Economists From The United States

"We have introduced the monetary factor not by necessity but by choice. Its advantages are obvious. Self-financed commodity units are not only interest free, but free also from dependence upon credit conditions. They are a step-desirable, it seems to us-in the direction of a goods economy as distinct from a money economy; but this step is taken without violence by merely identifying basic goods with money. It guarantees unfailing purchasing power where it is most needed-among the countless producers of raw commodities."

"It is a misfortune of the times that all of us must needs be amateur economists-including, and perhaps especially, the professionals."

"Many progressive economists insist that gold is now in essentially the same position as silver and that the arguments the simon-pure gold advocates use against the white metal can be directed with equal effect against their own fetish."

"The story of Joseph in Egypt and of the seven fat and the seven lean years has passed into the homely wisdom of the ages; but our economic thinking seems to have lost contact with so simple and basic approach to prudent management of a nations welfare."

"Cartels have spread and will spread as long as the world lacks an effective mechanism by which balanced expansion may be achieved without a resulting disruption of prices."

"The world has not learned the technique of balanced expansion without the resultant commercial and financial congestion."

"The people of the United States will not tolerate another deep depression that arises not from any lack of natural resources, productive capacity or man and brain power, but solely from imperfections in the functioning of the system of finance capitalism."

"The Reservoir plan is an engineering mechanism applied to the field of economics, and in its essence it has nothing to do with democracy or any other political philosophy."

"It must be fundamentally wrong to reduce production of food and fiber while one-third of our population is still ill fed and ill clothed."

"There is something paradoxical in the fact that by establishing an export market we subject our entire domestic production to the vagaries of that market."

"The volume of credit depends upon three factors: the desire to borrow, the ability to lend and the desire to lend."

"THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression."

"The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain."

"The money cost of the reservoir plan literally fades into insignificance when it is compared with the financial burden which the great depression imposed on the nation."

"Both a priori reasoning and experience teach us that as as these funds grow larger the geometrical rate of growth by compound interest ultimately defeats itself."

"The existence of such a war chest might go far to strengthen our prestige and frighten off any would be assailant."

"Price statistics show clearly that instability in raw-material prices is a prime cause of instability of other prices."

"Why should the cotton growers suffer if there is shortage of wheat?"

"The Reservoir system will function not only as an equalizer of business conditions, but also as a national store to meet further emergencies, such as war and drought, and-most important of all-as the concrete means of developing a steadily higher living standard for all."

"The State can always afford to finance what its citizens can soundly produce."

"It is a fact worth pondering that four centuries ago the evil of "an abundance or surplus" arose from its being kept off the market, while today the evil of surplus lies in its being thrown upon the market."

"Whether we like it or not, government intervention in the face of surplus is here to stay."

"Even the most conservative must realize that the recent transformation of surplus from an individual to a national disaster implies a scathing indictment of our capitalist system as it has now developed."

"Instead of passing blithely over into that Promised Land, flowing almost literally with milk and honey, it may be our destiny to wander a full 40 years or more in the wilderness of doubt and divided sentiments."

"The idea of storage as a solution of economic problems at least has the support of common sense.It is diametrically opposed to the topsy-turvy Alice-in-Wonderland reasoning that has marked so much of our depression thinking and policy."

"You are neither right nor wrong because people agree with you."

"There is always a certain glamour about the idea of a nation rising up to crush an evil simply because it is wrong. Unfortunately, this can seldom be realized in real life; for the very existence of the evil usually argues a moral weakness in the very place where extraordinary moral strength is called for."

"He was at once a scientist in his skillful use of history as a tool for comprehending the present, and a prophet in the application of his gift for analyzing the present as an indicator of the future. Because he lived simultaneously firmly entrenched within his time and decades ahead of it, the light of his wisdom, like that of his great love for humanity, is one that never diminishes."

"I believe in God who made of one blood all races that dwell on earth. I believe that all men, black and brown and white, are brothers, varying through Time and Opportunity, in form and gift and feature, but differing in no essential particular, and alike in soul and in the possibility of infinite development."

