“Try as you will you cannot separate the factor of religion from economic development. In the work conducted by my organization at Wellesley Hills we study the trend of religious interest as closely as we do the condition of the banks for the supply of and demand for commodities. Statistics of church membership form one of the best barometers of business conditions. We have these figures charted back for the past fifty years. Whenever this line of religious interest turns downward and reaches a low level, history shows that it is time to prepare for a reaction and depression in business conditions. Every great panic we have ever had has been foreshadowed by a general decline in observance of religious principles. On the other hand, when the line of religious interest begins to climb and the nation turns again to the simple mode of living laid by in the Bible, then it is time to make ready for a period of business prosperity.”
“Just before I went to Brazil, I was the guest of the President of the Argentine Republic. After lunching one day we sat in his sun parlour looking out over the river. He was very thoughtful. He said, “Mr. Babson, I have been wondering why it is that South America with all its great natural advantages is so far behind North America notwithstanding that South America was settled before North America.” Then he went on to tell how the forests of South America had two hundred and eighty-six trees that can be found in no book of botany. He told me about many ranches that had thousands of acres under alfalfa in one block. He mentioned the mines of iron, coal, copper, silver, gold; all those great rivers and water-powers which rival Niagara. “Why is it, with all these natural resources, South America is so far behind North America?” he asked. Well, those of you who have been there know the reason. But, being a guest, I said:
“Mr. President, what do you think is the reason?”
He replied: “I have come to this conclusion. South America was settled by the Spanish who came to South America in search of gold, but North America was settled by the Pilgrim Fathers who went there in search of God.”
Friends, let us as American citizens never kick down the ladder by which we climbed up. Let us never forget the foundation upon which all permanent prosperity is based.”