And here is another destruction meter, absolutely infallible--the
suicides. In the first six months of 1921 there were 4,527 men
suicides, as against 1,810 for the same period in 1920; 1,982 women as
against 961; 214 boys as against 88 and 293 girls as against 137--7,016
suicides for the first six months of 1921 as against 2,996 for the
same period of 1920. The enormous increase in men suicides--over two
and one-half for one--tells its own story. They came from all classes,
bankers, merchants, farmers, laborers and professional men. None know
how many of this enormous increase, the largest since statistics have
been kept, were driven to desperation and to death from hunger, from
unemployment, from the loss of life's toil or from the failure of
enterprises in which they had spent their lives. No statistics can
summarize human emotions, but they can tell and they do tell of the
greatest holocaust of suicides ever ravaging this land--undoubtedly
due to industrial tragedies staged by the cold blooded butchery of
production. This much is certain. Never before in a given time in this
land has there been such a holocaust of failures, of suicides and of
unemployment. Never before in this land were such sacrifices laid on
the twin altars of Moloch and of Mammon. And they precisely correspond
in time with the Tragedy of Drastic Deflation!
During all this time and particularly beginning with the late summer
and early fall of 1920, individuals, associations, committees
and organizations representing farmers, planters, cattlemen,
manufacturers, bankers and merchants--in short, representatives of
all industries--were entreating and beseeching Governor Harding of
the Federal Reserve Board and his associates to be more mild and more
lenient and more reasonable in their drastic tragedy of destruction.
They might as well have besought a cyclone or entreated a tornado or
prayed to an earthquake. Cold-bloodedly, relentlessly and wantonly
loans were called, extensions were refused, renewals were tabooed and
bank credit put on the chopping block. The very people whose toil and
whose labor and whose real wealth were building the magnificent palaces
wherein these Shylockeries were housed and were paying the exorbitant
salaries of these money despots were being ruined by their servants!
The Federal Reserve System at that very time had a loaning ability
of over $2,000,000,000 more than it then used and not only wouldn't
use it, but contracted its loans by $2,005,149,000 and currency by
over $932,000,000. Instead of aiding production, it throttled it. And
instead of aiding the producers of commodities to carry them it forced
producers to market them at most ruinous losses! Instead of dropping
the curtain on this Tragedy of Drastic Destruction, it ran it to its
close! It staged the greatest debacle of blasted credit, number of
failures, magnitude of liabilities, suicides and unemployment ever
witnessed in this land. It did it deliberately, ruthlessly and as per
Public-domain text, read in full here on John Shaqi.
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