. A regular panic was produced that, until the natural recovery was started, managed to keep American policies in a perpetual turmoil. Government cooperation was effected through the enforcing of a strict adherence to principles of financial and industrial regulation. The people's confidence was restored, immediate relief was brought about, and, under the regime of a new spirit of achievement, the American nation packed up its troubles and began anew. As we follow the history of our country we come across many difficulties of a like nature-difficulties that have permanently established the rule of economic progress that while in the midst of prosperity we are busily manufacturing our next depression, it is also true that in the midst of that depression we are working toward a greater and more substantial prosperity. Once more American business and industry are at low ebb. A storm of trouble has broken over the commercial world. Political difficulties, caused by a short session of Congress, together with its changing membership, have done much toward causing our present circumstances. Over-speculation in all fields, but especially in the stock market, has again proved itself destructive. Doubt and fear have locked up the vaults in which is stored the capital that will again set in motion the machinery of our semi-idle industries. People are afraid to show their hands, because money that has been hopefully invested has produced only stock-market receipts. The people have lost confidence, and, in doing so, have almost lost their sense of business economics. However, now is not the time for us to debate on how hard it is to get along, or how hard it is to live surrounded by these many handicaps! Now is the time for us to face facts with facts! Have we not triumphed over similar circumstances in the past? Have we not proved to ourselves the necessity of endeavouring to make the most of a bad situation, while struggling to establish better conditions? In order to keep our world prestige, and bring about better conditions among our people, we must strive for cooperation, for, until that is attained, we can never expect another era of prosperity. Let the youth of today, that build the nation of tomorrow, study the present situation and master its problems, so that they may be able to respond instantly if a like difficulty presents itself in the future. Since depression has again and again retarded our struggle toward the betterment of the economic status of our people, it rests upon the shoulders of our coming generation to solve the age-old problem of national progress without economic difficulties. Ten dfmufiw 1.4421 :Lf-fl. ,fl pi' 'V