National Geographic : 1931 Jan
Look /'.. t' ,'~ Aien enjoy a good laugh at their child ' hood fears. One confesses he was afraid of the bogeyman, another was afraid of the dark, the next was always afraid of a policeman. They laugh about those old fears now. Last year some of the grown-up children who had not studied too closely the history of business throughout the ages, and more es pecially the history of the United States, were frankly scared at the abrupt interruption of boom times. Business depressions have always followed widespread, reckless spec- 1 ulation. The readjustment period is a trying time for even the wisest and most stout-hearted. But while the United States has been in the doldrums again and again, a review of its history should make even the most pessimistic per son optimistic.The prosperity which follows hard times comes sounder METROPOLITAN LIFE FREDERICK H. ECKER, PRESIDENT N. cad -- , , , © 1930 M.L. I.CO. and stronger and the country keeps on growing richer. It gloo ness irrl g |s)a Bet L s no more sensible to worry over my predictions concerning the busi future than it was to worry about the bogeyman. From the time the country was founded, men have worried about its future and the ever-increasing scale of wages. John Jay, the first Chief Justice of the Supreme Court of the United States, was disturbed by the growing cost of living in 1784. He wrote,"Wages of mechan ics and labourers which are very extravagant", at a time when skilled mechanics were paid sixty cents a day and laborers thirty-nine cents. The history of panics and business depressions followed by mounting levels of prosperity, with higher wages and shorter working hours, is worth reading.TheMetropolitanLife Insurance Company will be glad to send free a copy of "The Develop ment of Prosperity in America." Ask for Booklet 3i-N. INSURANCE COMPANY .N. ONE MADISON AVE., NEW YORK, N.Y. "Mention the Geographic-It identifies you."