Beginning the Same [Land Speculation]
Orgy Over Again

A. Laurance Smith

[Reprinted from Land and Freedom, May-June, 1933]

Bankers have been seriously condemned for the conditions that exist in Detroit and other cities and, undoubtedly, much of the criticism is justified, but, after all, the bankers are only a little bit worse than the rest of us. When a preacher makes a moral slip, he is severly criticized because in entering the ministry he has taken certain vows which put him in the position of being a teacher and a leader to higher principles. We have a right to expect more from a preacher than from more common men.

Bankers in soliciting the custody of other people's money set themselves up as knowing more about finance than more common people and we have a right, therefore, to expect the bankers not only to refrain from speculation, but to keep the rest of us from speculating, at least with the funds controlled by them.

During the conditions that have existed for several years until 1929, nearly everyone has been trying to get something for nothing. It is popular to speak of the banking situation as being caused by the greed of bankers, but it has not only been the greed of bankers and greed of wealthy people generally, but greed of people in all walks of life who have tried to get something for nothing. The little speculator who bought five shares of stock or one $250 vacant lot, has been morally almost as guilty as the bankers. The pressure on the bankers has been tremendous and most of them would have been crucified had they exercised the necessary resistance to the speculative demands made upon them.

Unfortunately the stage is already being set to have the same performance all over again throughout the country. Every effort is being made to "restore real estate values" which means to start the land speculation-ball rolling again. If we were learning anything from our recent experiences, they might be worth their cost, but there is very little indication that we have learned anything that will prove of benefit, and I should say that this statement applies from the President of the United States down or up as you choose.