"The Negro slave trade was the first step in modern world commerce, followed by the modern theory of colonial expansion. Slaves as an article of commerce were shipped as long as the traffic paid."

"The time must come when, great and pressing as change and betterment may be, they do not involve killing and hurting people."

"The world is shrinking together; it is finding itself neighbor to itself in strange, almost magic degree."

"Human nature is not simple and any classification that roughly divides men into good and bad, superior and inferior, slave and free, is and must be ludicrously untrue and universally dangerous as a permanent exhaustive classification."

"I am one who tells the truth and exposes evil and seeks with Beauty for Beauty to set the world right."

"The most magnificent drama in the last thousand years of human history is the transportation of ten million human beings out of the dark beauty of their mother continent into the new-found Eldorado of the West. They descended into Hell; and in the third century they arose from the dead, in the finest effort to achieve democracy for the working millions which this world had ever seen. It was a tragedy that beggared the Greek; it was an upheaval of humanity like the Reformation and the French Revolution. Yet we are blind and led by the blind. We discern in it no part of our labor movement; no part of our industrial triumph; no part of our religious experience. Before the dumb eyes of ten generations of ten million children, it is made mockery of and spit upon; a degradation of the eternal mother; a sneer at human effort; with aspiration and art deliberately and elaborately distorted. And why? Because in a day when the human mind aspired to a science of human action, a history and psychology of the mighty effort of the mightiest century, we fell under the leadership of those who would compromise with truth in the past in order to make peace in the present and guide policy in the future."

"The difference of development, North and South, is explained as a sort of working out of cosmic social and economic law. ... In this sweeping mechanistic interpretation, there is no room for the real plot of the story, for the clear mistake and guilt of building a new slavery of the working class in the midst of a fateful experiment in democracy."

"The treatment of the period of Reconstruction reflects small credit upon American historians as scientists. We have too often a deliberate attempt so to change the facts of history that the story will make pleasant reading for Americans."

"The Negro voter ... had, then, but one clear economic ideal and that was his demand for land, his demand that the great plantations be subdivided and given to him as his right. This was a perfectly fair and natural demand and ought to have been an integral part of Emancipation. To emancipate four million laborers whose labor had been owned, and separate them from the land upon which they had worked for nearly two and a half centuries, was an operation such as no modern country had for a moment attempted or contemplated. The German and English and French serf, the Italian and Russian serf, were, on emancipation, given definite rights in the land. Only the American Negro slave was emancipated without such rights and in the end this spelled for him the continuation of slavery."

"The first attempt of a democracy which includes the previously disfranchised poor is to redistribute wealth and income, and this is exactly what the black South attempted. The theory is that the wealth and the current income of the wealthy ruling class does not belong to them entirely, but is the product of the work and striving of the great millions; and that, therefore, these millions ought to have a voice in its more equitable distribution; and if this is true in modern countries, like France and England and Germany, how much more true was it in the South after the war where the poorest class represented the most extreme case of theft of labor that the world can conceive; namely, chattel slavery?"

"President Johnson, forgetting his own pre-war declaration that the “great plantations must be seized, and divided into small farms,” declared that this land must be restored to its original owners and this would be done if owners received a presidential pardon. The pardoning power was pushed and the land all over the South rapidly restored. Negroes were dispossessed."

"The Sherman order gave rise to all sorts of difficulties. The Negroes were given only possessory titles. Then the owners came back and immediately there was trouble. The Negroes protested, “What is the use of giving us freedom if we can’t stay where we were raised and own our own house where we were born and our own piece of ground?” It was on May 25, 1865, that Johnson in his Proclamation of Pardon had provided easy means whereby all property could be restored, except the land at Port Royal, which had been sold for taxes. General Howard came to Charleston to make arrangements, and the story is characteristic—“At first,” said a witness, “the people hesitated, but soon as the meaning struck them that they must give up their little homes and gardens and work for others, there was a general murmuring of dissatisfaction.”"

