Unfortunately many people in America have believed the Henry Wallace theory that it was an “over-abundance” or “excessive production” which brought on the depression of the Thirties, or that has or ever could, cause any depression. But this is not true. Economists tell us today that “misdirected production, plus misdirected and over-stimulated consumption” aided our previous downfall, and that it was an abuse of our credit, both at home and abroad. But what does this mean? Was part of our trouble then, as now, caused by too many loans to foreign countries for goods bought here, and an abuse of credit to consumers (you and me) here at home? This did bring on the boom of the late Twenties and also the terrific maladjustment which the depression of the Thirties should have corrected, but which it could not, under the circumstances existing then. The “over-abundance” or “excess savings” theory—that we had so much that we could well afford to give it away—is dangerously misleading. It was invented to justify unwise, if not calculated, giving to foreign countries with the resultant weakening of our own country to a point where Social Security and many other “social laws,” including the limitation of productive effort were adopted as expediencies here at home. Outright charity to people has, throughout history, tended to destroy their moral fiber. Proud people will not, moreover, accept charity and will be determined to work out their own salvation. Finland is just such an example. Contrast that country’s attitude with France today, and even with England. Our country, America, has always been a philanthropic one. No one, in his right mind, could or ever has, questioned the humanitarian feelings of the American body politic, but unless our assistance is selective and well timed, it cannot bring permanent relief, nor can it accomplish worthwhile objectives. There are some who say that America has always had a hit-or-miss approach to most of her problems, and that Lady Luck has been on our side. This also is not quite so. In the 19th Century, we had a relatively free competitive society—not perfect, of course, but the best we’d ever had. The laws which govern human nature under a government of limited powers, such as we had under the Constitution before we began changing it, operated then. During that period these laws governing human nature were patterned on a system of checks and balances, remarkably similar to those dictated by God to Moses at Mount Sinai. The hit-or-miss approach became apparent only when we began to turn to government “to relieve us from our mistakes under freedom.”