Show LESSONS LEARNED the philosophers tell us that periods of difficulty are very useful to people if they are disposed to learn the lesson jesson of such experiences in the past the american people have learned very valuable lessons from the periods of subnormal sub normal business which they have experienced they should learn equally valuable ones one s from the business reverses of 1930 which seem now to be close to their end the depression depres gion of 1893 94 taught the american people the value of a stable currency As a result they established their currency system on as firm a basis as financial science makes possible the 1907 08 09 depression de p taught tau 9 ht them the necessity of a better banking cyst system in they created the federal reserve system which carried the country through a grea great war without distress the 1920 21 depression taught them the folly of extravagance trava gance and high prices and the necessity of thrift since then they have not tolerated extremely high prices and they have been saving a great deal of money one lesson which they did not learn from these three depressions however was to be extremely cautious about speculation consequently con they got caught in 1929 in the most disastrous speculative bubble the country ever experienced it is to be hoped that they have lave learned a lesson about dangerous speculation from the 1929 experience and that hereafter these inflated become lioums IWO will menacing be checked by the financial leaders before they the also the experience expedience of 1929 30 should have persuaded ahe business leaders to plan more effectively to give their help regular employment if the 1830 depression shall have lave taught the country these lessons as previous periods of jf low activity accomplished their positive results then the experiences of the past two years will have proved useful iise ful |