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Updated: June 5, 2025
After 1914 the various Army contingents necessarily expanded to the end of the Great War and then receded to the low point in 1924, when expansion again began. In 1914 the officers and men in our regular forces, both Army and Navy, were about 164,000, in 1924 there were about 256,000, and in 1929 there were about 250,000.
The Department of Commerce advises me that as a result, the volume of this type of construction work, which amounted to roughly $6,300,000,000 in 1929, instead of decreasing will show a total of about $7,000,000,000 for 1930. There has, of course, been a substantial decrease in the types of construction which could not be undertaken in advance of need.
We must start again on a long steady upward incline in national income. ". . . And in that process, which I believe is ready to start, let us avoid the pitfalls of the past the overproduction, the overspeculation, and indeed all the extremes which we did not succeed in avoiding in 1929. In all of this, government cannot and should not act alone. Business must help.
I request you to join with me in my prayers for him, that the Spirit of Bahá’u’lláh may continue to guide and sustain him in the final settlement of this most mighty issue. Your true brother, SHOGHI. Haifa, Palestine, March 20, 1929. Letter of October 25, 1929. The beloved of the Lord and the handmaids of the Merciful throughout the United States and Canada.
Reinforced by these policies, our private enterprise system has reached new heights of production. Since the boom year of 1929, while our population has increased by only 20 percent, our agricultural production has increased by 45 percent, and our industrial production has increased by 75 percent. We are turning out far more goods and more wealth per worker than we have ever done before.
I recommend that the normal income tax rates applicable to the incomes of individuals for the calendar year 1929 be reduced from 5, 3, and 1 1/2; per cent, to 4, 2, and 1/2; per cent, and that the tax on the income of corporations for the calendar year 1929 be reduced from 12 to 11 per cent.
They are eager to face the risks inherent in our system of free enterprise. They do not want a postwar America which suffers from undernourishment or slums or the dole. They want no get-rich-quick era of bogus "prosperity" which will end for them in selling apples on a street corner, as happened after the bursting of the boom in 1929.
The unfortunate Gluck received life imprisonment in San Quentin, while the newspapers and the public held that it was a miscarriage of justice that the death penalty should have been visited upon him. Gluck entered San Quentin prison on April 17, 1929. He was then thirty-four years of age.
Don't expect to buy property with wooden money. That custom went out shortly after 1929. If you can subscribe to these points, you are one of those who really want a country home and will eventually find one. Those who only think they do will stumble over some detail and then settle back with a plaintive, "We would love to move to the country if we could only find a place like yours."
They are eager to face the risks inherent in our system of free enterprise. They do not want a postwar America which suffers from undernourishment or slums or the dole. They want no get-rich-quick era of bogus "prosperity" which will end for them in selling apples on a street corner, as happened after the bursting of the boom in 1929.
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