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Economic Depressions: United States
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Both Governors Shadrach Bond and Henry Horner served during economic depressions. While each executive faced different types of economic problems, they both used extensive political and financial skills to guide the state. Bond, as the first governor, lacked the constitutional basis for centralized executive authority that Horner enjoyed and had effectively exercised to his advantage. Accordingly, Bond used his negotiating skills to borrow money and create lotteries, while Horner took the more aggressive approach of raising taxes.
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In the 1930s with the United States reeling from the Depression, the U.S. government began to take an active role to promote economic growth and stability. An important influence was that of John Maynard Keynes, an English economist who developed a way to analyze and explain economic depressions. His influential work, The General Theory of Employment, Interest and Money (1936), seemed for a time to revolutionize economic thinking in America. Keynes observed the interrelationships among income, savings, consumption, investment and interest rates; he believed that the amount of private investment taking place in an economy dictates whether or not the system stagnates or expands. Keynes was one of the first to argue that it was the special duty of government to actively influence the economy through fiscal policies. He saw government spending or tax reduction as the primary instrument for meeting the twin goals of expansion and stability.
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The worldwide economic depression cast a shadow over the third Winter Olympics. Only 17 countries attended, represented by some 250 athletes, over half of whom were from Canada and the United States. The Games generated little revenue, and organizers, who had built a new stadium and bobsled run, suffered huge financial losses.
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In 1893 the United States would enter an economic depression that would last approximately five years. Precipitated by a bank crisis and the repeal of the Sheldon Silver Act (which caused the value of silver, on which the currency was backed, to plummet), as well as decreased investment from Europe, the depression affected a wide range of Americans. The Depression of 1893 ... had an enormous psychological effect on the average American, who had previously assumed that prosperity and growth would be inevitable.
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