"To have given each one of the million Negro free families a forty-acre freehold would have made a basis of real democracy in the United States that might easily have transformed the modern world."

"So far as the Negroes were concerned, their demand for a reasonable part of the land on which they had worked for a quarter of a millennium was absolutely justified, and to give them anything less than this was an economic farce."

"The object of this new American industrial empire, so far as that object was conscious and normative, was not national well-being, but the individual gain of the associated and corporate monarchs through the power of vast profit on enormous capital investment; through the efficiency of an industrial machine that bought the highest managerial and engineering talent and used the latest and most effective methods and machines in a field of unequaled raw material and endless market demand. That this machine might use the profit for the general weal was possible and in cases true. But the uplift and well-being of the mass of men, of the cohorts of common labor, was not its ideal or excuse. Profit, income, uncontrolled power in My Business for My Property and for Me—this was the aim and method of the new monarchial dictatorship that displaced democracy in the United States in 1876."

"Unfortunately there was one thing that the white South feared more than Negro dishonesty, ignorance, and incompetency, and that was Negro honesty, knowledge, and efficiency."

"The theory of democratic government is not that the will of the people is always right, but rather that normal human beings of average intelligence will, if given a chance, learn the right and best course by bitter experience."

"Present-day students are often puzzled at the apparent contradictions of Southern slavery. One hears, on the one hand, of the staid and gentle patriarchy, the wide and sleepy plantations with lord and retainers, ease and happiness; on the other hand one hears of barbarous cruelty and unbridled power and wide oppression of men. Which is the true picture? The answer is simple: both are true. They are not opposite sides of the same shield; they are different shields."

"It was a bright September afternoon, and the streets of New York were brilliant with moving men.... He was pushed toward the ticket-office with the others, and felt in his pocket for the new five-dollar bill he had hoarded.... When at last he realized that he had paid five dollars to enter he knew not what, he stood stock-still amazed.... John... sat in a half-maze minding the scene about him; the delicate beauty of the hall, the faint perfume, the moving myriad of men, the rich clothing and low hum of talking seemed all a part of a world so different from his, so strangely more beautiful than anything he had known, that he sat in dreamland, and started when, after a hush, rose high and clear the music of Lohengrin's swan. The infinite beauty of the wail lingered and swept through every muscle of his frame, and put it all a-tune. He closed his eyes and grasped the elbows of the chair, touching unwittingly the lady's arm. And the lady drew away. A deep longing swelled in all his heart to rise with that clear music out of the dirt and dust of that low life that held him prisoned and befouled. If he could only live up in the free air where birds sang and setting suns had no touch of blood! Who had called him to be the slave and butt of all?... If he but had some master-work, some life-service, hard, aye, bitter hard, but without the cringing and sickening servility.... When at last a soft sorrow crept across the violins, there came to him the vision of a far-off home — the great eyes of his sister, and the dark drawn face of his mother.... It left John sitting so silent and rapt that he did not for some time notice the usher tapping him lightly on the shoulder and saying politely, 'will you step this way please sir?'... The manager was sorry, very very sorry — but he explained that some mistake had been made in selling the gentleman a seat already disposed of; he would refund the money, of course... before he had finished John was gone, walking hurriedly across the square... and as he passed the park he buttoned his coat and said, 'John Jones you're a natural-born fool.' Then he went to his lodgings and wrote a letter, and tore it up; he wrote another, and threw it in the fire...."

"Herein lies the tragedy of the age: not that men are poor, — all men know something of poverty; not that men are wicked, — who is good? not that men are ignorant, — what is Truth? Nay, but that men know so little of men."

"Within the Veil was he born, said I; and there within shall he live, — a Negro and a Negro's son. Holding in that little head — ah, bitterly! — the unbowed pride of a hunted race, clinging with that tiny dimpled hand — ah, wearily! — to a hope not hopeless but unhopeful, and seeing with those bright wondering eyes that peer into my soul a land whose freedom is to us a mockery and whose liberty is a lie."