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Ralston, buried with the pomp and splendor of a sorrowing multitude, was presently forgotten. Few new troubles came upon the land. Overspeculation in the Comstock lode brought economic unrest. Thousands were unemployed in San Francisco. Agitators rallied them at public meetings into furious and morbid groups. From the Eastern States came telegraphic news of strikes and violence.
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.
Apart from these special circumstances, the seeming crisis of the year 1851 was, after all, nothing but the halt that overproduction and overspeculation make regularly in the course of the industrial cycle, before pulling all their forces together in order to rush feverishly over the last stretch, and arrive again at their point of departure the General Commercial Crisis.
The origins of this depression lie to some extent within our own borders through a speculative period which diverted capital and energy into speculation rather than constructive enterprise. Had overspeculation in securities been the only force operating, we should have seen recovery many months ago, as these particular dislocations have generally readjusted themselves.
The origins of this depression lie to some extent within our own borders through a speculative period which diverted capital and energy into speculation rather than constructive enterprise. Had overspeculation in securities been the only force operating, we should have seen recovery many months ago, as these particular dislocations have generally readjusted themselves.
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