Speech #740040388

Today the real inducement for the reinvestment of huge blocks of private capital for capital expenditure purposes has disappeared. at least temporarily. from the American economic scene. This is largely due to the fact that the frontier in this country has finally expanded until it now touches the Pacific Ocean. In depressions of the past. when we had a rising tide of immigration. a rising birthrate. and. therefore. a constantly mounting population curve. there was real inducement at the bottom of one of these swings in the business cycle for huge blocks of private capital to flow in. and to reinvest in capital expenditures. for more railroads. to finance the development of the urban and agricultural communities which were constantly springing up from our frontier as it pushed westward. to build more factories and more plants. to provide for the everincreasing consumer demand due to our evermounting population. But. as I said a few moments ago. the frontier has finally been expanded until it touches the Pacific Ocean. Any young man who took Horace Greeleys advice today to go West would. in the first place. probably have to thumb his way across the United States. and then. when he got to the edge of the frontier. he would be very lucky if he could get a job carrying a spear in the moving pictures in Hollywood.