Ask the Scholar
Page 8 of 15
I can add historical knowledge about this page.
Page image
OCR
- 8 -
That formula was tried after the first world war. And
we paid for it. Between 1920 and 1921, annual national income
fell by 18 billion dollars. Industrial production dropped 23 percent.
Unemployment increased by more than 4 million. Business failures
more than doubled. Farm losses appalling
were
ARCHIVES "HATIONAL RECOROS
AM
SERVICE'
We must not choose that formula again.
If we are to avoid a recession we must act before it starts.
Prices must be brought down.
I speak first to those businessmen who have it within their
power to reduce their prices.
Price reductions will bring more prosperity and profits in
the long run. Lower prices will sustain and further increase the
present high volume of sales and stimulate greater production. This
nation will grow only through increased productivity and more and
more production. Higher prices for the same amount of goods will
sounder
lead only to an artificially-inflated economy, not a bigger
economy.
Present business conditions permit - in fact, they require --
lower prices in many important fields.
Profits in the aggregate are breaking
records
although profit margins vary greatly in individual cases. In 1946,
Page data
- Page
- 8
- Source index
- 0
- Type
- photo
- Media ID
- 6f7daf239e482b15
- Size
- unknown
Document data
- ID
- 183567648
- Core
- doc
- Type
- document
DTO data
{
"id": "183567648",
"sourceUrl": "https://catalog.archives.gov/id/183567648",
"contentType": "document",
"title": "Sixth Draft of President Harry S. Truman's Associated Press Speech",
"citationUrl": "https://catalog.archives.gov/id/183567648",
"collections": [
"President's Secretary's Files (Truman Administration)",
"Speech Files"
],
"iiifBase": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/201505/735125/735125-08-01.jpg",
"thumbnailUrl": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/201505/735125/735125-08-01.jpg",
"largeImageUrl": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/201505/735125/735125-08-01.jpg",
"imageCount": 15,
"hasImages": true,
"source": "import",
"hasTranscription": false
}
Context sent to Scholar
Document identity
{
"localId": "183567648",
"label": "Sixth Draft of President Harry S. Truman's Associated Press Speech",
"core": "doc",
"dtoType": "document",
"citationUrl": "https://catalog.archives.gov/id/183567648"
}
Document source metadata
{
"id": "183567648",
"sourceUrl": "https://catalog.archives.gov/id/183567648",
"contentType": "document",
"title": "Sixth Draft of President Harry S. Truman's Associated Press Speech",
"citationUrl": "https://catalog.archives.gov/id/183567648",
"collections": [
"President's Secretary's Files (Truman Administration)",
"Speech Files"
],
"iiifBase": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/201505/735125/735125-08-01.jpg",
"thumbnailUrl": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/201505/735125/735125-08-01.jpg",
"largeImageUrl": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/201505/735125/735125-08-01.jpg",
"imageCount": 15,
"hasImages": true,
"source": "import",
"hasTranscription": false
}
Document source extras
{
"url": "https://catalog.archives.gov/id/183567648",
"naId": 183567648,
"levelOfDescription": "item",
"productionDates": [
{
"dateQualifier": "ca.",
"logicalDate": "1947-04-01",
"month": 4,
"year": 1947
}
],
"recordType": "description",
"ocrSource": "nara-archive"
}
Page context
{
"seq": 8,
"pageIndex": 0,
"type": "photo",
"url": "https://s3.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/201505/735125/735125-08-08.jpg",
"mediaId": "6f7daf239e482b15",
"ocrText": "- 8 -\nThat formula was tried after the first world war. And\nwe paid for it. Between 1920 and 1921, annual national income\nfell by 18 billion dollars. Industrial production dropped 23 percent.\nUnemployment increased by more than 4 million. Business failures\nmore than doubled. Farm losses appalling\nwere\nARCHIVES \"HATIONAL RECOROS\nAM\nSERVICE'\nWe must not choose that formula again.\nIf we are to avoid a recession we must act before it starts.\nPrices must be brought down.\nI speak first to those businessmen who have it within their\npower to reduce their prices.\nPrice reductions will bring more prosperity and profits in\nthe long run. Lower prices will sustain and further increase the\npresent high volume of sales and stimulate greater production. This\nnation will grow only through increased productivity and more and\nmore production. Higher prices for the same amount of goods will\nsounder\nlead only to an artificially-inflated economy, not a bigger\neconomy.\nPresent business conditions permit - in fact, they require --\nlower prices in many important fields.\nProfits in the aggregate are breaking\nrecords\nalthough profit margins vary greatly in individual cases. In 1946,"
}