On Nov. 21, 1931, when The Union Democrat ran the pre-Thanksgiving editorial below, debate over whether the stock market crash of 1929 had spurred a slump, a recession or a depression had long since been resolved. The Great Depression was grinding on the nation in earnest, and the Mother Lode was hardly immune.
Among “Notes and Comments” on the paper’s editorial page:
• If you want to know whether there is a depression or not, try borrowing $100.
• Famous last words: The depression is only psychological.
• Even an honest man can’t pay his debts if he has no money.
• There may be a depression in this country, but thousands of the depresssed are able to attend the big football games every week.
The paper remained upbeat in the face of gloom, gleefully telling of how the Sonora Elks are paying “Old Man Depression” no mind in planning a gala Thanksgiving-night party and — in a postscript to the words below — reminding readers they still have much for which to be thankful.
In light of the present-day economic uncertainty, a look back at
these dire times — and at the optimism which nevertheless persisted —
Feeling that they had made great profits by speculation, people threw money around lavishly. This extravagance spread to all classes of society. Most people lived beyond their means. A great balloon of hot air and gas simply had to blow up. The least spark was sufficient to set it going, and it disappeared into thin air with a grand bang.
From the explosion thence resulting, many were injured and some have never recovered. Many others are still suffering from the wounds they received. But such experiences, while tragic for some and distressing for others, always bring benefits.
One great benefit which comes from such and experience is having its reviving effects already. People are learning that the old principles of earnest work and careful prudence are those upon which the human race makes its gains.
Millions of people who were neglecting their business and work in order that they might speculate, and in order that they might spend time and money in foolish dissipations, have quit such ways, and have settled down to their own jobs.
They are working hard, producing more than ever before and saving money. Many of them are saving too much for the public good and could well spend more, and if they did it would help business.
But at least all this energy and thrift is building a new and very
solid foundation for a more real era of prosperity than we ever had